I have only ever bought sales through offers not auction.
How does it work do i need to go around on Saturdays with a $40k cheque to bid?
How can i bid if i dont know that the bank will give me the money for the house?
obviously i would have to be preapproved.
Can someone just run over what i need to do in order to buy at auction.Also does anyone have a rule for how much dept/income (job)?
I dont want to get in too deep.Thanks[hmmm]
Originally posted by vyaw2003:I have only ever bought sales through offers not auction.
How does it work do i need to go around on Saturdays with a $40k cheque to bid?
How can i bid if i dont know that the bank will give me the money for the house?
obviously i would have to be preapproved.
Can someone just run over what i need to do in order to buy at auction.Also does anyone have a rule for how much dept/income (job)?
I dont want to get in too deep.Thanks[hmmm]
Go to about 30 auctions and watch what they do. I did. Bored me to tears watching the agents strutting around like peacocks. sheesh! But you need to do it to get experience and how to spot the dummy bidders.
Also, read the ‘Neil Jenman’ and ‘Morrell and Koren’ websites for more insight into the games the agents try to play at auctions.
As a guide, you don’t want to commit any more that 30-35% of your gross income to All loans in repayments.This includes c/cards, car, furniture etc. More than this is risking hardship and possible defaults.Cheers,
Marc.
[email protected]Hello vyaw2003
To answer a couple of your questions that you won’t actually “see” at the auctions.
Yes, it would be very smart to have pre approval.
Yes, you need to bring your cheque book though you don’t actually need to have the money in the cheque account loosing you interest. Just ask the agent to delay depositing the cheque for a day or so to give you time to tranfer the funds. They don’t usually have a problem with that.
Cheers [smiling]
Elkadefinite- get loan pre approval as it is really easy to get carried away with the moment and bid more than you can afford. Watch what you do with your hands or gestures as you might buy a house when you didn’t want to really buy it.
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
