Residential property auctions?

WHY?

Exactly. Auctions are the worst possible way of selling property in the UK, and are suitable only for repossessed, derelict or otherwise unsaleable properties.

Every town has its auctioneers. Give us a town and we'll Google the auctioneer for you.

I have my reasons, one of which is that I need the money, fast. The other reason is that it's not the sort of house that your average house-buyer wants. It is partly developed. It would be ideal for a cash buyer who is willing to put in some work. Because then it will make him a quick profit. An after-purchase investment of about £10,000 will reap a £50,000 profit, in my estimation. Unfortunately, I do not have the £10,000 to spare or the time to get the work done.

I am under the impression that through a decent auction, one will realise a realistic market value for an item (whether its a house or a piece of Brittney Spears' used chewing gum). That is of course assuming the auction is properly advertised and has bidders who are interested. If anyone disagrees, please explain.

I'm also hoping that a reserve price can be placed on the lot. There is an amount below which I would not sell it.

Al D

I don't believe this property is unsaleable, but I think it could take a long time through an estate agent. I don't want to wait around for what could be many months, and still not find a buyer.

Al D

tell the agent you want it priced for a quick sale, or price it a bit higher but make them aware you'll take offers as long as the buyer can proceed quickly.

well tell me how much do you want for it and where it is as i am looking ot buy and i am a cash buyer if it suitable to my needs you got yourself a deal, obviously once all the legal things are ok.

Yes, that seems lika an option - thanks. I might put the house in the hands of an estate agent for say 2 months, and then I can fall back on an auction if it doesn't sell by then. So I'm still interested in learning about property auctions and how best to use them.

Al D

I'll send you an email shortly.

Al D

It seems to be wall >>wall on daytime TV.

:-(

DG

With a piece of chewing gum WYSIWYG. With a house there are a multitude of very hard-to-root-out problems, structural and legal, which will make any effort to offload it cheaply and quickly seem deeply suspicious, and so counterproductive.

If you sell it slowly, properly, reluctantly, through the normal channels, you have a better chance of someone biting your hand off.

There's another problem then, because if you fail to meet the reserve, you are usually liable to meet the Auctioneer's commission at the unsold last bid. So you've:

1) Failed to sell at the lowest price imaginable. 2) Paid handsomely, and are worse off than you were before.

What area is this property in?

i sent you an e mail to the add you got on here, but my one is a spam trap so if you want to email send me a reply on the email add i gave you or just write on here where the property is and how much you are looking for. Regards.

One of the links on this thread will have the information - . An auction is the right place for such a property.

Daytona

In article , Al Deveron writes

Most auction houses offer a beginners' guide. Get a list from the RICS or look in Yellow Pages. In the meantime have a look at these.

tm

I wasn't aware of the auctioner's commission still being payable in case of no-sale. That puts a different light on it, perhaps.

South Coast, Bournemouth/Poole area, Dorset.

Al D

Ah, that looks liks a good list - thanks.

I'm glad there's at least one prerson here who thinks so. I should mention that the house has been used as two self-contained flats for the past 14 years, although the conversion work was never fully completed. I may have to sell it with a sitting tenant - or even two sitting tenents.

Thee is also the option of turning it back into a regular end-of-terraced 3-bed semi. But I doubt if anyone would want to do that.

Al D

I could not find your email. Could you try sending another one to: snipped-for-privacy@aol.com (please remove the animal first).

Then I'll amail you after I get the property appraised by local estate agents.

Al D

That's very helpful indeed. Thank you.

Al D

I've seen the program called 'Under the Hammer' but from what I've seen, it doesn't give much insight or tips on selling property through auction. When I've watched that program, it has just shown properties that are to be auctioned and then the scene in the auction room when the bidders are bidding, followed by a chat with the buyer and what he plans to do with the property. It's a program that seems to advocate the use of property auctions but without going much into the pros and cons, etc.

Al D

No neither was I. I can't believe that it's right.

tim