https://www.ohbaby.co.nz/forum/ Copyright (c) 2006-2013 Web Wiz Forums - All Rights Reserved. Tue, 07 Apr 2026 01:36:38 +0000 Fri, 18 Feb 2011 17:04:06 +0000 http://blogs.law.harvard.edu/tech/rss Web Wiz Forums 12.05 360 https://www.ohbaby.co.nz/forum/RSS_post_feed.asp?TID=38068 https://www.ohbaby.co.nz/forum/forum_images/web_wiz_forums.png https://www.ohbaby.co.nz/forum/ https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=38068&PID=1270115&title=home-auctions#1270115 Author: clover
Subject: 38068
Posted: 18 February 2011 at 5:04pm

Bummer, I guess they are strict these days with the whole economic crisis. I guess opening a GBP account here is probably your best bet then.]]> Fri, 18 Feb 2011 17:04:06 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=38068&PID=1270115&title=home-auctions#1270115 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=38068&PID=1269647&title=home-auctions#1269647 Author: yermasyada
Subject: 38068
Posted: 18 February 2011 at 9:50am

You'd think the bank would do that wouldn't you, but no. I asked

Thanks for the replies.

Yes, very wary of mortgagee auctions. We went to look at a place once, and the agent basically said the guy was well pi**ed off and was almost certainly going to trash the place. She was suggesting we offer him about $30k cash not to destroy/remove anything WTF ??? errrrrr no! ]]> Fri, 18 Feb 2011 09:50:51 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=38068&PID=1269647&title=home-auctions#1269647 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=38068&PID=1269617&title=home-auctions#1269617 Author: clover
Subject: 38068
Posted: 18 February 2011 at 9:23am

You usually have to pay the deposit that day, there can be exceptions but they are rare.

Your bank should be willing to cover it with evidence of your UK funds.]]> Fri, 18 Feb 2011 09:23:22 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=38068&PID=1269617&title=home-auctions#1269617 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=38068&PID=1269606&title=home-auctions#1269606 Author: busymum
Subject: 38068
Posted: 18 February 2011 at 9:16am

Call the lawyer who will be doing the auction for you, or ask the REA for a copy of the auction agreement (that would would have to sign on the day). It would ask for the deposit to be paid on the day by default but then you need to know whether it is void without it or if there is, say, a five day notice period for cancellation if you don't pay. I think it would be the former.]]> Fri, 18 Feb 2011 09:16:39 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=38068&PID=1269606&title=home-auctions#1269606 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=38068&PID=1269597&title=home-auctions#1269597 Author: Anonymous55
Subject: 38068
Posted: 18 February 2011 at 9:08am

Sorry, I'm not much help either, never bought at auction because I hate them to the core.
But I've been to a few and I've never heard of that rule. All I know is that you have to be a cash buyer and I presume you would have to prove that somehow (maybe bank statements, preapproved mortgage)?

I may be wrong ]]> Fri, 18 Feb 2011 09:08:21 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=38068&PID=1269597&title=home-auctions#1269597 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=38068&PID=1269595&title=home-auctions#1269595 Author: Hopes
Subject: 38068
Posted: 18 February 2011 at 9:06am

Could you arrange a loan (in addition to any mortgage you'd be taking out) for the money you need, so that you have it on hand if necessary but don't have to convert your pounds? I imagine most banks would understand why you're asking, and feel quite secure in lending to you knowing the situation?]]> Fri, 18 Feb 2011 09:06:47 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=38068&PID=1269595&title=home-auctions#1269595 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=38068&PID=1269578&title=home-auctions#1269578 Author: Bizzy
Subject: 38068
Posted: 18 February 2011 at 8:52am

i dont really know but i do know it is a binding agreement if you win and you do need to come up with the goods.

be careful of mortgagee auctions. What you see when you buy isnt necessarily what you get. The previous owner can basically strip them after the auction of anything they want.]]> Fri, 18 Feb 2011 08:52:28 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=38068&PID=1269578&title=home-auctions#1269578 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=38068&PID=1269563&title=home-auctions#1269563 Author: yermasyada
Subject: 38068
Posted: 18 February 2011 at 8:38am

Hi there,

I'm not a fan of auctions, but there's a couple of houses we like that are going to auction.

Can anyone tell me, do you really HAVE to have a 10% deposit ready to hand over on the day, if you win? It's a right royal PITA for us to have this ready if we don't end up being successful. Basically, our savings are in UK£ in the UK and I don't want to move I unless I HAVE to. The exchange rate is crud at the moment

hummmmmmm I guess I could move some £ into a £ account here in NZ. It won't earn any interest, but I guess we won't be loosing out on the exchange rate, unless we need to.

Sorry, thinking aloud now

Still curious as to whether you can pay the deposit in say something like 5 days?

Thanks]]> Fri, 18 Feb 2011 08:38:40 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=38068&PID=1269563&title=home-auctions#1269563