Housing Auctions/Mortgages

newby.204

This may sound ridiculous to those of you who know but

What is the procedure for getting a mortgage for a housing auction? Or can it even be done?
Surely people who buy houses at auction havnt just got a couple of 100k lying around!

Any help/advice/questions welcome!!

killers1

newby.204 wrote: »

This may sound ridiculous to those of you who know but

What is the procedure for getting a mortgage for a housing auction? Or can it even be done?
Surely people who buy houses at auction havnt just got a couple of 100k lying around!

Any help/advice/questions welcome!!

You get your survey & valuation done and have mortgage approval in place before the auction.

JohnCleary

newby.204 wrote: »

Surely people who buy houses at auction havnt just got a couple of 100k lying around!

Any help/advice/questions welcome!!

A lot do

makeorbrake

Stay away from auctions. So many reasons to steer clear!

newby.204

makeorbrake wrote: »

Stay away from auctions. So many reasons to steer clear!

Hey makeorbrake, any chance you could elaborate??

JohnCleary

makeorbrake wrote: »

Stay away from auctions. So many reasons to steer clear!

Bit of an idiotic thing to say.

Do your homework at auctions and you'll come out a winner.

newby.204

JohnCleary wrote: »

Bit of an idiotic thing to say.

Do your homework at auctions and you'll come out a winner.

Cheers thanks, I have a budget for what I can afford to buy including any costs to fix up anything that's wrong!! There's a properties auction on the 15th May, schedule isn't out until 17th of this month, so I'll have to wait and see what's on offer

killers1

newby.204 wrote: »

Cheers thanks, I have a budget for what I can afford to buy including any costs to fix up anything that's wrong!! There's a properties auction on the 15th May, schedule isn't out until 17th of this month, so I'll have to wait and see what's on offer

You should be working on your mortgage approval in principle now and then you can give property details to the bank in due course if there is one in the schedule you are interested in.

Jo King

JohnCleary wrote: »

Bit of an idiotic thing to say.

Do your homework at auctions and you'll come out a winner.

Doing your homework costs money. Title has to be investigated. If it is a receiver's sale, it won't be satisfactory, so no mortgage approval. Surveys have to be done. Everything is on a take it or leave it basis. If the house goes too dear all the money is wasted. If you buy at auction and then find something wrong, tough, You can be sued.
Auctions are for the knowledgeable and the experienced. The o/p is neither at this time.

JohnCleary

Jo King wrote: »

Doing your homework costs money. Title has to be investigated. If it is a receiver's sale, it won't be satisfactory, so no mortgage approval. Surveys have to be done. Everything is on a take it or leave it basis. If the house goes too dear all the money is wasted. If you buy at auction and then find something wrong, tough, You can be sued.
Auctions are for the knowledgeable and the experienced. The o/p is neither at this time.

Who said anything about a mortgage? Why do so many people assume people must get a mortgage to buy a property? Not always the case

makeorbrake

JohnCleary wrote: »

Who said anything about a mortgage? Why do so many people assume people must get a mortgage to buy a property? Not always the case

Referring back to the OP's initial post, getting a mortgage is very much relevant.

JohnCleary wrote:

Bit of an idiotic thing to say.

newby.204 wrote:

Hey makeorbrake, any chance you could elaborate??

Far from an idiotic thing to say. What Jo King said - backs up my assertion.

JohnCleary

makeorbrake wrote: »

Referring back to the OP's initial post, getting a mortgage is very much relevant.



Far from an idiotic thing to say. What Jo King said - backs up my assertion.

Oh lord I don't know how I initially missed the word mortgage in initial post. Please accept my apologies!

Jo King

JohnCleary wrote: »

Who said anything about a mortgage? Why do so many people assume people must get a mortgage to buy a property? Not always the case

Even if not getting a mortgage, there is a likelihood that the buyer will want to sell the property in the future to someone who does need a mortgage, Having a defective title is risky and a buyer should know what they are getting. A cash purchaser still has to check the title. Someone who is knowledgeable and experienced can take a view. Once again, the o/p is neither.

valleyoftheunos

you need to be careful but its not true that property auctions are only for the experienced.