Bought a property at Auction! 28 days to complete. Any advice?

Cowboy.

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!

G_M

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?

SmlSave

Chase your mortgage company constantly and respond to your solicitors as quick as you can.

somethingcorporate

pray?

I hope you didn't get caught up in the process, it could be very costly.

bryanb

I'd be interested to know what would happen if OP failed to complete in 28 days. Anyone know?

kazwookie

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

G_M

kazwookie wrote: »

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

There's no law that says that - just common sense.

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....

Jason74

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.

ruggedtoast

Cowboy. wrote: »

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.

mrginge

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.

Senior_Paper_Monitor

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.