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First experience at auction
BigBrother
Posts: 23 Forumite
Was the first ive ever been to an auction. Didnt manage to buy anything but was quite a good experience. Probably get myself better prepared next time. Price wise thought the properties on offer were fairly good. Just the choice of decent properties were a bit limited for my liking.
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I guess if they were decent properties, they wouldn't be in auction!
It's good fun the first time you go. The first time you bid is the one to experience! You'll know what having your heart in your mouth feels like!Everything that is supposed to be in heaven is already here on earth.
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most auction properties are going for around Open Market Value these days.
The odd one may be a bargain, but they are rare0 -
And there is always someone more experienced than you bidding, if they are not, then the property is probably not worth it.Save save save!!0
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Do you have to be a cash buyer to be able to buy a house at auction? Or is it possible to have a mortgage in principle arranged and bid on the back of that?
Cheers0 -
we want a property at auction next thursday gulp but we are buying it on a mortgage which we have arranged in principle. the bummer is that the bank's survey is only going to get done after i've signed on the dotted line which means there is a high chance (it is in quite a state) the bank will withhold money. what can i do??????0
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I suppose it depends on how much the property fetches at auction. If you get it for a low price then even if the bank values low it may not be far from purchase price. If there is a shortfall you could maybe just make up the shortfall as you should get the property below market value anyway. However I'm an eternal optimist with little experience at auction so make of that what you will
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