You would need to have yours sold

If you win the auction you would need to have the funds to pay (mortgage etc). I don't think you could bid in the assumption that you would subsequently sell your property - you would, at the very least, need to have the offer in place. I was buying an auction property a few years ago but my sale fell through and without paying the full amount via mortgage we were not able to go ahead with the bid. This was auctioned but not at an auction house though - people could outbid us and the bank selling listed the price they had had offered. If you are buying at an actual auction it could be different but I still imagine you would need mortgage and an offer of sale in place.

Posted By: jonnym6 on November 28th 2021 at 19:23:55

Message Thread

I’ve seen a property on an auction site (General Chat) - Jumbo1, Nov 28, 19:17:22
- Thought this was going to be one of your business investment opportunities! (n/m) (General Chat) - JD3, Nov 28, 19:29:47
  - peer to peer lending opportunity (General Chat) - Jumbo1, Nov 28, 19:43:55
    - I’m in (General Chat) - jamesward, Nov 28, 20:07:49
      - 👍 (n/m) (General Chat) - Jumbo1, Nov 28, 20:13:33
- You would need to have yours sold (General Chat) - jonnym6, Nov 28, 19:23:55
- You might be able to get a bridging loan (General Chat) - CWC, Nov 28, 19:22:43
- You need a kitchen and a front door I believe (General Chat) - Jester, Nov 28, 19:18:23
  - It has a front door (General Chat) - Jumbo1, Nov 28, 19:25:06

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