Friday, August 17, 2007

Best way to lose a fortune …

To bid or not to bid: the lure of the auction

It seems that the Times has got wise to what's been going on for years ... No auctions are not the best place for first time buyers. 1) FTB's will always get caught out. 2) "Potential" owner-occupiers will always be too ambitious. 3) Amateurs are always nieve about value/work/legals/etc. "A recent survey for Standard Life Bank found that 98 per cent of buyers thought they would save money by buying at auction – but less than half would pay for a survey. Yet buyers who fail to do their research risk being unable to secure a mortgage." "“No lender will give you a mortgage for more than the property is worth. If you don’t have the cash available to complete within 28 days, you will lose the 10 per cent deposit.”

Posted by fahrenheit451 @ 12:55 PM (485 views)
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