Auctions for first-time buyers

First-time buyers tend to purchase at auction as it can save them money, especially if they are prepared to do some improvements which will add value to the property once they have purchased it. It is a swift way to buy, but first-time buyers need to be wary of the risks as well. Buyers must do all required due diligence prior to bidding in the room because the fall of the gavel delivers a binding exchange of contracts where there is no U-turn.

 

Most auctions are held by banks or other lending bodies to retrieve some of their losses from repossessed homes. As such, these auctions are open to the public which developers and property investors can benefit from. However, because the goal of the auction is to sell the property swiftly, buyers must be prepared with funds in advance. This means getting pre-approval for a mortgage or funds if they are planning to pay for the property outright.

 

As a first-time buyer, you will be required to work quickly and efficiently when finding the property that you wish to buy at auction. First-time buyers will need to familiarise themselves with the auction process, to begin with, and assess their circumstances and affordability of the costs required, then start searching for a suitable property matching their criteria and circumstances.

How we can help:

  • CeMAP-qualified consultants and FCA regulated
  • Competitive market rates
  • Quick turnarounds on auction finance
  • Flexible loans
  • Assist with fast access to funds
  • Small and large auction loans
  • Consider adverse credit and CCJs
  • Access to a wide network of lenders

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FAQs

Is it too risky for first-time buyers at auction?

Property auctions can be risky, but they also offer a great opportunity for first-time buyers. With propertyfinance compare, you can access a range of mortgage options designed specifically for first-time buyers that are attending auctions. 

How to compare different auction mortgage options?

We’ve designed a comprehensive comparison tool to help you find the right option for you. Simply enter your requirements and our tool will generate a detailed list of suitable mortgages tailored to your specific criteria, making it easier to compare different auction mortgage options. 

What is the important point of buying property at auction?

As a property developer looking to buy a property at auction, there are a few things you need to consider. Firstly, make sure to research your local market thoroughly and be aware of any upcoming auctions in the area. Secondly, ensure your finances are in order by getting pre-approved for an auction mortgage from PropertyFinance Compare before bidding. Finally, safety is key – always read the legal documents carefully so you understand all the terms and conditions of the sale.

What should first-time buyers know about buying an auction property?

Some useful tips are: 

    • Stick to your budget
    • Attend few auctions before the real game begin
    • Always seek professional advice
    • Research as much about the property as possible.

What should first-time buyers consider before purchasing an auction property?

Prepare yourself fully, before you consider buying at auction:

  • check your financial capacity
  • vet the sale contract
  • make sure you have professional building report ready
  • check property condition
  • register to bid
  • visit auction