FINANCE: What Do I Need In Order To Bid At An Auction?
It's no secret, auctions can be intimidating! Are you afraid of letting emotion get the better of you and paying too much, or just not too keen on being the centre of attention? Nevertheless, the perfect property may come around and the only way to secure it is at auction. So what do you need to have in place?
Mortgage guru Matt Goodwin from Goodwin Blain Financial explains what you'll need to have in place before the auction day.
"You need to have your preapproval. It needs to be a fully assessed approval where the bank has had a look at your
- Credit History
- Income and Liabilities
- Everything that goes into a formal application
If you go into your branch, you'll typically get a computer generated bank pre-approval which isn't enough for you to bid at an auction. At an auction, you're required to exchange contracts on the day."
What will generally happen is we'll set a maximum price range that you will want to go to [and get a fully assessed approval for that amount] and then you can go out and look for your new home!"
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