auction property

snooping_around

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snooping_around

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G_M

snooping_around wrote: »

1) When I went to view the property, there was no carpet or any flooring really. The walls however were plastered and painted. Why was there no flooring? Could this be an indicator of a potential problem? Could be - but not necessarily. What did your survey say?

2) The guide price is 325K. Should I get a survery done before the auction?
Are you capable of spotting structural problems etc yourslf? There's not much point doing it afterwards- you'll have bought the property warts and all.
The documents for the property say that there is 18K worth of work that needs doing to the property and you believe this? :rotfl: so any major structural would have been picked up on this perhaps... or is that a bad assumption to make?yes

3) In another document it mentioned 'Survery' and then next to it 'HOR'. Any have any idea what HOR stands for? I used Google and found this.

4) If I should get a survey done before the auction, which one should i do? Also should I also get a valuation done also?
Entirely up to you. How much risk are you willing to take? How much are you willing spend upfront? How capable are you in property matters? What age is the property? What general condition? What are your plans for it? .....
Thanks
J

Do you really understand
a) property buying
b) auctions?

Have you ever been to one?

What research have you done- there are 100s of internet guides to buying at auction, as well as free books at the locallibrary.

But your Qs display a level of understanding that rings alarm bells. You are not ready for this.

edit: I assume you are paying cash? Please don't tell us you are planning to apply for a mortgage after bidding!

snooping_around

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Richard_Webster

1) When I went to view the property, there was no carpet or any flooring really. The walls however were plastered and painted. Why was there no flooring? Could this be an indicator of a potential problem?

So how did you walk over the floor, if there was no flooring - jump from joist to joist?? Or do you mean there was nothing more than floorboards? Thousands of houses only have floorboards - what's the problem with that?

theGrinch

auctions are where auctioneers get richer and punters get excited.

tim123456789

G_M wrote: »

1) When I went to view the property, there was no carpet or any flooring really. The walls however were plastered and painted. Why was there no flooring? Could this be an indicator of a potential problem? Could be - but not necessarily. What did your survey say?

Survey! For an auction property

You've got to be joking, most people buying at auction don't even bother to look around for themselves

:rotfl:

patman99

I doubt they would go to the expense of putting flooring down when they are auctioning the place.

HOR = Homeowners Report.

I would 2nd the 2 replies you have already had. Try going to a few auctions to get the feel of how it all works rather than just 'wading-in'.

Btw have you talked with the vendor (as you know who it is) to see what major works still need doing. Bear in mind that the £18k will be a contractors estimate based on the quote for Council Housing repairs. As it is commonplace to 'inflate the price' when quoting for such work, the real cost would likely to be closer to £15k.

Wywth

snooping_around wrote: »

Thanks for the advice and I am not starting to feel really underprepared. Im glad I posted this thread!

I will be applying for a mortage before the auction, to get a mortgage in principle. But I can buy in cash if they do decline the mortage afterwards.

I think buying through an estate agent is the right way to go about it for me since in inexperienced.

Thanks all.

Not unless you managed to acquire about £200k in the last month from somewhere

http://forums.moneysavingexpert.com/showpost.php?p=58207119&postcount=6474

Edit: Oooh, I see the OP has tried to remove the incriminating evidence. :cool:

snooping_around wrote: »

I have managed to save 145K. Since I record my finances in MS Money I can see that at the end of last year I had saved 102K. So quite pleased to have saved 43K this year!
:beer:

tim123456789

patman99 wrote: »

I doubt they would go to the expense of putting flooring down when they are auctioning the place.

HOR = Homeowners Report.

I would 2nd the 2 replies you have already had. Try going to a few auctions to get the feel of how it all works rather than just 'wading-in'.

.

Or just watch HUTH for a couple of weeks

you will learn the types of reasons that people buy/sell at auction and the amount of research that they do.

tm

snooping_around

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