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Old 21-01-2018, 09:21 PM   #1
Pauly.22
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Buying a house at auction

Many people done it?

Looking for general advice on it, pit falls, things to do etc,

I know getting a survey is always good, but if I spend £500 on a survey and don't win the house, could soon spent a few grand and got nothing.

Me and the mrs are planning on buying a second house, purely to do up and hopefully sell on for a profit. We both want to move into the countryside and property seems the best way to make extra money needed to move.

We will need to borrow more on our existing mortgage to buy it though.

I'm booking an appointment tomorrow with our current lender, partly to see if we can get a better deal on our current mortgage and see what we would be able to borrow extra.

Cheers Paul.

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Old 21-01-2018, 09:29 PM   #2
Andyblue
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Not done it personally, a mate has a few years back and worked out well for him.

Main things I remember him saying:

Read the legal pack !

Set yourself a max limit and if you get to it - walk out if you cannot stop yourself bidding, so you don’t get caught up in the frenzy / buzz.

If you can, look at the property before the auction.

Have an idea of what’s needed, costs and what the ave price of nearby properties are going for.

Try to enjoy the process
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Old 22-01-2018, 09:28 AM   #3
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I looked at a house one block down from where I am now that was up for auction.

I also had no idea on the process so I asked the agent on the open viewing.

He said that you register to for the auction, read the legal pack, have your solicitor read it and be on standby.
If you win, you have o put down 10% deposit straight away, and complete around 2 weeks.

I don't know if that's the standard practice with most auctions.

I never went for it as I was short £100K and would have been outbid by the property developers and couple with 2 incomes. Shame as it went for a very very reasonable price for the location.
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Old 22-01-2018, 11:26 AM   #4
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Check the auction conditions, most expect you to complete within 28 days. So you will need to have a solicitor ready to pick up matters immediately and also finance ready. Unless your buying cash you run the risk of loosing your deposit paid at aution if you are relying on finance which already don't have lined up ready to drawn down.
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Old 22-01-2018, 08:21 PM   #5
Pauly.22
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We have some money and will borrow some extra against our main house,

So in theory we will buy the house at auction outright without a mortgage, so we should only have to pay the 10% and then I guess I'd still need a solicitor to complete though.

Spoken with the bank today, need to get my current house re valued before applying for a mortgage, so will get that done next month, having the hallway re plastered first.

Hoping to go to auction in may, so couple of months to do all my reaserch.
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