Buying a House through Modern Method of Auction


Will e

Midfield
Anyone done this? Advice (apart from don’t do it), tips or tricks, conveyancer/solicitor recommendations (in Sunderland) for the above who will not have your pants down price wise.

My daughter is viewing a house in Sunderland, I doubt she would win even if she did bid, no end date at the moment for bids, but just wondered if anyone had done the above.

We have read the T&Cs, £6000 nonrefundable deposit if you win the auction to the estate agent FFS. A few others that I can’t be bothered to type.

I’d be interested to hear from estate agent/ legal people or anyone on this ball ache, cheers.
 
If she's got a mortgage offer and doesn't have a house to sell then give it a try

She has a very decent ammount saved (at least the starting bid) but would need a bit to start refurbishment. could easily get a mortgage offer if necessary (works for a bank).
 
She has a very decent ammount saved (at least the starting bid) but would need a bit to start refurbishment. could easily get a mortgage offer if necessary (works for a bank).
It'll probably be fine then. They're designed for quick sales to people in your daughter's position.
 
Yeah but if you were willing to pay say £90k for a house you would surely only bid £84k + fee? So seller pays it really.

Oh aye without a doubt, I think they have been dropped in a few times, its vacant so probably been sold by the family.
I've used Mark Cook solicitors (Frederick St) in the past and they were great

She would need to speak to someone on the leagle side if she was going to bid, have to exchange within 28 days and complete within 56. Need to ask if that is possible like or you lose that 6k deposit.
 
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She would need to speak to someone on the leagle side if she was going to bid, have to exchange within 28 days and complete within 56. Need to ask if that is possible like or you lose that 6k deposit.
When I bought my house I viewed for the first time on 14th July and completed on 27th August so it is possible to move quickly sometimes
 
Big gamble if your surveys come back with issues aye? Presume that deposit being non-refundable even if a surveyor finds it's riddled with all sorts of problems?
 
Big gamble if your surveys come back with issues aye? Presume that deposit being non-refundable even if a surveyor finds it's riddled with all sorts of problems?

It's not quite like that mate, aye you have to assess the property (with a surveyor if your loaded) but the majority don't need to get a big mortgage to buy, they say to carry out "due dilligence" you do get a property info pack from the estate agent though.
 
That the one in South Hylton? :lol:
Probably end up going to a landlord to be honest. They've got money up front, contacts to get it up to scratch on the cheap and so they can pay a bit more to get it.

Oddly was just talking about it with our lass, couple of folk we know seem to have their eye on it if it's the same one.
 
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That the one in South Hylton? :lol:
Probably end up going to a landlord to be honest. They've got money up front, contacts to get it up to scratch on the cheap and so they can pay a bit more to get it.

Oddly was just talking about it with our lass, couple of folk we know seem to have their eye on it if it's the same one.

No mate, the EA is doing block viewing with this one so don't think she has much chance, you have to prove you have the funds and/or a MIP before you get any information.
 
It's not quite like that mate, aye you have to assess the property (with a surveyor if your loaded) but the majority don't need to get a big mortgage to buy, they say to carry out "due dilligence" you do get a property info pack from the estate agent though.
Well buying any house is a gamble but you lessen the risk with a surveyor if you don't know what you're looking for yourself.
I'd certainly not trust a pack from an estate agent!

So if you don't know what to look out for yourself in a property putting down a £6k deposit is a risk. Auctions suit developers etc well. Not so much a risk averse normal buyer. IMO like.
 
Anyone done this? Advice (apart from don’t do it), tips or tricks, conveyancer/solicitor recommendations (in Sunderland) for the above who will not have your pants down price wise.

My daughter is viewing a house in Sunderland, I doubt she would win even if she did bid, no end date at the moment for bids, but just wondered if anyone had done the above.

We have read the T&Cs, £6000 nonrefundable deposit if you win the auction to the estate agent FFS. A few others that I can’t be bothered to type.

I’d be interested to hear from estate agent/ legal people or anyone on this ball ache, cheers.
Buying anything at Auction is always a bit of a gamble, the only advice I’d give is to decide on your maximum price and stick to it, don’t let the excitement of buying get the better if you and end up paying more than you’re happy with.
 

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