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Auctions are generally a tense affair, especially since the seller is a completely unknown entity. As a bidder, you have to be extra cautious and make sure that you are measuring various potential risks that are associated with an auction. Moreover, the contract for auction is unconditional, once the hammer goes down on your bid, there no second chance that you will get to inspect the house and withdraw your bid. This could possibly make you face a ramp of lawsuits by the authorities.

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