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Buying flat at auction - advice please!
Comments
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Don't be stupid, no professional bidders are going to be buying in the current market! They arn't idiots, they will wait out the crash, just like the OP should.
Having just seen our contracter who we are having redecorate our flat, and who does regularly buy at auction, last night, I can assure you that the professional bidders are going to be deterred by the current market. His view is that properties just sell for less at auction as ordinary people dabbling in property development are scared off.0 -
Before the mortgage is agreed won't a search be needed? This could delay the mortgage.:cool:
"You have enemies? Good. That means you've stood up for something, sometime in your life." Winston Churchill
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title and searches are often part of the "legal pack" which many auctoin houses sell to prospective purchasers at £10 a property - NICE little earner !!0
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I'll be at that auction, SouthCoast.
Having seen some of the tripe that the Social Landlords put up for auction, you'd be best off out of it without a full structural survey
I've seen dry rot, terrible subsidence, everything; in fact some of the worst properties I've viewed have been ex-LA of some sort 
All conversion. Everything that is supposed to be in heaven is already here on earth.
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OP must get a solicitor to look over the legal pack before the auction and really I don't think a mortgage offer in principle is good enough. Valuer needs to go out and put his value on it and the lender will then offer X% of that. Op must have the formal offer before the auction otherwise the lender could decide not to lend following survey or checking OP' status.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Hi
What is the situation if could not get a mortgage with 28 days of auction purchase.
They will give 14 days notice to payment before forfitting the deposit or we request the seller to give some on personal request.
Please some suggestions.
Regards0 -
usemobile:
1. You should start a new thread for your question
2. You should re-word it so that it makes sense. I've no idea what you are actually asking?
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I can't spot it within the results, but then only 75% sold. Anyone ?SouthCoast wrote: »We could continue the discussion after this auction on Thursday!
http://www.barnardmarcusauctions.co.uk/ A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
Hi
What is the situation if could not get a mortgage with 28 days of auction purchase.
They will give 14 days notice to payment before forfitting the deposit or we request the seller to give some on personal request.
Please some suggestions.
Regards
Don't ever get into this situation. You should not bid at an an auction unless you can pay cash or you already have a formal mortgage offer from the lender.
If you do and you can't complete then you will lose your deposit.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Reported as spam.
The bumper, not Richard!0
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