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My property auction experience - hopefully to help others
HARSA
Posts: 238 Forumite
want to tell you how mine went or is still going . The below are threads I started relating to the same process and have had some very good advice from the good MSE guys & of course ladies.
As you can see I had a lot of internet time reading pretty much anything that returned "auction" as a key search word.
The property was 100-120k (which I can afford to pay for cash) price but due to the location and the interest it generated I knew this was likely going to cost a lot more than the guide price.
I ended up paying 180k in what was a very tough going auction. There were 7 of us going for it up to to the 170k mark
Since I knew that my shares and savings of 120K wasn't going to get me the house. My wife and myself applied for 100k mortgage - paid surveyor fee of £315, and two timber and damp proof surveyor fees of £40 each to two different companies. The buildng is a wreck and should cost about £15k to get right although yet to get a builder's quote.
The timber and damp proof guys cost is 4k and 5k + Vat Reckon need another 10-15k for plaster boards, ceiling boards, new bathroom and sort out the long conservatory.
Also got a solicitor to check out the legal pack more so on the restrictive covenant to which he assured us should not be a problem to extend the property and on the same height restriction as adjourning properties.
The auction was a very tense affair and tonight was the first time i have seen one live aprt from Homes under the hammer.
The experience was nothing like the program. it was that tensed that at one point being the highest bidder I bid against myself without realising:rotfl:
Anyhow got the property at 40K more the the max guide price. So off to see the solicitor tomorrow. He has done some work already and the bank has sent the paperwork to him ready to release funds.
I started the whole process about 6 weeks before I went to the auction.
Gl
https://forums.moneysavingexpert.com/discussion/4815609=
https://forums.moneysavingexpert.com/discussion/4812621=
https://forums.moneysavingexpert.com/discussion/4819266=
As you can see I had a lot of internet time reading pretty much anything that returned "auction" as a key search word.
The property was 100-120k (which I can afford to pay for cash) price but due to the location and the interest it generated I knew this was likely going to cost a lot more than the guide price.
I ended up paying 180k in what was a very tough going auction. There were 7 of us going for it up to to the 170k mark
Since I knew that my shares and savings of 120K wasn't going to get me the house. My wife and myself applied for 100k mortgage - paid surveyor fee of £315, and two timber and damp proof surveyor fees of £40 each to two different companies. The buildng is a wreck and should cost about £15k to get right although yet to get a builder's quote.
The timber and damp proof guys cost is 4k and 5k + Vat Reckon need another 10-15k for plaster boards, ceiling boards, new bathroom and sort out the long conservatory.
Also got a solicitor to check out the legal pack more so on the restrictive covenant to which he assured us should not be a problem to extend the property and on the same height restriction as adjourning properties.
The auction was a very tense affair and tonight was the first time i have seen one live aprt from Homes under the hammer.
The experience was nothing like the program. it was that tensed that at one point being the highest bidder I bid against myself without realising:rotfl:
Anyhow got the property at 40K more the the max guide price. So off to see the solicitor tomorrow. He has done some work already and the bank has sent the paperwork to him ready to release funds.
I started the whole process about 6 weeks before I went to the auction.
Gl
https://forums.moneysavingexpert.com/discussion/4815609=
https://forums.moneysavingexpert.com/discussion/4812621=
https://forums.moneysavingexpert.com/discussion/4819266=
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