Buying,Auction,The,Mortgage,Pr business, insurance Buying at Auction: The Mortgage Provider Online Guide
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Buying at Auction: The Mortgage Provider Online Guide With the advent of lifestyle TV shows like the BBCs Under the Hammer, buying at auction is becoming increasingly popular. Bargains are possible, with up to 40% off the open market value, and the process is extremely quick.The most obvious properties that spring to mind are ones which lenders have repossessed. However, perfectly ordinary property and redevelopments are often seen at auction too!Unfortunately, these auctions are not always well publicised. The best place to look for property for sale by auction is on the Internet, or via local and national newspapers. Remember the process takes roughly three to four weeks from advertisement to auction day, so it is important to get a catalogue and investigate your property well in advance.Top TipsGet a catalogueDo your researchHave a realistic budgetMake sure the finance is in placeGet a decision in principleRetentionKnow your maximum bidGet the catalogue.Contact the auction house several weeks in advance and ask for a catalogue. Those in the trade get sent these automatically, so a little more work is required on the private buyers behalf.Do your research!This is vitally important as the tight timescales mean that it is tempting to cut corners or take the catalogues description as gospel. Cut corners at this stage could be expensive if structural defects are established after the sale. View the property, ask the neighbours about it, instruct a surveyor and establish good root of title.Have a realistic budget.There will be considerable legal and valuation fees to be paid without any guarantee of getting the property you desire. Whilst this will deter people who are not serious about bidding, it does mean that you must have the ability to match other bids. If you dont win, a bill of over a thousand pounds is likely on a standard residential dwelling.The finance will have to be in place by auction day.This means that a deposit of 10% will have to be available on the day, with the remaining 90% payable within 28 days. The 10% will not be refunded if the sale doesnt go through! This means that theres no backing out without a significant financial penalty. Be sure that you want the property.Get a decision in principleIf you need a mortgage or bridging finance, make sure you have a decision in principal from a mortgage lender. The best way would be to use a broker: ask them whether the illustration they are showing you is a Decision in Principle (DIP). A DIP means that the lender has agreed to lend a certain sum based on certain assumptions and details submitted to them.RetentionIf the property needs substantial repair, the mortgage lender may place a retention on the mortgage. This means that they may keep a portion of the funds until changes are made to the property. The auction winner must make adequate provision for these extra costs.Know your maximum bidKnow your maximum bid and dont get carried away. Its easy to get carried away in the atmosphere of an auction room. Ever bought something you regretted on Ebay? Imagine that mistake magnified by thousands!
Buying,Auction,The,Mortgage,Pr