Auctioneer asking about mortgage approval

Hi,

I have submitted a bid to the auctioneer and he has replied with a query on who my mortgage is with and when it expires. Should I reply with this information. If i say i just got approved then the seller may hold off until he gets better offer?

Please advise.

Thanks.

I guess from the sellers perspective, they want to know if this offer is serious... If you have mortgage approval, then you can say to the auctioneer that you have the approval.

Naming your bank / expiry date shouldn't be needed... Have you "conditions" of your mortgage approval? Need to sell existing property to buy new property, etc?

A good auctioneer will check whether the bidder has the capacity to complete the contract or not. Some people make bids and they have no cash or mortgage approval. Some may be depending on the sale of their current house, in which case the buyer should not rely on the bid.

You should tell the auctioneer that you have approval and that you are not waiting for the sale of your own house to go through. You should tell them that they have 7 days to accept the bid in which case you will bid on another property.

Brendan

Thanks for your replies. I told the auctioneer that I was mortgage approved and would like to proceed as soon as possible with the purchase. I also told him that I need a quick response as I have an offer on another house.

I wish buying house was more straight forward. Auctioneer says that he will advise other bidder and owner. I wonder if Casper is bidding??

Good luck with that - Hope you get what you want at the price you want.... Hopefully Casper will be off elsewhere...

LiveForTheWE said:

TI also told him that I need a quick response as I have an offer on another house.

Click to expand...

That word does not exist in the world of house buying anymore.

You should accept from the outset that buying a house is going to be painfully slow, frustrating and laborious, if not you will lose your marbles.