House buying at an auction

[DimPrawn]

I can only hope that you're wrong there.

Bought this yesterday

Isn't that where dhoogs imaginary friend lives?

[BrilloPad]

Isn't that where dhoogs imaginary friend lives?

God is everywhere. He is watching you at this moment.

[MyUserName]

I can only hope that you're wrong there.

Bought this yesterday

Awesome!

[Bunk]

Isn't that where dhoogs imaginary friend lives?

He used to, but Faqqer's just had him evicted

[Martin@AS Financial]

Many, if not most, auction properties have no kitchen or bathroom, and I was under the belief there are few mortgage peeps out there that would allow you to borrow without on, the other, or both. Love to be wrong, and if so, I may delve into it...

Not a house that size mind you faqqer

A lender will want the property to be deemed to be habitable in that they will want a functioning bathroom and kitchen. I have a fair few professional landlord clients who buy at auction and the properties do tend to fit this criteria.

[Old Hack]

A lender will want the property to be deemed to be habitable in that they will want a functioning bathroom and kitchen. I have a fair few professional landlord clients who buy at auction and the properties do tend to fit this criteria.

So the idea is to have a mortgage promise sitting there for 'X' and bid up to it. Use your own cash to pay the 10% the auctioneers want, then get the survey done on the mortgage front.

[DimPrawn]

It's riskier buying at auction with a mortgage offer.

What if you pay 10% deposit cash and then the mortgage company pulls the offer or the survey that the mortgage company have done shows big problems and they won't release the money?

[Martin@AS Financial]

So the idea is to have a mortgage promise sitting there for 'X' and bid up to it. Use your own cash to pay the 10% the auctioneers want, then get the survey done on the mortgage front.

I would advise doing a full application beforehand including the survey to ensure the property is suitable security for a mortgage - ie not falling down. If you don't win, you will lose your survey fee but it's better than commiting to buy a property that you can't secure finance on.

[Martin@AS Financial]

It's riskier buying at auction with a mortgage offer.

What if you pay 10% deposit cash and then the mortgage company pulls the offer or the survey that the mortgage company have done shows big problems and they won't release the money?

It's a good point Dim Prawn which is why I would advise getting a mortgage offer in place beforehand so that the lender is both happy with you and the property.

[d000hg]

Isn't that where dhoogs imaginary friend lives?

A non-corporeal being doesn't live anywhere. An imaginary one definitely doesn't.