Bank Auction houses

Discussion in 'The Buying & Selling Process' started by dev_melb08, 27th Jun, 2017.

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  1. dev_melb08

    dev_melb08 Well-Known Member

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    Hi Guys, Looking for responses from experienced people who have bought an incomplete house as bank auctioned it for what ever reason.

    If the house is at a stage that the externals are completed, but internals are not, then what is the process ? Does it re-council approval, building permit etc etc ?

    What is the process to be followed and how much time does it take ?
     
  2. larrylarry

    larrylarry Well-Known Member

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    I've not bought a house uncompleted because I wouldn't know what I'm doing and the costs associated with it. Perhaps, a builder is able to advise you and to confirm the building was in compliance with DA. Find out the reasons why the house was completed. Finance? Some legal issues? Could be a bargain or could be a money pit.
     
  3. dev_melb08

    dev_melb08 Well-Known Member

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    Thanks larry, its a Bank auction due to owners owners unable to keep the finances. Bank has got a hold and they will auction it.. So its not a bargain, but any ones game.

    What I am interested to know is if I need to redo the building permit etc.. Yes you are right its a builder question
     
  4. larrylarry

    larrylarry Well-Known Member

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    Or speak to the Council about this situation. Perhaps, if you cite the name of Council, others may be able to assist.
     
  5. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    If you're intending to purchase a property that is partially completed, make sure you've got very, very deep pockets, or a lot of equity elsewhere.

    This sort of property can be incredibly difficult to obtain finance against. It can also be difficult to find a builder to complete the property because the builder may have to work within constraints of what's already been done.
     
  6. tobe

    tobe Well-Known Member

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    If it's a half completed fixed price build contract, speak to that builder about completion.

    If it isn't, run away.
     
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  7. Perthguy

    Perthguy Well-Known Member

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    Do you know if the builder is prepared to complete the build?
     
  8. dev_melb08

    dev_melb08 Well-Known Member

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    Thanks for heads up.!
     
  9. dev_melb08

    dev_melb08 Well-Known Member

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    In process of doing that before. Thanks
     
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