We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
Bought a property at Auction! 28 days to complete. Any advice?

Cowboy.
Posts: 52 Forumite
Hi guys!
I have bought a property at auction! I now need to get my mortgage and valuation done. I have 28 days to complete this process!
Any advice on how I should best use my next 28 days? I am obviously trying to get everything completed in time but if you have experience and wisdom to share on the process please share!
I have bought a property at auction! I now need to get my mortgage and valuation done. I have 28 days to complete this process!
Any advice on how I should best use my next 28 days? I am obviously trying to get everything completed in time but if you have experience and wisdom to share on the process please share!

0
Comments
-
So you bid on, and bought, a property at auction without having a mortgage in place?
I hope your mortgage application is successful, or you have alternate funding in place.......!
Sounds like you are living up to your username!
Advice? Get everything sorted fast.
Did you work out what the contaminated land was? And get your excess hair removed?0 -
Chase your mortgage company constantly and respond to your solicitors as quick as you can.Currently studying for a Diploma - wish me luck
Phase 1 - Emergency Fund - Complete :j
Phase 2 - £20,000 Mortgage Fund - Underway0 -
pray?
I hope you didn't get caught up in the process, it could be very costly.Thinking critically since 1996....0 -
I'd be interested to know what would happen if OP failed to complete in 28 days. Anyone know?This is an open forum, anyone can post and I just did !0
-
I thought bidding at auction, you HAD to have your money / finance in place BEFORE you placed the bid.
I would guess he would be in breach of contract, and could be sued accordinglyBreast Cancer Now 100 miles October 2022 100 / 100miles
D- Day 80km June 2024 80/80km (10.06.24 all done)
Diabetic UK 1 million steps July 2024 to complete by end Sept 2024. 1,001,066/ 1,000,000 (20.09.24 all done)
Breast Cancer Now 100 miles 1st May 2025 (18.05.2025 all done)Sun, Sea0 -
I thought bidding at auction, you HAD to have your money / finance in place BEFORE you placed the bid.
I would guess he would be in breach of contract, and could be sued accordingly
However the contract law is that you have to pay after 28 days, so failure to have the money at that point results in substantial penalties....0 -
Well, if you'd posted this thread before actually buying the place, my comment would have been "make sure you have your mortgage in place and have had a survey done before the auction date". But, it's a bit late for that now, so in terms of what to do from here.
1) Get a Mortgage application sorted asap. Use a good broker, as they will have an element of ability to push an application through quickly that you as a private buyer will not have. They will also know which lenders are processing quickly and who isn't. Given the circumstances, speed of processing and a consistent and transparent set of underwriting requirements are more important than rate.
2) Find a good solicitor, preferably someone who is recommended by people you trust. Quick is more important than anything else given the circumstances, The legal pack from the auction means that there probably wont be too much to do on this score, but the ability of a poor / slow solicitor to slow a transaction down should never be underestimated.
3) Have a plan B. In theory, sorting a mortgage out in 28 days and getting the purchase sorted shouldn't be a major problem if all is well in terms of your circumstances and the mortgageability of the property. But you need to be thinking about what happens if things aren't that straightforward. What happens if you can't get a mortgage ? (hopefully you will have done enough research that this shouldn't happen). What happens if the property itself is unmortgagable in it's present state (more common than you might think at auction). You might need to be thinking about bridging finance, or in some circumstances, even cutting your losses and forfeiting the deposit rather than proceeding. Given the tight timescales, you need to understand all the possibilities and how you might react to them before they happen.
4) As someone else has said, praying might be an idea!. When talking about auctions for people doing it for the first tims, the no1 "don't" that most experts will flag up is not to buy something without having all the pieces of the puzzle in place in advance. Having done exactly that, even if you do everything right from here, you will need a little bit of luck on your side to complete the deal on time. Hopefully you'll get it.0 -
Hi guys!
I have bought a property at auction! I now need to get my mortgage and valuation done. I have 28 days to complete this process!
Any advice on how I should best use my next 28 days? I am obviously trying to get everything completed in time but if you have experience and wisdom to share on the process please share!
You should probably leave it for a few weeks. Let the dust settle. Come back with fresh eyes.
No rush.0 -
I had the jehovas knock on the door tonight. I asked them to pray for you.
He said he would but he was laughing as he walked down the drive.
I'm sure it'll be fine.0 -
Take tomorrow off - hit the internet and get a list of local brokers (unbiased.com / free index.co.uk / Google 'mortgage broker xxxxville) ready for tomorrow morning.
Get ID docs / proof of income / bank statements / credit report (download tonight) all ready to go
Start calling brokers tomorrow @ 8.30 - as soon as you get one who sounds good, can make the time for you etc check your doc list with him/her and get your !!!! round there asap with your cheque book (for them) & credit card (for lender) and just hope you've picked the right one !
Be available for signatures etc for the day - if you don't have a solicitor use the one the broker recommends and be prepared to run about for him as well.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.2K Banking & Borrowing
- 252.8K Reduce Debt & Boost Income
- 453.2K Spending & Discounts
- 243.1K Work, Benefits & Business
- 597.5K Mortgages, Homes & Bills
- 176.5K Life & Family
- 256.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards