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FTB house going to auction what should we offer ?
mumofthetwins
Posts: 1,111 Forumite
Hi
Ive got a quick question.
My brother is a FTB and has his morgage in place. He is looking at a house which is due to go to auction - in 2 weeks.
First question can he make an offer to just buy it and not go to auction ?
How much do you think he should offer ?
What do you think of it ..... the links below ...
http://www.findaproperty.com/for-sale/property-11301570
Its a prefab which has been bricked and the roof changed, but it is still surrounded by other prefabs.
Thanks for any advice
Lisa
Ive got a quick question.
My brother is a FTB and has his morgage in place. He is looking at a house which is due to go to auction - in 2 weeks.
First question can he make an offer to just buy it and not go to auction ?
How much do you think he should offer ?
What do you think of it ..... the links below ...
http://www.findaproperty.com/for-sale/property-11301570
Its a prefab which has been bricked and the roof changed, but it is still surrounded by other prefabs.
Thanks for any advice
Lisa
DFW
January £0/£11,100
NSD
January 1/31
January £0/£11,100
NSD
January 1/31
0
Comments
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The first thing to say is unless he is a cash buyer he should think hard about bidding on a converted prefab, at the moment these are pretty much unmortgagable. There are a few specialist company's that may support a mortgage but this purchase is not for the faint hearted and may need a big deposit.
If he bids and then cannot get the rest of the finance he will have lost all the deposit!0 -
go to auction...its a no brainier.. and he should consider if the house is worth the hassle because it will be hard to sell on again..It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
Also please please read the auction house rules.
Most auctions require full purchase of the property 28days after the auction or you forfeit the property and deposit.
I do not know of any mortgages who are working to 28 days at the moment so do you have another source of cash just in case?0 -
You say that your brother has his mortgage in place. If you mean that he has a firm mortgage offer on this particular property, having already completed the survey and all the legal work, then of course he can bid at the auction or make an offer prior to the auction.
On the other hand, I suspect that you mean that he has some sort of mortgage offer in principle. In that case, there is no way that he is able to buy the property, either before the auction or by bidding at it. As ognum says, if he wins the auction, he will simply end up losing his deposit, plus there is a good chance that he will be sued for much more than that.No reliance should be placed on the above! Absolutely none, do you hear?0 -
by the way, the auction guide price is usually set extremely low, so as to get lots of interest. The house could easily sell for £20,000 over the guide price. Would your brother be as interested then?No reliance should be placed on the above! Absolutely none, do you hear?0
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