When should I sort out my Auction Finance?

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When should I sort out my Auction Finance?

You should request a catalogue of the properties to be offered in the auction from the auctioneers, these will be printed and available weeks in advance to the auction date, this should give you enough time to inspect the property and the surroundings, and know how much you are will to purchase the property for in the auction. You need to make the financial arrangements prior to the auction, so that you will be able to pay a 10% deposit on the day of the auction, you should also have arranged a facility to be available for the remainder. Once you have made the initial deposit you then have a further 28 days in which you must make the payment for the remaining 90% of the property value. Thus you should plan well in advance especially if you need a mortgage. Provisions should also be made for stamp duty and legal fees. If you fail to complete the sale in 28 days you may loose the 10% deposit that you have made, this is because buying in an auction commits you to conclude the sale in 28 days, if this is not done you will be liable to legal implications. In order to avoid legal action and loosing your deposit, you must have all finances for the property ready in advance so that once the hammer goes down you will have very little to worry about.