Property Auctions

aimex

Hi there, wondered peoples opinions about these as am thinking of attending one in Feb.

What happens if you bid on property and win but need a mortgage? is that allowed? do you get to see the HIP beforehand/view the property if you want?

I expect these are silly questions but i dont know the answers!!!

also, are their any online catalogues??

xx

hearts

Once you bid and if you win the house is yours AND THE DEBT. So you better have the finance in place. ;-) You pay a deposit there and then which you would lose if you back out and you would be liable for any loss/costs made from then on.
Yes you can view the property. TAKE A SURVEYOR. ;-)

Jorgan_2

You can get to see legal packs of the property you are interested in, some solicitors will charge to send these to you. You should really get your solicitor to look at the pack before attending the auction, so they can make sure everything is in order.

You should get a surveyor to check the propery over before bidding.

As for finance, I'm not sure a mortgage is the best way to buy at auction. When the hammer falls you will have exchanged contracts & required to pay a deposit. You will then need to complete in either 14 or 28 days, depending on the terms of the sale.

Try & attend a couple of auctions before actually going to see one were you want to purchase a property, so that you understand what is going on. You will need to register with auction if you wish to bid. Don't forget photo ID & proof of address for money laundering purposes.

subjecttocontract

My experience is that buying auction property at a price that makes sense is very difficult.

Over the last 12 months I have actually managed to buy none. All of the property I was interested in sold for well over the price I was prepared to pay. Most of them seem to have been bought by private, inexperienced buyers who probably watch homes under the hammer.

They seem to have paid way over the odds for them. After renovation/ refurb costs the total they will spend will be more than the property will be worth. They could have bought one already refurbed for the money they will have spent

All this seems very harsh BUT......its very easy to pay way over the odds ....BE CAREFULL. Buying at auction does not gaurantee a bargain.

Jonbvn

subjecttocontract wrote: »

Over the last 12 months I have actually managed to buy none. All of the property I was interested in sold for well over the price I was prepared to pay. Most of them seem to have been bought by private, inexperienced buyers who probably watch homes under the hammer.

IMHO HUTH should have a gov't wealth warning;)