Has anyone had any experience in this?
I am so confused right now. On one hand I got an amazing buy (will be my ppor) and on the other hand I am freaking out about auction terms!
-on monday we have to pay 10% deposit and I can only get 5%
-settlement unconditional 30 days
So I gather buying at auction is nothing like normal buying? what if I settle a few days later because of the bank? westpac is notorious for taking ages to settle. I don't think westpac has ever settled any deals on time for us in the past 10 yrs.
The mortgagee sale is by ANZ bank. Are they extremely strict?
the reason we were so unprepared is because I only saw the property online this morn and it was one of 5 on the list for viewing and it happened to be the first property. In the ad, there was no price indication, didn't realise auction was actually today and definitely nothing about a mortgagee sale. We only found out all this at the open inspection.
We got a real bargain...But still...I'm not sure if we were just lucky or unlucky. I'm so stressed about getting the finance sorted.
If the house sold under normal conditions, it would be sold at $100 to $150k more than what we paid today.
It was my 1st auction ever today. We have sold a house at auction before but I wasn't present. Today I was so nervous I felt like I wanted to throw up. I think auction is a bit of a joke. No one wants to bid and people only bidding on the final call every time. We actually got the house 2 times but came back not accepted by the bank and finally the third time, the bank accepted. The downside is that each time they re-commenced the auction, there were 1 or 2 more bids from others. Otherwise we would have got it maybe $10k less.
Just in case...we put our ppor on the market today....it's a happy day yet a sad day.
Also, does anyone know of any banks that will re-value the property higher? just using comparison date, the property across the road sold for $680k this year and it doesn't even have electric fence and it's 4brs. Properties on the same street the house are all between $650 to $899k
Thanks
I am so confused right now. On one hand I got an amazing buy (will be my ppor) and on the other hand I am freaking out about auction terms!
-on monday we have to pay 10% deposit and I can only get 5%
-settlement unconditional 30 days
So I gather buying at auction is nothing like normal buying? what if I settle a few days later because of the bank? westpac is notorious for taking ages to settle. I don't think westpac has ever settled any deals on time for us in the past 10 yrs.
The mortgagee sale is by ANZ bank. Are they extremely strict?
the reason we were so unprepared is because I only saw the property online this morn and it was one of 5 on the list for viewing and it happened to be the first property. In the ad, there was no price indication, didn't realise auction was actually today and definitely nothing about a mortgagee sale. We only found out all this at the open inspection.
We got a real bargain...But still...I'm not sure if we were just lucky or unlucky. I'm so stressed about getting the finance sorted.
If the house sold under normal conditions, it would be sold at $100 to $150k more than what we paid today.
It was my 1st auction ever today. We have sold a house at auction before but I wasn't present. Today I was so nervous I felt like I wanted to throw up. I think auction is a bit of a joke. No one wants to bid and people only bidding on the final call every time. We actually got the house 2 times but came back not accepted by the bank and finally the third time, the bank accepted. The downside is that each time they re-commenced the auction, there were 1 or 2 more bids from others. Otherwise we would have got it maybe $10k less.
Just in case...we put our ppor on the market today....it's a happy day yet a sad day.
Also, does anyone know of any banks that will re-value the property higher? just using comparison date, the property across the road sold for $680k this year and it doesn't even have electric fence and it's 4brs. Properties on the same street the house are all between $650 to $899k
Thanks
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