Property auctions 'are problematic for first time home buyers'

03-Apr-2007

Purchasing a property via auction is a problematic process for first time home buyers, an expert has claimed.

According to the Essential Information Guide (EIG), first time home buyers will need to ensure they have a mortgage offer in place before making a purchase, as auctions require quick completion times.

However, according to the firm, auctions are popular across the UK.

"I think one has to be realistic and you are working on a very tight time frame," said David Sandeman, managing director of EIG.

"So you've got to have your funds in place; you'll be paying a ten per cent deposit on the day and you've got to make sure that you are in a position to complete," he added.

Indeed, difficulties are compounded by the need to complete legal work and surveys without there being any guarantee that the offer will be accepted at the time of the auction, according to the firm.

Find out more about the house-buying process including stamp duty, home information packs and conveyancing click here.

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