Completition when buying at auction?
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lawton
Apprentice
Joined: 10 May 2004
Posts: 5
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 Posted: 10/17/07 - 09:32 Post subject: |
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| I have recently started thinking about buying a property. However, as I do not have too much money, I have to plan the costs very carefully. I was thinking of buying at an auction, but I would like to know whether it is safe to buy before completion of the sale of my first home. If anyone could tell me, that would be great. Thanks in advance. |
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klemens
Apprentice
Joined: 24 Feb 2005
Posts: 15
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| Posted: 11/27/07 - 02:25 Post subject: |
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| Auctions tend to be a good choices when you are not having enough time to look thoroughly on the market. On the other hand, you are not likely to get a mortgage for that one, as after buying at an auction you can only have small amount of time before you make a payment. However, if you still have not completed the sale of your first home, I am afraid you would risk to much with buying at an auction. That is because you simply cannot back out of the purchase once you are the highest bidder, while the regular sales can be (and not rarely are) stopped because of the buyer. I hope you find the info helpful. |
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