I’m a first-time buyer, can I buy at auction?

Yes, you can. More and more first-time buyers are now turning to auction as a way to get onto the property ladder. Properties are traditionally cheaper, and the process is much quicker, meaning keen first-time buyers are able to get the keys to their new property faster. There can be risks when buying at auction, it is important to carry all necessary due diligence as once the virtual gavel falls there is no turning back and the sale is legally binding.

You will need to work quickly when you find the property that you want to buy. First you should familiarise yourself with the online auction process, need through all of our available guides and make sure you understand how the process works, seek professional legal advice if you are unsure of anything.

If you are a mortgage buyer, you will need to arrange this as soon as possible, prior to auction. This will help set your budget and you will be able to bid in confidence knowing exactly what you can afford to pay. Remember if you do need a mortgage then the property needs to be mortgageable; you will probably appoint a surveyor or another professional to check the property for you and provide advice on value. You will also need a solicitor to examine the legal pack and advise on any problems. Then with help from others decide on your budget and maximum bid before bidding online. You will also need to ensure you have a 10% deposit available upfront as this is taken immediately to secure your purchase if you are the winning bidder.

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