Auction bids before I sell my house?

[rania]

My house is not on the market
I saw a house I'd like to bid on in one month
I have the deposit and mortgage approval in principal
However is it possible to bid without selling my own house first? And if I do what happens If I can't sell within the month to complete contracts

 

[RedOnion]

Is the approval in principal subject to selling the house?

 

[Bronte]

My house is not on the market
I saw a house I'd like to bid on in one month
I have the deposit and mortgage approval in principal
However is it possible to bid without selling my own house first? And if I do what happens If I can't sell within the month to complete contracts

Of course you can do this. And when it all goes pear shaped you can come back on here to try and sort out the mess.

Do you know anything about house auctions?

 

[rania]

Of course you can do this. And when it all goes pear shaped you can come back on here to try and sort out the mess.

Do you know anything about house auctions?

Thanks for the help

No I. Don't hence the post.

 

[Bronte]

Thanks for the help

No I. Don't hence the post.

Don’t even dream of bidding then, you’d be tied into a contract whether you have the money or not. Sell your house first.

And google auctions. There are threads on auctions on here as well. Mostly cash buyers for auctions. And auctions are a good way to get rid of property with legal issues.

 

[Leo]

As Bronte says, not a good approach. Auction sales are final and usually must be closed out in a short time frame. If your own isn't even on the market yet, it's unlikely you would be able to close out your own sale quickly enough to complete the auction purchase, in which case, the best case might be you only lose your deposit.