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  • Profile photo of sulosulo
    Member
    @sulo
    Join Date: 2004
    Post Count: 15
    April 28, 2009 - 12:09 pm

    Hey Team,

    I am looking at buying a house from a public trustee auction.
    Its a real dump on a small block of land close to the city.

    Have you had any good / bad experiences at a public trustee auctions?

    I hear the the prices tends to be inflated because there are soo many fist home buyers looking for a bargain.
    Was this your experience?

    They say its 5% deposit up front, with a 42day full settlement period. Does that mean i have to have the bank pre-approve the loan?

    So what about the building and pest clause? or the subject to finance clause? (do i have to wave those?)

    soo may question, soo many uncertainties not sure if its worth the risk!

    I am interested in your thoughts.

    Thank you for your feedback.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    April 28, 2009 - 1:19 pm

    Yes the same as attending an Auction your purchase contract is normally a "cash unconditional" contract so all of your due diligence, finance and building & pest reports need to be done upfront.

    42 days for settlement could cause a lot of lenders issues so make sure your mortgage broker is on the ball.

    Richard Taylor | Australia's leading private lender

Viewing 2 posts - 1 through 2 (of 2 total)

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