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

DigForVictory

Check your life insurance policy - if you need treatment for a heart problem in the next 28 days, wonderful though the NHS is in emergencies, I'd rather have private care on standby. Both for speed & flexibility of appointments.
All the best & keep us posted?

AdrianC

Dan-Dan wrote: »

Errr , i think the other bidders probably all thought they were playing on a level field?

They were. Including the OP.

It's just that he didn't really understand the implications of being on that playing field.

eddddy

Hi Cowboy

I'm not sure if you'll still be reading the thread, but anyway...

Based on your previous post, I'm guessing you are the buyer of a 3 bed semi that sold at auction for £310k on Monday.

I hope you do get the mortgage sorted in time, but if you don't you stand to forfeit the £31k deposit, plus pay any damages to the vendor. (If you're really unlucky those damages could be tens of thousands.)

So it may be sensible to look at contingency plans as well, in case the mortgage doesn't come through. Your options include:

a) breaching the contract, and paying the forfeit plus damages
b) taking out bridging finance to cover you until:
- i) you are able to get a decent mortgage
- ii) you are able to put the property back into the next auction

If you google "auction finance", there seem to be companies that offer short term finance for auction properties. TBH, some of these people are probably the moral equivalent of payday lenders. And they would treat it as a business loan, so you would get no consumer protection. But it may be worth contacting them in parallel, so you know what options are open to you.

Having said all this, hopefully your mortgage will come through ok, so none of this will be needed.

Dan-Dan

AdrianC wrote: »

They were. Including the OP.

It's just that he didn't really understand the implications of being on that playing field.

Whats your point ?

I was responding to the poster saying that he hasnt deprived others who ARE in the position to have fulfilled the requirments of purchase

HARSA

Dan-Dan wrote: »

Errr , i think the other bidders probably all thought they were playing on a level field?

That's the risk of buying an auctio. TThe OP genuinely wanted to purchase the property and his bid was not to deprive anyone from acquiring the property.

He may get a m ortgage, get an extension from the auction house, borrow the money from family and complete the purchase. Move his family into thepr opertyand live tthere happily ever after.

Your assumption that he has deprived someone else is illogical and unfounded. So get off your high horses knights and give constructive advice if you are able to look above the basic error tthat the OP has made

PasturesNew

He did ask before he went to auction, so isn't starting form a completely cold/standing start.... https://forums.moneysavingexpert.com/discussion/comment/63800049#Comment_63800049

But he was probably still tying his laces and pulling his jogging bottoms on when the race started.

£1 says he pulls it off.

Dan-Dan

HARSA wrote: »

Your assumption that he has deprived someone else is illogical and unfounded.

How so , i think it`s a fair assumption that the majority of people who buy at auction , know the way it works and have made the efforts required to be able to comply with the process


As for the rest of your utter drivel......:rotfl:

AdrianC

Dan-Dan wrote: »

How so , i think it`s a fair assumption that the majority of people who buy at auction , know the way it works and have made the efforts required to be able to comply with the process

The fact that Cowboy hadn't done his homework doesn't make the auction unfair or somehow remove the level playing field. He stuck his hand up on exactly the same basis as everybody else, as far as the auctioneer is concerned. Who knows? Maybe the second and third bidders were in similar positions and are, right now, thanking their lucky stars.

HARSA

eddddy wrote: »

Hi Cowboy

I'm not sure if you'll still be reading the thread, but anyway...

Based on your previous post, I'm guessing you are the buyer of a 3 bed semi that sold at auction for £310k on Monday.

I hope you do get the mortgage sorted in time, but if you don't you stand to forfeit the £31k deposit, plus pay any damages to the vendor. (If you're really unlucky those damages could be tens of thousands.)

So it may be sensible to look at contingency plans as well, in case the mortgage doesn't come through. Your options include:

a) breaching the contract, and paying the forfeit plus damages
b) taking out bridging finance to cover you until:
- i) you are able to get a decent mortgage
- ii) you are able to put the property back into the next auction

If you google "auction finance", there seem to be companies that offer short term finance for auction properties. TBH, some of these people are probably the moral equivalent of payday lenders. And they would treat it as a business loan, so you would get no consumer protection. But it may be worth contacting them in parallel, so you know what options are open to you.

Having said all this, hopefully your mortgage will come through ok, so none of this will be needed.

Well done eddddy for a very good and constructive advice. Better than those stupid one liners that other people are throwing around

Dan-Dan

How much did your last !!!! up at Auction cost you then HARSA ?