for First Time Buyers
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a first time buyer but how do auctions work?
sound fairly daunting to many first time buyers and rightly so.
In many cases buying auction is not an option for first time buyers
because of the initial capital needed. If you buy a property at
auction you are required to pay 10% of your winning bid on the day
of the auction. So clearly for many first time buyers
it is just not possible.
However, if you
have a good size deposit you could be a first time buyer that can
save a large amount of money. Auction properties usually sell at
10% below there true market value, and sometimes it can be as much
as 40%! So this is clearly a great opportunity for first time buyers
to buy a property and have equity within it straight away.
If you are interested
in property auction we suggest looking at Dedman
Auctions, they mainly focus on auction within South England,
but will be able to help any first time buyers interest in auction
Also look at
time buyers guide section, as there are some more useful information
and tips. You could also try searching Google as they will have
links to more information on auction properties for first time buyers.