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Buying Houses At Auction
cheekymonkeb0y
Posts: 98 Forumite
Has anyone done this on MSE - if so can you offer any advice?
Thanks,
J
Thanks,
J
0
Comments
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Have a search there was a thread on this already.
I have bought one house at auction. You bid at the public auction with a number, (you register first usually by buying a catalogue). I had to put down 10% straight away after with either cash or a bank cheque. I had a cheque fpr about 80 % and the rest in cash. We got a normal mortgage then but had to really push as it had to be completed in 4 weeks or there were massive penalties.
Not sure what else to tell you0 -
read the terms and conditions of the auctioneers at least 3 times and BELIEVE them all......
the hammer goes down.. you then immediately stump up the deposit for your purchase as you are then committed to buy... if you dont subsequently complete you lose your deposit..... end of.....0 -
Make sure you have read the Legal Pack before you bid. Quite a few auction properties have title issues which make them less attractive on the open maket.0
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