buying at auction / credit card

rjrs0510

In Northern Ireland some areas have seen prices fall by over 60% and so many people are in negative equity... I'm hoping it is just a repossessed property in a semi rural area and as the market is so sluggish that there hasn't been much interest. However, I will do some further checks! Thanks!

G_M

Have you had it surveyed? Do you know what condition it's in and what is wrong with it?

Have you checked the Title? Does it come with good Title? Are there Restricions? Or Covenants?

all needs checking before you bid.

To purchase a property, however you do it, you will need to prove your ID, AND the source of your funds. I suspect even if a credit card was accepted, you'd need to show how you intended to pay off the loan and the source of those funds.

Annisele

rjrs0510 wrote: »

hopefully the fact that it was previously unsold my help me a little...

I suspect that won't help you. There's a good chance there's something seriously wrong with it that you haven't spotted - and even if that's not the case, the reserve price might be unreasonably high.

ACG

Does your credit limit allow for this?
The reason i ask is that you cant put your credit card in credit and even if you did most companies would allow you then go and pay say £15k on it if the credit limit was £10k, even if you were £5k in credit - i used to work for RBS credit cards, so i ahve a bit of experience in this area.

Yorkie1

I don't know about auctions, but I'd be surprised if a solicitor accepted a credit card payment (as opposed to a debit card).

rjrs0510

I have a pretty high limit on my card, around 20k. I have written to a solicitor to see if it is possible. Thanks to everyone for the help!

Fire_Fox

Don't you have to pay in advance in cleared funds? How can you make a credit card payment if your card doesn't permit cash transfers or advances?

qwert_yuiop

rjrs0510 wrote: »

I have a pretty high limit on my card, around 20k. I have written to a solicitor to see if it is possible. Thanks to everyone for the help!

The other aspect to this is that the fees charged to the vendor on large purchases is significant - several hundred pounds on £20,000 for example. Try paying a car dealer for any half valuable car with your card and they'll want you to pay a few hundred more,so any saving by delaying payment for a month is lost.

maninthestreet

I think we all know where this one is going.....a few weeks down the line the OP will be back saying they bought the property for a 'steal' (no one else seemed interested in it at the auction, for some reason....), but have now discovered it has dry rot, subsidence and someone has obtained planning permission to build a house in what they thought was the property's garden but actually is owned by someone else. As the description of the property used in the auction didn't mention these issues, they will want to know what their 'rights' are.....

rjrs0510

maninthestreet wrote: »

I think we all know where this one is going.....a few weeks down the line the OP will be back saying they bought the property for a 'steal' (no one else seemed interested in it at the auction, for some reason....), but have now discovered it has dry rot, subsidence and someone has obtained planning permission to build a house in what they thought was the property's garden but actually is owned by someone else. As the description of the property used in the auction didn't mention these issues, they will want to know what their 'rights' are.....

Haha, you are a positive guy:eek: