Have you ever bought a property at auction?

[MsMinervaMouse]

The pandemic has really made me think about what I want to do with the rest of my life. I loved my career when I was first starting out, but now I feel like I need a change! Flipping property has always felt appealing.

I've done a bit of research, but of course reading articles online can only tell you so much.

So, have you ever bought property at auction? Was it a simple process? Did you enjoy it? Did you get a bridging loan, or an auction mortgage?

My Dad did it once, but he bought with cash. He also had a bit of a nightmare with Japanese knotweed!

[Hannah]

I never have although have bid at a few auctions. Have you watched Homes Under The Hammer? I think the biggest piece of advice they can give you is - read the legal pack.

[MsMinervaMouse]

Originally Posted by Hannah

I never have although have bid at a few auctions. Have you watched Homes Under The Hammer? I think the biggest piece of advice they can give you is - read the legal pack.

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I’ve watched every episode available on iplayer 😂 not much else to do when I’m working!

They’ve mentioned bridging loans before, but rarely. They sound very costly. But surely not everyone on the program buys with cash? They MUST have mortgages in principle, but it sounds like a tricky process.

[vhm672]

Not bought but sold for clients. It is amazing how many people fail to complete often due to finance.

The auction pack will specify the details of the contract including the completion date and it is up to you to arrange finance between the date of the auction and completion. This does tend to mean cash is king especially if the property needs work.

Bridging finance will be expensive and not for the inexperienced property investor.