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The 4 weeks after buying a house at auction

Blucais · 2020-08-28 14:04:36

Hi folks, I’m attending an online auction in the hope of buying a house. I’ve done homework and understand that the deposit is non-refundable etc. Title is currently being checked by solicitor and survey is underway also. I have AIP, and my mortgage broker seems certain that we’ll get the loan approved, but can’t guarantee…

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28-08-2020 3:04pm

#1

Blucais

Registered Users Posts: 10 ✭

Join Date: March 2010

Posts: 8

Hi folks,

I’m attending an online auction in the hope of buying a house. I’ve done homework and understand that the deposit is non-refundable etc. Title is currently being checked by solicitor and survey is underway also. I have AIP, and my mortgage broker seems certain that we’ll get the loan approved, but can’t guarantee the time it will take, as things are moving slowly at the moment.

What I want to know from experienced house auction buyers and sellers is, how strict is that 4 weeks to close after the auction? Is it generally negotiable? It’s the only thing that I’m worried about, and hoping that there would be a chance for flexibility if the drawdown took a week or so extra. Or what exactly happens when the 4 weeks is up. My solicitor says it’s usually negotiable, and once I’m confident of the funds it should be ok. The auctioneer said generally you’d get another 4 weeks on top of the initial 4(not sure whether I can trust him or not).

Any experienced opinions welcome!

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