buying at auction / credit card

rjrs0510

Hi there,

I am interested in a house that is up for auction. I know that I have to pay the deposit (10%) with cash or a cheque, however, for the remaining balance do you think it would be possible to pay with a mixture of cash and credit card? I know that the idea of charging a house is ridiculous, but I am an expat (Uk citizen working abroad) and it is quite impossible to get any kind of loan etc. The % paid on the card would be quite small, under 20%, the rest would be paid in cash. i cannot cash advance this total on my credit card, it would have to be charged. Any help would be much appreciated!!

Thanks!

Buzby

You need to check with the auctioneer - what do their terms state? Some charge fees, others have upper limits, forcing a Bankers Daft payment instead.

rjrs0510

Further to my original enquiry, would a regular estate agent accept a mix of cash and credit card for a purchase? I know that I would be responsible for the fee incurred for using a credit card...
Thanks!

ValHaller

rjrs0510 wrote: »

Further to my original enquiry, would a regular estate agent accept a mix of cash and credit card for a purchase? I know that I would be responsible for the fee incurred for using a credit card...
Thanks!

Estate Agents do not take payments for property purchases. You would pay the seller's solicitor - either directly or through your own solicitor. I advise you to get your own solicitor, since you are so naive about the process. Whoever takes your money will also heck that it is not the proceeds of crime. I raise this because I suspect that you will have a lot of problems with this - mainly due to the unorthodox way you wish to pay

rjrs0510

gosh the proceeds of crime... sounds scary! Im looking at very cheap properties around the 60k region... im just an expat teacher lol!

rockitup

rjrs0510 wrote: »

Hi there,

I am interested in a house that is up for auction. I know that I have to pay the deposit (10%) with cash or a cheque, however, for the remaining balance do you think it would be possible to pay with a mixture of cash and credit card? I know that the idea of charging a house is ridiculous, but I am an expat (Uk citizen working abroad) and it is quite impossible to get any kind of loan etc. The % paid on the card would be quite small, under 20%, the rest would be paid in cash. i cannot cash advance this total on my credit card, it would have to be charged. Any help would be much appreciated!!

Thanks!

Does your credit card provider offer the facility to transfer money to your bank current account?

I used this for the same reason before and MBNA obliged at the time.

It could also be done with credit card cheques but they have stopped being issued some years ago.

rjrs0510

the cash advance / transfer element of my credit card is limited (not the full amount of the available credit), so I though it would be easier if a solicitor could just swipe the card and it would be a regular transaction...

spacey2012

rjrs0510 wrote: »

gosh the proceeds of crime...

yes there is a limit a poor man is allowed to own without showing it to his masters.

GDB2222

rjrs0510 wrote: »

the cash advance / transfer element of my credit card is limited (not the full amount of the available credit), so I though it would be easier if a solicitor could just swipe the card and it would be a regular transaction...

I suppose that your solicitor might well have the option to swipe your card for his fees. Whether he would do so for substantial sums is something that nobody here can answer. You need to find a solicitor and explain the issue to him, and you need to do all that before bidding.

You need to know three things about property auctions:
a) Most guide prices are "come hither" figures, designed to entice lots of people into the auction room, and actual sale prices are normally much higher.
b) There's some real carp thrown in the auctions to catch the unwary. You really need to get a survey and all the legals done before bidding.
c) As soon as the auction ends, if successful, you have bought the property. So, you need to have the 10% available on the day and the remaining 90% within 4 weeks. There's no room for slip-ups, and it's too late at that stage to discover it's in a flood plain and can't be insured/it's subsiding/there's going to be a new motorway 10 yards from the back door.

rjrs0510

The house i have seen was unsold at the previous auction... it is in a semi-rural area near my parents' place and isnt too old... i know the place quite well.. hopefully the fact that it was previously unsold my help me a little...

GDB2222

rjrs0510 wrote: »

The house i have seen was unsold at the previous auction... it is in a semi-rural area near my parents' place and isnt too old... i know the place quite well.. hopefully the fact that it was previously unsold my help me a little...

If it looks like a decent house, there's almost certainly something wrong with it. The question is what?

You could start off by asking the local estate agents why it's ended up in the auction and why it didn't sell.