Property buying in auction

[suzie1]

How does this work?

can anyone go to auction?

can i buy a property via a mortgage at the auction?

do we see the properties that are up for sale?

where do i find out when the auction is going to take place.

Is there a website to help new property developers.

Also...

i already own my own home with my partner, all paid off, but i want to do something along the lines of buying a run down property and doing it out to rent/sell. What kind of loan/mortgage would you recommend, i was thinking first time buyer or buy to let, but what checks do they do?

Please can i have serious answers, no kidding about. thanks in advance.

[redcrx]

you have to have the funds in place.
You have to complete fast
You cannot really back out once the hammer goes down.

you cant get a first time buyer mortgage if youre not a first time buyer.

If you want to rent it out then it will have to be a buy to let mortage

[ummmm]

I think you need to have the money arranged by the day of the auction. By whatever means, and you pay a deposit on the day.

If you already own a house how can you be a first time buyer?

If you try for a mortgage they will do the normal credit checks but it's risky. They might ask you to use your current house as security.

[jackthehat]

Jackanory.................jackanory..........
.

[ummmm]

You know what she's going to say to that Jack....lol

[jackthehat]

I sincerely hope not...............erm...........Alice........
..;o)

[redcrx]

jack, if it is just stories then the best way to stop it is to reply with the correct answers.

[jackthehat]

I used to, red, I just can't be fagged any more...........................

[ummmm]

Jacks answer was funnier though.....

I wait with baited breath... :-)

[redcrx]

lol.
well Id b interested to know where suzies fella makes all his money, extensions, conservatories, new kitchens, another baby etc etc etc it must all add up.

[ummmm]

And she moaned about gardeners not coming back after she gave them a £700 budget for a huge garden. Cloud and cuckoo spring to mind....

[suzie1]

we havnt had a conservatory, or extension or loft converstion or new kitchen, cannot afford it, as for another baby, we are not having another anymore.....and we are geting the garden done at £2000, which i think is fair enough seeing as the garden is massive..and thats our savings. i just like to have an idea of things thats all, hence all the questions about the above, thank u to those who replied to my question in hand, and those who are kidding about, im not going to waste time and react to your childish comments, im sensible and have grown up, i thnk you should do the same!

[ummmm]

Why do you post about things that Red mentioned if you don't have any money?

[tamborine]

First, check with mortgage companies to see which will release purchase value of auctioned properties & best interest rates. Mortgage co's will also know who the auctioneers in your area are.

[Buenchico]

See here:
http://www.mortgageso...ying_at_auctions.html

Also useful:
http://www.primelocat...-property-at-auction/
and
http://www.bbc.co.uk/...buying_auction1.shtml

Chris

[suzie1]

ummmm, this is answerbank, whether i have money or not, is irrelevant! i ask these questions,because i like to have an idea as to what they would cost, a i am considering having this stuff done sometime in the future, so i like to know what they would cost and places that i can look into etcetcetc..........anyway ummmm, its not your right to ask why i ask such questions, as you are just a user of answerbank like myself, although, if ab editor etc would ask me this then fair enough....so put that in your pipe and smoke it

[redcrx]

sorry suzie1.
i couldve sworn you were celebrating a new baby on way. Mustve been the other suzie

[cazzz1975]

is this the loan that your husband wanted in your name?