Anyone bought an auction property outside of the auction?

[Tiggerslovetobounce]

There's a house close to me.just gone to auction but didn't sell.

It's being sold by a housing assoc and apparently has some structural issues but it's in a great location and may be within our budget.

It didn't sell at the auction so now I'm wondering if the vendors would take a reduced offer or whether they'll just try the auction again.

Anyone done this and can offer any advice please?

I’ve never bought at auction, but as it didn’t sell I reckon if would be worth getting in touch with the vendor to find out if they would accept an offer from you or if taking it back to auction. Either way, best to get as much information as you can about the possible structural defects, and the reason for the sale.

Good luck!

Thank you!

Do you need a mortgage?
A lot of council stock is non standard construction add that to structural issues and you may find you can’t find anyone who will lend on it

It's not council stock, looks like a regular 1930s build but that's a good point. Also if there are structural issues the bank might have an issue lending on that too. It's all probably a lot more difficult that I'd like it to be.

We did.
Phoned the auction company, made an offer, they said there was someone else interested but if I could complete that day it was ours.
Found a solicitor, he immediately checked legal pack and we bought it that day.
We had already looked at the house, and we got it for a really good price.

We did, put in a lowish offer which was rejected but as we were cash buyers the vendor changed their mind over a weekend and accepted the offer the following Monday.

You still need to pay the buyers premium though