Gastines Posted January 18, 2006 Share Posted January 18, 2006 Has anyone bought a house by way of an Auction? I went to view one I was interested in and nearly had a fit when I read the small print. If I understood it correctly, you first have to give the Auctioneer/Notaire a Bankers Draft for aprox. 20% of the estimated price,to be able to bid.If you are successful, you can be gazumped by anyone who wants to bid 10% more in the next month!! Then if they think the price is too low they can hold another auction. Seems a bit tough if you have to have finances in place, and in the end lose out. Perhaps I'm reading it wrongly?Regards.By St.Malo. Link to comment Share on other sites More sharing options...
Val_2 Posted January 18, 2006 Share Posted January 18, 2006 Some english people we are friends with nearby, bought a house in auction and I remember them saying it was quite a minefield of understanding at the time. I think you are correct about the 20% being in place as this deters time wasters and I also seem to remember something about if there is any mortgage left onthe property etc you can also be liable to pay that off but a notaire would sort that out first I would have thought. You can get some very good bargains at good prices in auctions if you know what to do and have the money ready. There must obviously be a reserve price too and if this isn't reached to satisfy creditors etc then I expect the sale can be held again. What they did get though was a property that had just been left in a state by the previous "owners" who had fled the country to go elsewhere without paying their mortgage and there was a fair bit of damage to repair at their own expense. Link to comment Share on other sites More sharing options...
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