Bought at auction and bank rejected finance due to low ceiling (1.8m)

Discussion in 'The Buying & Selling Process' started by Ouchmyknees, 8th Dec, 2016.

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  1. Ouchmyknees

    Ouchmyknees Well-Known Member

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    Ouchmyknees, 8th Dec, 2016
    #1
  2. Gockie

    Gockie Life is good ☺️ Premium Member

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    Omg...
    And asking for advice on oz bargain of all places....
     
    Gockie, 8th Dec, 2016
    #2
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  3. Big Will

    Big Will Well-Known Member

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    I call bs on the post, although he has spent quite a bit of time creating his post and follow ups.

    He purchased at auction and I would assume that was onsite and surely he would of walked into the unit.

    I guess this is what happens when you don't do your DD and the risk of bidding at auction.

    The guy is going to get what he is paying for and getting opinion or advice from people on OzBargain is just plain stupid. Same as getting advice on property chat but at least you would think people on a property investing forum may have a bit of a better understanding.
     
    Big Will, 8th Dec, 2016
    #3
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  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    These sorts of things happen sometimes. Some buys at auction and the valuer picks something wrong with the property and they won't lend. Solution is to try another bank, preferrably one that does a desktop!
     
    Terry_w, 8th Dec, 2016
    #4
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