Privately buy a house that's up for auction?

antony_

Hi
As I understand it in today's market an auction is a good thing for a buyer (with the cash) as he can get a bargain, not necessarily for the seller though.

I'm want to buy a house, I will need a mortgage but I've got the deposit ready.I've seen a house I like but its up for auction, I know that house was up for sale for a good 9 months but mortgages fell through as I was considering it myself at one time but didn't have sufficient savings then.

Do you think the owners would consider withdrawing it from the auction and selling it to me? Assuming that I gave them a decent price?

2 major problems here

(1) I don't know what the implications for them would be of withdrawing it from the auction, if there are any penalties or whatever?
(2) I don't know who they are :-) The land registry entry will just say their names but I have no way of contacting them short of posting a letter through the door and hoping for the best

I have a mortgage offer

Any thoughts? Is this possible or no chance?

Thanks

poppysarah

Can you act as quickly as if it were at auction and offer something they're likely to accept.

Approach the auction house and (I assume you've viewed it) ask if you can put an offer in.

knightstyle

Before doing anything find out why the previous sales fell through. It could be that the property is unmortgageable!

antony_

Can I act as quickly? Depends on the mortgage companies valuation

Will the auction house consider straight offers? I thought they got their money from the buyer on completion of the sale whereas an estate agent would get it from the seller. Depends how flexible they are I guess. Its got to be worth
a shot

thanks for the reply

antony_

p.s. Yes, I've viewed it before

unmortgageable? possibly, will have to ask the auction house

poppysarah

Does it have a kitchen sink, bathroom. Is it of standard construction? Is it likely to fall down or have huge structural problems?

Auction - once exchanged you have 28 days ... when you need a mortgage it's going to be really hard to get things moving that quick.
You could speed things up by getting a survey done on it and then you know you'll be ok with a mortgage perhaps...

JQ.

Yes you can buy it before the auction - it's actually quite a regular occurance.

cheekymonkeb0y

But how do you get it before auction - what's the best way to contact/find the seller - be they private or mortgagee or housing association etc.