FTB - options to buy auction property..

antoniomontana

out of interest if everything goes smoothly what are the chances of obtaining a mortgage in 28 days from survey to completion?

poppysarah

Recent manchester auction didn't sell that many properties tbh. Whilst guides appear low, the reserves are still high.

Look on rightmove. Contact all local EA and be prepared to buy a non-repo/auction/

Jowo_2

poppysarah wrote: »

Recent manchester auction didn't sell that many properties tbh. Whilst guides appear low, the reserves are still high.

That's my understanding, too, that catalogues often price the properties far lower than the sellers are prepared to accept, just to tempt in bidders.

Also, people on this forum state that sale prices for auction properties don't appear in the land registry. I find this hard to understand why this happens but if this is the case, someone performing research isn't ever going to find out what auction properties actually sell for.

Doozergirl

It will depend on the auction house but the larger professional ones will not set the reserve higher than the top end of any guide price. It doesn't help sell houses.

jockosjungle

Well people put houses in auctions for a reason, normally because they are repos or mortgage finance cannot be arranged. They may have major structural damage, etc. Theres a recent thread on here where someone has bought at auction and the house is falling down, it is a risk and one which your Dad will be running.

Get a survey done beforehand, sounds like your partner would know what to look for anyway. But yes you have to complete in 28 days, it can be done but it might be worth talking to a solicitor first, when you've paid 10% deposit which you will lose, you don't need a solicitor haggling over who owns the rights to the fence

R

Doozergirl

jockosjungle wrote: »

Theres a recent thread on here where someone has bought at auction and the house is falling down

The porch is pulling away from the house. That is a bit different to 'the house is falling down'

The buyer did no research and threw in a desperate pre-auction bid and exchanged a day later with no research at all. That is what happens when you get greedy. Prime example of how not to buy at auction. Even if they'd have gone to auction they'd have paid less for it because everyone else would have seen the problem and kept the bidding lower.