We have very recently found an investment property that is going to auction tomorrow!!!!! I have talked to bank manger who is confident that we will get loan approved. We know of at least one other serious buyer. What do we do???
1. Put offer in before auction letting agent know we won’t be able to bid at auction. Don’t expect offer to be accepted this close to auction but hope that this will make vendor consider putting higher reserve so we may be able to negotiate later if no sale.
2. Bid at auction and, if successful, go grey while organising finance….(not an option for us)
3. Is there any other tactics????Any advice pls!!!!!!!!!!! :confused:
Sorry just read it now, guess the auction is over right ?
How it go / what you do ?
There is another option ” bond ” which you can use as a deposit.
But a little late I guess
most lenders will give you a pre-approval, even for acution properties, as long as you know the max price you want to go. And you could arrange a deposit bond for an acution, if your pre-approval/conditonal approval is of 80% borrowing only.
cheers,
herman
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