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House buying at an auction

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    House buying at an auction

    Surely some of our resident property portfolio millionaires have done it - so what should I watch out for?

    Is it worth doing?

    The extent of my knowledge is from watching Homes Under the Hammer when benched, but MrsF has seen some tempting properties available....
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    #2
    Originally posted by TheFaQQer View Post
    Surely some of our resident property portfolio millionaires have done it - so what should I watch out for?

    Is it worth doing?

    The extent of my knowledge is from watching Homes Under the Hammer when benched, but MrsF has seen some tempting properties available....
    Always check the legals, and always have a viewing/survey.

    Never, ever get personal. And the obvious, have a limit, and stick to it. This is best done by getting someone else to bid for you, and you not showing up. That's my serious bit of advice. Sometimes, ego can cost you 50k

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      #3
      Try to find out why the property is in the auction.

      Auctions are risky, why are they willing to take the risk.
      Fiscal nomad it's legal.

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        #4
        Too risky for me.
        Might consider it in a tip-top London area, but I believe in property there are no bargains.
        Hard Brexit now!
        #prayfornodeal

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          #5
          There are always bargains. But buying at auction you're up against hard-nosed, experienced people who do this as a job and will know how much it's worth!
          Originally posted by MaryPoppins
          I'd still not breastfeed a nazi
          Originally posted by vetran
          Urine is quite nourishing

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            #6
            Originally posted by TheFaQQer View Post
            Surely some of our resident property portfolio millionaires have done it - so what should I watch out for?

            Is it worth doing?

            The extent of my knowledge is from watching Homes Under the Hammer when benched, but MrsF has seen some tempting properties available....
            If your bid at auction is successful then you will normally be expected to pay an immediate non-refundable deposit of 10% of the purchase price. If you have not previously arranged the mortgage up front then you are parting with a lot of money without ensuring that (i) you will be acceptable to the lender and (ii) that the property will be acceptable to the lender. You would therefore pay your deposit, subsequently apply for the mortgage and you could then hit problems.

            The alternative to this would be to arrange the mortgage in advance. Most auction houses will typically allow a small window of viewing time prior to the auction where you could arrange for the mortgage company’s surveyor to visit the property to ensure that it will be acceptable security. However, you should note that the vast majority of lenders charge for their mortgage valuations and therefore you would incur costs without knowing whether or not you will secure the property.

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              #7
              This could be you..
              Growing old is mandatory
              Growing up is optional

              Comment


                #8
                Originally posted by Halo Jones View Post
                a grand or two for a clean up and he has a 10 bedroom house in Finsbury park he is coining it.
                Always forgive your enemies; nothing annoys them so much.

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                  #9
                  Originally posted by vetran View Post
                  a grand or two for a clean up and he has a 10 bedroom house in Finsbury park he is coining it.
                  That's what I figured.

                  Not that I plan to spend 450k on something that I've never seen.

                  Having a look round next week - if it hits the guide price, there's a hefty ROI as a buy to let.
                  Best Forum Advisor 2014
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                  Comment


                    #10
                    Originally posted by d000hg View Post
                    There are always bargains. But buying at auction you're up against hard-nosed, experienced people who do this as a job and will know how much it's worth!
                    So when you win that means ...

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