How can I make this happen?

[LoonyIdea]

Here’s the bare bones:

I’ve seen a house I love, and it’s up for auction on July 21st with an auction house.

It’s a G2 listed house with some land.

It was previously on with A normal agent and an offer was accepted at £500k but it didn’t complete as the buyer’s solicitor wasn’t happy with a building certificate related to the underpinning. The old agent revealed that they believe the reserve to be £500k.

It is owned by MAG (Manchester Airport Group) who bought it as a compulsory purchase as a part of the A development, which never happened. They sold a lot of their portfolio but kept some with land, and this has been rented since.

My position:

I bought my husband out of my house as a part of our divorce and I now have a mortgage of £195k. My house is very saleable, on a popular estate and worth about £700 on a good day, £670 on a bad one. (Based on 3 local agents)

It was recently valued at £631 for the purposes of the remortgage as that was the figure I’d agreed with my husband some time ago.

I can put my hand on about £20k cash and everything else is in pension and in this house.

I earn £40k, PAYE.

And I really want to buy this house! How can I make it happen?

I had thought I might ask the seller to accept an offer prior to auction but if it’s ordinary auction terms then that doesn’t help me - I need more time, as it’s a cash flow issue.

I’m willing to pay a bit more for it and would go to £520 which I don’t think they’ll get at auction. The guide price is £475.

The house is uniquely unattractive to other buyers - it’s hard up against the motorway the plot is a Scheduled Ancient Monument, and the majority of the land at the back has no vehicular access at all. You can get a mower or a horse in and that’s it. And the house is a (properly underpinned) wreck. I however, love it and it would suit me perfectly.

im talking to some “we buy any house” sites and they’re talking about 75-90% of market value and could complete within a few weeks.

How should I proceed? Is this even possible?

Anyone?

I think you can get a mortgage especially designed for auction properties which gives you a bit of crossover to enable you to sell yours.

Is yours even on the market yet? Or would you only sell if you could get this particular house?

I would only sell for this house. A traditional agent is coming tomorrow, he will push me to get it on the market now but unless he has a buyer with the cash right in front of them, we can’t complete

An auction mortgage you say?????

I think with auctions that you have up to 56 days to exchange from the closing date of the auction, so that buys you a little bit of time.

Does the house have a kitchen and bathroom? That might make a difference as to whether you can get a mortgage.

If there's a potential issue with underpinning it may not be mortgageable- can you get a structural surveyor to have a look?

That’s on a Modern Auction. This is 20 days. Harsh. The house is knackered. The reason it couldn’t complete on the previous sale was the solicitor was worried about the certs for some of the previous building work. I’m not worried as I’ve had a look and I can see why they said don’t proceed but I think they were overly cautious. But I’m certain it’s unmortgageable.

It isn’t mortgageable. Cash buyers only.

The house is uniquely unattractive to other buyers - it’s hard up against the motorway the plot is a Scheduled Ancient Monument, and the majority of the land at the back has no vehicular access at all

What do you see in it then? Seriously question, I'm genuinely curious.

Good luck, sounds like there might not be much competition and you could get a bargain, if you can manage the financing.

It's so frustrating when you know you can (probably) afford something but the timing is just not quite right.

It's a bridging loan.