Yes, although the auction house has not been built yet, it is still necessary to pay off the mortgage. To buy an auction house, it is generally necessary to sign a purchase contract first, and when to hand over the house, the contract has long been stipulated. After the down payment, apply for a loan from the bank. Once the mortgage is approved, the debt relationship between the bank and the buyer is established, and the bank pays the final payment to the developer. Buyers must start to repay the bank mortgage. If the house is not built, it has nothing to do with the bank. The bank only needs to recover the mortgage from the buyer on time.

What is an auction house?

Auction refers to the period from obtaining the pre-sale permit of commercial housing to obtaining the real estate license (property right certificate). Commercial housing in this period is called faster, and consumers should sign pre-sale contracts when buying commercial housing at this stage. In Hong Kong and Macau, buying an auction house is called buying an uncompleted residential flats, which is a common way for real estate developers to sell houses under the pre-sale system of commercial housing in recent years. Buying an auction house is buying a real estate project under construction.