if a buyer go to a few auctions to get the feel of what is going on --- seems daunting at first // have bought many times auction ... does work if you have done due diligence .. bargains are rare now but can be done if flexible ...
Is auctions really for cash buyers only? How can I pay the full amount within 20 days of the auction completion without a mortgage? I don't really understand that part, please can someone explain?
You go to a lender and get an agreement in principle, this pretty much means, the lender is ready to provide an agreed sum of money and all you have to do is find a property and finish the application process. More or less if you get an agreement in principle, you got the mortgage in the bag. But to be fair, the auction game is more of a cash buyers game, they have the means to buy many properties all in the same day and they don't bother with a mortgage.
