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Do the bank approve the guide price or final?

  • 01-02-2020 04:59PM
    #1
    SwordofLight
    Registered Users, Registered Users 2 Posts: 364 ✭✭


    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??:confused:


Comments

  • #2
    Dolbhad
    Registered Users, Registered Users 2 Posts: 782 ✭✭✭Dolbhad


    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??:confused:

    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.


  • #3
    Gumbo
    Moderators, Society & Culture Moderators Posts: 42,150 Mod ✭✭✭✭Gumbo


    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??:confused:

    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.


  • #4
    SwordofLight
    Registered Users, Registered Users 2 Posts: 364 ✭✭SwordofLight


    Yep, horrible risks involved which are putting me off.


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