introducing steve mears – independent financial advisor the money man
“ In our time working with the Hollis Morgan team, we have spoken to many prospective purchasers, and found that no two are the same. There are a lot of experienced property developers in our area, but also some first timers and casual shoppers who may need more help . We are here to help everyone, but in particular those new to the auction scene. Here are a few basic tips, which may seem obvious, but worth reiterating: Do the hard yards…
Be aware that buying at auction is a binding commitment and carries the same legal implications as a signed contract by private treaty. In most cases, auction offices have copies of legal documentation provided by the seller’s solicitors which can be sent to you. My message is still to obtain an agreement in principle BEFORE you find a property, as the above mentioned confirms, you are committed and will need to move quickly, if you are successful. We are always happy to try and beat any offers you may have for finance, as we have access to lenders not found on the High Street. If you don’t find a property at auction and buy from an agent, the same applies as there is a lot of paperwork needed which therefore takes longer than it used to for an offer in principle, and you need to be ahead of the game. Many agents now ask for copy of your certificate before they will confirm an offer to their vendor, which is fair enough. Also, don’t despair if your own bank turns you down, call us and we will look at the whole market for you. We have still been able to come up with many a “cunning plan” of late and will continue to do so. We have continued expanding and have 5 brokers now, and have also added another brilliant lady to the admin team. Happy bidding!
Go through the catalogue carefully, read the details thoroughly and identify the properties you are interested in. Do arrange a viewing of the lot(s) – viewing arrangements will be listed in the catalogue. View any properties you are interested in. Research the property thoroughly and ask local estate agents and neighbours for their opinions. Check the description of the lot in the catalogue is accurate. Carry out the usual property/land searches. Carefully read the conditions printed in the catalogue. Always get legal or professional advice from a solicitor and, in appropriate cases, a chartered surveyor. Make financial arrangements to ensure you have a 10% deposit ready for payment on auction day, when the contracts are signed and access to the remaining 90% within 28 days. Plan ahead if you need mortgage or bridging assistance (that’s us!). It’s wise to arrange a mortgage in principal with a bank or building society before buying at auction. You could lose your 10% deposit if you fail to complete within the time given (normally within 20 working days).
7
”
Please remember YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE .
to contact Steve, email info@stevemears.com , telephone 0117 973 4300 or to find out more about Steve Mears Independent, visit www.stevemears.com
Made with FlippingBook Annual report