We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
First time buyer. Buying at auction with a mortgage.
Options
Comments
-
It may be worth looking at the auctioneer's site to see how sale prices relate to guide prices. You may find that guide prices are pitched low to gather interested bidders and they may often go for considerably more. Have you factored in auctioneer's fees in assessing how much of a bargain this house is?0
-
I have indeed it's a fixed price rather than a percentage which makes it a little simpler. The idea of sale vs. Guide price is good. Thank you!0
-
How has the valuation figure of £85,000 been reached?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
-
kingstreet wrote: »How has the valuation figure of £85,000 been reached?
the surveyor gave that price.0 -
Im thinking of buying at Auction, the bank have said theyll release the funds before i go to auction. Although i am releasing equity. Not sure if this is an option or not for you.Investments - £1,290.62 (Shares on a DRIP Strategy)
Mortgage Balance - £189,662.09
Credit Card Debt - CLEARED
LOAN - CLEARED0 -
Why is it at auction rather than through an EA is worth thinking about.0
-
I have to say that I'm very much admiring your huge sense of adventure (or others may think a complete lack of understanding of the risk of what you're doing) but if you know what the possible problems are, don't scare easily and can afford to risk your deposit if things go pear shaped - good for you!0
-
When you complete a mortgage application, you usually state the purchase price or estimated value and the lender's surveyor agrees or disagrees with that.lissie7777 wrote: »the surveyor gave that price.
Was there a mechanism for you to get an open market value, rather than a "mortgage application" value?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards