Winning bids at auction are immediately, legally binding. With a 10% deposit due on the day and the remaining funds to be paid upon completion, which is usually within 20 working days.
Therefore that preparation is key. View the property, ensure the asset you’re buying is physically fit for purpose. Review the legal pack or have it reviewed by an experienced auction solicitor to understand what you’re buying. Arrange finances so that you have the deposit and Completion funds available in time. With twenty working days or less to finalise funding, this is often the hardest part of the auction process to organise.
Consequently, when buyers need fast flexible finance for auction purchases, within a tight schedule, many opt to use a bridging loan.
With a normal open market transaction, neither the buyer nor seller is committed to the sale until written contracts are exchanged.
Bridging finance is used to provide a fast flexible solution to buy residential property, as well as commercial assets and land.
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