how can I minimise pre auction costs ?

clutton_2

can you two kiss and make up ??? (::::) (my idea of a big cheesy grin !)

Doozergirl

Oh man! I thought we had!

pricedout_1

DoozerGirl ... I think this is the start of a beautiful relationship :beer:

clutton wrote:

but, dont buy your first house at auction without a lot of research alongside someone else who has done it all several times before.

I have read a book on the subject and scoured the internet for auction info.

If I find myself a straight forward reposession with no problems in the lease, title, and searches, then why is this any different from finding a property on the open market that has no legal problems ?

Doozergirl

The difference is that you exchange contracts at the auction so you must be absolutely sure that it is straightforward. There's no going back once you've signed on the dotted line and kissed goodbye to your deposit!

clutton_2

Buying normally thru EAs, you can complete whenever - via auction you must complete in 28 days - this is difficult if you do not have a mortgage broker/packager/lender/solicitor already on side - ALL of whom need to work like lightning with each other. IF you have a DIP (Decision arranged in ;principle) from your lender in advance of finding a property, this may speed things up a little.

pricedout_1

I will be dummy running some lots at a few auctions this month and next so will let you know how i get on. The Halifax have their own auction arm now so I might pop in to see what they have got to say on the subject.

Where abouts do you buy at auction ? Which auctioneers do you go through ?

Doozergirl

http://www.property-investor-news.com/auctions.htm

There's a list of most upcoming auctions and the A-Z links at the side lead you to the major players' websites. I'm not fussy where I buy from if it's cheap!

clutton_2

sometimes buying for example at an auction out of the area of the property can provide bargains as "locals" dont necessarily know property values out of town.