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

paye

Good luck Cowboy, I think you will do it. keep phoning them every day and you will be ok. Make sure you come back and tell us how you got on. Otherwise if you don't we will all think you failed and lost the family home.

ruggedtoast

Cowboy. wrote: »

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

I wouldn't normally say this, but you should be worried. Exchanging on a house with 28 days to complete and without finance in place is nuts. You need to be all over this day and night now.

Nevertheless, you are where you are. Some lenders won't start credit and employment checking you and wotnot until after your valuation survey.

You don't have time for that, make sure that everything is ready to go the moment your valuation comes back, hopefully ok.

Good luck!

Senior_Paper_Monitor

Hence my question above - with some lenders moving to valuation as soon as they receive application/fee (Coventry and Virgin spring to mind) and others insisting that case is underwritten 'subject valuation' (Skipton and Nationwide spring to mind) before they do so the fact that "valuation is next week" really doesn't give automatic comfort.

'Horse to water' comes to mind here !!

HARSA

Cowboy. wrote: »

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

Wish you all the very best cowboy. Hope you finalise within the time scale. Like other good people on this board have already said keep on top of the situation you find yourself in.

Regardless the outcome please keep us inform as it will happy others.

The thing I hate about some posters on this board is they pre judge people who come here to ask for help. Belittling, mocking and putting people down who come asking for help is what fulfils their sad and lonely lives.

Why can't people who have nothing to say just keep their opinions to themselves. We all know what cowboy did was not the best laid plan but having a go at him when all he has asked from us is advice is just bloody mean

PaulCooper

Can't resist putting in my twopenneth.
Cowboy you may be, but you've taken a risk and good for you, it might pay off, it might not. You stand to lose your 10%, but if it pays off & your gamble comes off, I'm sure you'll gain more.
I'm sure that you could have gone at it with eyes more open, but then you'd probably have walked away.
Nothing is impossible, it might be incredibly difficult to sort everything out in the timescale, but best of luck to you
Paul

Cowboy.

Hi guys,

Thank you for your support and your concerns.

I have received the full offer from bank for the mortgage I need. They valued the property at the price I paid.

My solicitors should get the mortgage offer pack from the bank either tomorrow or Monday.

I am at the point of organizing my deposits into one account.

Things are going ok. Fingers crossed I will complete this.

MysteryMe

Good luck, hope you manage to pull it off.

Amara

bryanb wrote: »

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

I bought a flat on an auction and failed to completed within 28 days. Not my fault though: other part didn't supply documents from council . We've just waited until papers have come. I was buying with a cash though.

AlexMac

I know we're a week into the 28 day period, and the OP has probably got bored with the lifestyle advice, and is sorting his finance isntead of reading this, but ...

just in case you're still there...

I naively did exactly the same about 15 years ago and although it was a bit touch and go (in that I bought in mid Dec, so the 28 days included the Christmas/New Year close-down and I was getting married at the end of Jan - so no pressure), it turned out all right in the end.

And as regards "any advice" I'd say don't trust any lender and double up on your loan applications. Natwest (with whom I'd banked for 30 years) screwed me over by offering a loan in principle before the auction, but then - two or three days before I lost my deposit - confirming that this was subject to a 100% "retention" (in effect- no mortgage!) due to the property's run-down condition (which I'd declared from day one).

Luckily, I'd smelt a rat and approached another lender- the halifax, bless'em - who delivered on time.

So my advice is
1. double up on lenders.
2. Don't get wed at the same time as learning hard property lessons- or you might have the shortest marriage on record

Good luck!

(PS- I'm still wed, and we made a mint on the property- almost tripling our money!)

Cowboy.

Hi guys,

I am due to complete in the next two days. The bank will release the funds and I have provided mine.