Auction bargains important for first time buyers

03-Jun-2005

Aspiring first time buyers can find a bargain at auction, provided they are well versed on the ins and outs of the process.

By avoiding the long, drawn out process of traditional house-buying, first time buyers will sidestep the danger of being gazumped, as well as potentially finding a bargain on offer.

Click here to see what properties are on the market in your area - whether you buy alone or with others

The usual stress of house-buying is condensed into minutes rather than months, and that can be attractive to many aspiring homeowners as they look to move in as soon as possible.

But new buyers can be in some danger of being drawn in to a process that they do not understand and could end up spending far more than they had originally planned by getting carried away in the heat of the moment.

Therefore, first time buyers are urged to always prepare thoroughly if they are intending to buy at auction, perhaps even going along to one or two just to watch and get an understanding of the process before becoming involved themselves.

Another important point is to carefully view properties contained in auctioneers' catalogues, and set up viewings of the lots that are of interest. The buyer is then advised to ensure that he or she sticks to a pre-arranged highest bid and only go for the properties that are of interest.

Click here for advice on first time buyer mortgages or to find out how much you can borrow and how much it will cost you, from the UK's leading High Street Brokers, Bradford and Bingley

If first time buyers at auction follow simple rules such as this, then they are more likely to find an alternative way to getting onto the property ladder that will not hit them as hard in the pocket.

Click here to ask about the legal costs of house-buying or to ask a legal question specific to your own situation

Click here for our first time buyers guide

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