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Do the bank approve the guide price or final?
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01-02-2020 3:59pm#1
Comments
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SwordofLight wrote: »Just wondering about people buying at auction - will the bank approve a mortgage after the auction for the final price at the drop of the hammer, or the price it is advertised for, as in the reserve??
To be honest if you need to get a mortgage to buy a house at an auction, you should not be buying at an auction. Stick to private sales.0 -
SwordofLight wrote: »Just wondering about people buying at auction - will the bank approve a mortgage after the auction for the final price at the drop of the hammer, or the price it is advertised for, as in the reserve??
You apply for the final price. They may not cover the fees.
They also may. To offer a mortgage for a house bought at auction so you best clear that up before offering and paying the possibly non refundable deposit.0 -
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