WHO Poll
Q:



El Scorchio 12:32 Tue May 9
Buying property at auction- anyone have experience of this?
How simple and easy is the process? (assuming you need a mortgage)

Can you actually find a bargain compared to buying through conventional means, and what are the potential pitfalls?

Cheers!

Replies - Newest Posts First (Show In Chronological Order)

Cheezey Bell-End 2:55 Wed May 10
Re: Buying property at auction- anyone have experience of this?
Very common in Australia. Some estate agents there treat it as unethical and won't do it.

Need to be suspicious of the other bidders who may be linked to the vendor.
You would also be up against the buy-to-let buyers who have access to interest only loans and can easily outbid.

Boycie 2:11 Wed May 10
Re: Buying property at auction- anyone have experience of this?
dont do it, too risky

BillyJenningsBoots 12:46 Wed May 10
Re: Buying property at auction- anyone have experience of this?
Make sure you read the legal pack.

Thanks Lucy

REALGSA 11:37 Tue May 9
Re: Buying property at auction- anyone have experience of this?
You can get cheaper deals via agents now
Auctions in London are going silly money

East Auckland Hammer 11:10 Tue May 9
Re: Buying property at auction- anyone have experience of this?
You need to have your finance in order before you even think about bidding at auction, as your bid is unconditional, so you will need to have done your due diligence prior to bidding.

A deposit will need to be lodged same day probably, and the balance upon final settlement, which is generally within 28 days.

It's a good way to get a bargain if everything falls into place, because you don't have to worry about being gazumped and you have a decision on the day typically instead of entering into protracted negotiations.

Selling at auction is tough though.

Johnson 10:29 Tue May 9
Re: Buying property at auction- anyone have experience of this?
First the OS, then Omelettes, then buying a house at auction.

Shambolic Gavvy.

bruuuno 10:21 Tue May 9
Re: Buying property at auction- anyone have experience of this?
Absolute shocker from ros here

bertie 8:41 Tue May 9
Re: Buying property at auction- anyone have experience of this?
Dion Dublin recommends reading the legal pack.

arsegrapes 5:08 Tue May 9
Re: Buying property at auction- anyone have experience of this?
About 30+ years ago about six mates car dealers were drinking heavily one afternoon in a pub in Pall Mall and piled out into a Property Auction next door. Tanked up they fancied snapping up a bargain and ended up all chipping in a couple of grand to buy a large detached house somewhere in the country.

When they made a trip out to see their investment a few days later it had a condemned notice on it ( all being pissed up had failed to notice the small print). The demolition cost was more than what they managed to sell off the land for :-(

penners28 4:26 Tue May 9
Re: Buying property at auction- anyone have experience of this?
shambles gavros

Gavros 4:15 Tue May 9
Re: Buying property at auction- anyone have experience of this?
No mo mo. you can get busy with a slow and painful death, though.

Dr Moose 4:14 Tue May 9
Re: Buying property at auction- anyone have experience of this?
El,

Before making a final decision, speak to a professional for advice, most of us are just recalling what we've seen on Homes Under the Hammer.

ooooh Morley Morley 4:12 Tue May 9
Re: Buying property at auction- anyone have experience of this?
Want me to edit that post for you Gav, you massive chod.

penners28 4:07 Tue May 9
Re: Buying property at auction- anyone have experience of this?
Gavros 12:52 Tue May 9
Re: Buying property at auction- anyone have experience of this?
You can't buy at auction with a mortgage. The balance generally needs to be paid within 21 days so it's essential you have cash to pay for it.

Gavros 3:32 Tue May 9
Re: Buying property at auction- anyone have experience of this?
no.

as i said its doable but risky. even if there are no structural issues, surveyors are notorious for being about a year behind the market in terms of valuation, so you will often find a shortfall in the mortgage that will need to be made up with cash otherwise youre buggered.

penners28 3:27 Tue May 9
Re: Buying property at auction- anyone have experience of this?
need a ladder to help with that massive climbdown gav?

chad sexington 3:07 Tue May 9
Re: Buying property at auction- anyone have experience of this?
Of course you can buy at auction with a mortgage. It happens every day of the working week.

Gavros 2:29 Tue May 9
Re: Buying property at auction- anyone have experience of this?
It's doable scorchio just be very careful. Even if you can get a mortgage approval in writing before the auction, make absolutely sure there are no structural issues otherwise the surveyor will kibosh it and you'll lose your money.

There's a big slowdown in the market in the pipeline now and in six months you'll be able to get some good property relatively cheaply.

El Scorchio 2:15 Tue May 9
Re: Buying property at auction- anyone have experience of this?
Thanks for the info gents.

I'm getting that it's really not worth the gamble unless you have all the capital yourself, not to even mention the other potential pitfalls.

penners28 2:09 Tue May 9
Re: Buying property at auction- anyone have experience of this?
But you can do it though....

Gavros 2:07 Tue May 9
Re: Buying property at auction- anyone have experience of this?
Yeah. Which is virtually impossible. In which case you lose your deposit.

Have the cash available or you'll be fucked.

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