Should I have my mortgage in place before the auction?

Should I have my mortgage in place before the auction?

David Sandeman (Managing Director) gives expert video advice on: Why should I buy at auction?; How do I find a bargain at auction?; Can I view a property before the auction? and more...

It is very wise to ensure that you do have your mortgage in place prior to bidding at an auction. The reason is that with only 28 days between the auction date and the completion, that would not leave you much time to arrange the financing if you have not already done so. In addition, if the property was un-auctionable, due to its condition or for legal reasons, you could end up being not able to raise the money to complete the property, and lose your deposit.