Can a First time buyer buy an Auction Property?
Updated: Jul 19, 2020
We get asked this question all the time, the answer is Yes.
But they will only be able to buy a Property that is being sold by an Online Auction. The old style method of auctions the deadline to complete the sale is shorter being only 14 days or 28 days.
So a first time buyer would struggle to get the funds from their mortgage company in time to complete the sale.
But when they buy the Property from an Online Auction, they have 56 days to complete the sale. So that gives them enough time to get their mortgage in place and everything setup.
We always recommend to get everything in place before bidding, as you will have to pay a non-refundable reservation to secure the property.
Nelson Drive - Pensby
This property we recently sold to a First Time Buyer, he had his mortgage in place and was ready to go.
From the day he paid his reservation fee and secured the property, 45 days later we was giving the buyer the keys to his new home.
Here is his review below, so if you would like to discuss if Online Property Auctions would be for you. Give us a call 0151 652 5289.
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