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

Dan-Dan

At last someone who saw it how i did!

More importantly , where is your holiday home?!

AdrianC

greenface wrote: »

OPs bid was exactly that he put his hand up last and deprived other bidders/buyers from aquiring a property they wanted to buy . Let me know when and where you are planning to buy your house at auction and i will arrive with my hand in the air and leave it there until i win . Then walk away and find i couldnt fund it . Hope you will look above the basic error.

That ignores one subtle detail - motive. Mens Rea, if you want to get technical.

Cowboy did not, as you seem to imply, maliciously raise the price with no intent to pay. He had and has every intent to complete the purchase, and he placed his bid in good faith. It could be argued that the auctioneer was at fault for not making it clearer to him before allowing him to bid that finances should be in place, and that there was a strict 28-day completion window.

I hope he manages to complete. Whilst he might not reply to this thread, I'm sure there will be references to the result in other threads in the future. Perhaps anybody who notices them could report back here?

cutandshut

I guess I'm a chancer.
I can't remember how many times I've bought something on the spur of the moment when I've not known how I was going to pay for it.
My motto is never let not being able to afford something stop you from buying it. You have to do things ,in life, just for the hell of it.
Somehow it always works out. It is very true that necessity is the mother of invention.
Good luck Cowboy. It will work out for you.

HARSA

greenface wrote: »

OPs bid was exactly that he put his hand up last and deprived other bidders/buyers from aquiring a property they wanted to buy . Let me know when and where you are planning to buy your house at auction and i will arrive with my hand in the air and leave it there until i win . Then walk away and find i couldnt fund it . Hope you will look above the basic error. Bidding at auction -you need to understand its a living for most and a lifestyle change for others but at the fall of the hammer its a legally binding agreement that you have used due dillegence and understand the terms involved which sounds like you have. been to many a auction property & plant . 2 rules .always keep your hands in your pocket until you want to buy something & never take your nephew with torretts :rotfl:

I am afraid you are too late and let's just agree to disagree. You are welcome to come to the auction I am going to pm me and I will give you the details.

If you win it then fair game to you. How you decide to fund the purchase is none of my business.

I have cash in the bank to buy another property if I want to. Auction is a gamble that I am fully aware of. I can afford to lose 1k and that's why I am prepared to pay for survey and solicitor fees for something that I may end up not buying.

Any one who goes to any auction and missing on their bid property and losing some money has only themselves to blame.

No matter what you say this is not going to change it's a free country and auctions are open to all of us and should any one want to bid they can do so.

Let's focus on helping the other person if we can now that he has already paid his deposit.

katejo

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!

Have you never watched 'Homes under the Hammer'? I saw at least one such case where the buyer lost out on hs deposit because he hadn't made the necessary arrangements to have the money available. Auction rules: Don't bid if you haven't got the money and set a limit /stick to it.

Daniel54

cutandshut wrote: »

I guess I'm a chancer.
I can't remember how many times I've bought something on the spur of the moment when I've not known how I was going to pay for it.
My motto is never let not being able to afford something stop you from buying it. You have to do things ,in life, just for the hell of it.
Somehow it always works out. It is very true that necessity is the mother of invention.
.

Sadly,by the law of averages it does not always work out ( I'm glad it has for you ,so far ) which is why we see people on the Loans board desperately trying to borrow money they can't really afford,and the good people on the DFW boards learning, and encouraging others, to live within their budgets and pay off the debts often built up from applying the same corrosive motto as yours.

Maverick.

Test!!!!!!!!!

Cowboy.

Hi guys,

I have already set the mortgage process going. Next week is the valuation and I am confident I will get the mortgage offer I am after. The property is in very good condition, and around the price most other houses are on the same street.

My lawyers are in place, I have provided all the proof of deposits, my ID's are all checked.

Your comments have got me worried though

Glastoun

If you've got that far then you're probably going to be okay, barring any unforeseen incidents. Solicitors and mortgage companies can be surprisingly swift if they have a compelling timescale to work to. Be sure to keep badgering them. Or if you can't find a badger then just phone them every day.

Senior_Paper_Monitor

Lender ? + some more meaningless words to reach the minimum number required