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Can you buy at auction with a mortgage?

  • 13-09-2020 6:59pm
    #1
    AppleMaggot
    Banned (with Prison Access) Posts: 21 ✭


    Considering the loopholes that need to be addressed in order to close a deal once the sale has been agreed, can first time buyers with a mortgage bid for properties at auction? If so, how does the process work?


Comments

  • #2
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    AppleMaggot wrote: »
    Considering the loopholes that need to be addressed in order to close a deal once the sale has been agreed, can first time buyers with a mortgage bid for properties at auction? If so, how does the process work?

    It is something you need to discuss with your lender. Your solicitor will need to carefully examine the legal pack of the property you are interested in to identify any issues which make closing the purchase problematic, and you need to understand the rules associated with bidding at auction, the most important of which are that when your bid is accepted, the property is yours, you have to pay a sizeable deposit, if your lender later refuses finance, you lose your deposit.


  • #3
    bobbyy gee
    Banned (with Prison Access) Posts: 1,306 ✭✭✭bobbyy gee


    a lot of auction property you will need a lot of money to repair damp flooding fires pyrite foundations etc.sometimes tenants will not move out i was looking at bidx1 auctions a few months ago and prices were going higher than you could buy in a normal marhet according to property price register a lot of tes they are selling with outproper title you need to get your solicitor to go over legal documents and ask your bank will they lend on it some take 5 months to go through look at propertyprice register to see what properties in area sold for
    https://www.irishtimes.com/life-and-style/homes-and-property/the-cost-of-a-dublin-cottage-refurb-we-struggled-with-the-mortgage-lending-rules-1.4138335?mode=amp


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