Buying a housing association house at auction???

19vivat

I wanted to bid for a house at auction (only way to get a little house)

I would have to pay about 5 thousand extra for their costs but the bit I was worried about it below:

bThe Seller has applied to the Homes & Communities Agency for consent to dispose of the
Property (“Consent”) to enable the Seller’s Solicitors to provide the Certificate required
pursuant to the restriction referred to in entry 2 of the Proprietorship Register and shall use its
reasonable endeavours to procure the same.

It also says that I have to pay ten percent straight away but there is about 6 weeks after the auction when they can cancel the sale - presumable because they can't get permission to sell. Does anyone have any idea how this is likely to play out??? Thanks for any advice.

bris

Seek expert advice, this is no place for the advice you are looking for. Getting an auction sale wrong will be very expensive.


The legal pack can and often is full of clauses and restrictions that only a good solicitor in this field can understand. There is also often debt on auction properties that the new owners become liable for so you really need an expert here.

G_M

When buying at auction, before you go, and before you bid:

* make sure the condition of the property is up to the standard you expect, either by checking yourself or paying a surveyor
* make sure you have the money, either in cash, or via a confirmed mortgage offer (NOT mortgage in principle)
* make sure you have checked the Title of the property, either by understanding the legal pack yourself & doing any further necessary searches (NOT asking wierdos on the internet!) or by paying a solicitor.

Yes - that all costs money upfront, with no guarantee you won't be outbid at auction.

That's auctions for you.

19vivat

No scary auction for me then!

AdrianC

19vivat wrote: »

I wanted to bid for a house at auction (only way to get a little house)

Woah!

Let's ignore the particular house here - because you've already had the right and only answer on that (seek professional advice).

What's your logic behind this statement?

Remember - places don't just go to auction because the vendor wants to sell it cheap. They go because the vendor can't shift it any other way. It has PROBLEMS. Even then, you're bidding against pros, people who will spot cheapness and a way to make a few quid.

If your bid is successful, do you understand the implications of that? Do you understand the difference between that and putting an offer in on a property at an estate agent?

Let's put it this way - I know my way around buying property. I wouldn't be tempted by an auction... That's where sharks circle, waiting for the unwary sucker who believes daytime TV...