Some advisers are saying first home buyers shouldn’t consider a property going to auction however this means you could potentially miss out on purchasing the home of your dreams.
Whilst it is understandable that completing your due diligence requirements can be an expensive process, there is actually no need to outlay this expenditure prior to the auction being called if you don’t have a surplus of funds to do so. You only have to do this if you wish to participate and secure the property at auction.
Remembering that the calling of an auction is only to give cash unconditional buyers the first opportunity to work with the owner and secure the property.
As we see first home buyer activity increasing in the current market we are also seeing less investor activity which means there is increased possibility of your preferred home still being available after the auction is called.
There is clearly an increased number of first home buyers presenting offers conditional upon satisfaction of their due diligence in the auction room immediately after auction and achieving their goals.
Talk to your EVES Salesperson and view our video on first home buyers and auctions.