Buying at Auction

I purchased my last IP at auction. My bank pre-approved me to spend up to a certain amount and did NOT require any subject to finance clause provided the final purchase price I paid at auction did not exceed the pre-approved amount (which is pretty obvious). Maybe it's time to find a new lender.

 

You're missing the point you still could of potentially had issues, it's not likely but it's possible.

 

I wasn't in anyway suggesting it was 100% risk free...I was simply responding to the OP by stating that in my personal experience my bank pre-approved me to spend up to a certain amount at auction without the need for a subject to finance clause--that's why my bank offers pre-approval for auction purchases. Sure, if I spent more than the pre-approved amount or the LVR didn't stack up then there was a risk I would make up the shortfall--but being such obvious risks I didn't think they needed stating in my response. Whether you purchase a house via auction or otherwise, there is always inherent risks so nothing new there, but I do get your point.

 

I bought this property in auction which had the "as is". Clause It was the cheapest property sold in auction for that suburb big block etc and the day before the valuer came in it got burglared and the valuer said where's all the doors and the toilet. Strange enought it went through ok.

 

Someone stole the toilet?!

 

ok they didn't take the toilet the took the flusing cistern

 

Reminds me of the movie dumb and dumber - just look outside the window and you may find the toilet.

 

Gees, that's keen. But being Melbourne, I am really not that surprised.

 

LOL at the toilet, must be thick as a brick risking charges for a used cistern......

Re Auctions, they are telling you the right thing, A myriad of things can go wrong or be found wrong & you have no out. So go in with eyes open.

 

How did the auction go? Sounds like a rural lot ( I have seen residential lots held by mining leases some years ago).
No flippin idea what purple title is- is this a guru secret I have to pay to find out about.

Moeity? As long as it is undivided it doesn't matter.

The folio identifier ending in a letter is unusual but can't be fatal to the deal. Bank Johnny probably wanted to bid on it him/her self.

A link to the property (if it sold to someone else) would be helpful.