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Buying at Auction

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Buying at Auction

MIJ MICHAEL OCT 31, 2021

A home is probably the biggest purchase you will make, so beware of making snap decisions, especially when there’s skyrocketing prices and a shortage of listings. If this is your first home, then remember that it will involve some compromise with location and size, but do your research to avoid common mistakes.  

Buying at Auction can get really competitive, so go with a plan and stick to it. Don’t get caught making an impulse decision. Stick to what you need, want and can afford. 

Remember, your pre-approval for a loan doesn’t mean that you’ve got the loan. It just means that the lender thinks you’ll be able to pay it back, based on your income, financial history and ability to make mortgage payments. 

The pre-approval is just an estimate of what you can afford, so you should look for properties within this range.  Remember, you don’t have the freedom to spend it on just any property. The lender still needs to ensure that the property is worth the loan’s value. This is to ensure they can recoup their money if you are no longer able to make the repayments.

So formulate your plan before going to any auction, and stick to it when you get there.

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