If a property is on an auction list, it is quite likely that it needs to be sold quickly and the owner is in need of money immediately. More often than not, houses and property sold at auction have been repossessed due to bankruptcy and the money lenders, bank or officials involved in the selling want their money back and are happy to just get the property off their hands. In a few cases, estates are being sold when the owner has passed away. Once again under these circumstances the price can be very good because the family desperately wants to get the sale of the property out of the way. If the estate is big enough inheritance taxes may need to be paid, so selling the property is a matter of urgency for the inheritors.If you are looking for a commercial property investment then, a property auction is the prime location for a good deal. There are companies who deal almost exclusively with commercial properties and they aim to sell their products quickly and effectively to the highest bidder. Commercial property auction houses build strong relationships with people who are interested in investing in commercial property and will give regular buyers notice of properties that they feel may be of interest to them.As a potential purchaser a property auction is one of the most ideal places to land a bargain home or commercial property. If you are dealing with a reputable property management company then you are sure to be investing in a building that will have been thoroughly checked by the company’s surveyor. However, if it is a straight auction you will have to get a surveyors report yourself. Most property auction houses make provisions to allow potential buyers to see the property prior to the auction and in some cases get a surveyors report done. It is wise to do this if you can, because if once you have brought the property at auction you find it needs a new roof that is your problem not a problem for the auctioneers or previous owner.Property auctions are held frequently and are advertised by the management company involved in the sale. You can place offers by proxy if you are unavailable to attend the actual auction. If you prefer you can ask someone to attend the auction and bid in your place, but be very clear about how much you are prepared to pay. Some of the bigger property auctioneers also have facilities for phone bidding. In the future you will also be able to attend the auction remotely via an internet connection and place your bids on-line.If you are able, sign up for property alerts from a local property management company who have expertise in property auctions. When a new lot becomes available, the details of the building as well as the date and time of its auction will be sent direct to your email. You will snag yourself a bargain in no time if you do this.