Is it possible to buy in auction with mortgage?
Certainly and we are at your disposal to give you concrete help!
One of the most common clichés about buying property at auction, is that there is no possibility of obtaining a mortgage and therefore the purchase at auction is an exclusive field of action for those who have cash. Nothing could be more false, in fact today you can buy a property at auction by applying for a mortgage, often on better terms than a similar purchase on the free market, because, if there are economic conditions-100% of the award price can also be financed.
Against this interesting perspective, there are however the following obstacles to overcome:
- not all credit institutions are able to support this type of purchase, as they tend to conform it to the normal purchase on the free market, without respecting its peculiarities;
- the technical timing of the bank and the Court are often in conflict, with the risk that the bank’s response will arrive too late, with consequences that can be very serious for the buyer, such as the loss of the security already paid;
- each Tribunal is free to adopt different operating procedures for the management of the loan.
For this reason, we at Professione Aste rely on the cooperation of a credit broker within our headquarters, able to handle this very delicate step safely and efficiently, in order to direct the customer to the solution that best suits his situation.