REDC - Did you go?

Wig · 2 April 2009 at 7:54PM

I'm particularly interested in todays sale @ Birmingham, anyone got the results from attending the sale?

On a more general note, has anyone attended any of the REDC sales so far? How did they go? What was it like?

Wig · 3 April 2009 at 6:58PM

Well, I thought there were a few MSEs who had said they would be going. Does anyone have any news links that reported how the sales went?

rich-accountant · 5 April 2009 at 2:30PM

Hello,

I went, and was lucky to get one of just six that sold. Was you interested in anyone in particular? I wrote down some of the results

theGrinch · 5 April 2009 at 2:34PM

rich-accountant wrote: »

Hello,

I went, and was lucky to get one of just six that sold. Was you interested in anyone in particular? I wrote down some of the results

how did you feel about the price you paid versus realistic MV ?

rich-accountant · 5 April 2009 at 2:39PM

well we had an offer accepted, and the seller pulled out as we couldnt sort our mortgage in a week. Once we had our mortgage, they werent prepared to accept our offer as it was up for auction. Including fees, we got in for £4k less than our original offer which was accepted.

We were happy to get it - we spent money on survey and solicitors before vendor pulled out.

Only 6 houses sold, a further 20-30 sold provisionally, and the remianing didnt sell

poppysarah · 5 April 2009 at 6:34PM

That's really interesting to know! Thanks for the update!
Bet they won't be singing and dancing about that on their TV ad.

SouthCoast · 5 April 2009 at 7:44PM

I was interested in one of the lots in the London auction held today. Does anybody know if the results are published on line?

http://www.auctiontoday.co.uk/auction-details.php?auctionID=U-001&chkVenue=8#;

theGrinch · 5 April 2009 at 8:30PM

it would be interestign to know what the lenders have to say. I understand there is a buyer's fee of 10% + VAT. thats a significant slice off the price.

theGrinch · 5 April 2009 at 8:31PM

it would be interesting to know what the lenders have to say.

I understand there is a buyer's fee of 10% + VAT. thats a significant slice off the price when they are duty bound to get the best price.

SouthCoast · 5 April 2009 at 9:15PM

it would be interestign to know what the lenders have to say.

Bradford & Bingley and Northern Rock said yesterday that they set minimum reserves to ensure that the homes were not sold at an unfair value. Bradford & Bingley, whose mortgage book was nationalised last year, has between 20 and 30 properties in the auction. “These were properties that we could not sell via agents or anywhere else,” it said. “We have a reserve price, which is the same reserve we placed with agents. We did not know about the buyers’ commission; it is a bit cheeky, really.”
Northern Rock has 11 repossessions in the sales. All had been unsuccessfully marketed by estate agents for at least 12 months. “Our aim is to get the best possible price for repossession properties, and 98 per cent of our property sales go through estate agents,” a spokesman said.

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article6031935.ece

Wig · 5 April 2009 at 11:49PM

rich-accountant wrote: »

Hello,

I went, and was lucky to get one of just six that sold. Was you interested in anyone in particular? I wrote down some of the results

You were at the Birmingham on 2nd April?

There were reports of how it was going to be an evangelical atmosphere, with people in the audience blowing whistles when there was a bid, and those same people whispering encouragement to the bidder to bid again, in a sort of party mood...... What was it actually like in that respect? Did they ask people to make clear gestures for bidding, such as holding your catalogue in the air..... It's really annoying at UK auctions that bidders bid with a tiny nod of the head, I don't see why bidders can't just bid boldly. Did your lender have any problems with it being an auction purchase?

If as you say, the seller has lost a lot more than just 4K, they would have lost easily 16K on the deal (assuming bid of 100K). Yours is therefore a prime example where the seller (mortgagee) has sold that house for a lot less than the best price they could have got for it. How much below your previous offer was your bid (before commission)?

I was interested in these ones: The first number is the property item number, they also had a "listing no." which was a similar no.

216B 47 Belvedere Avenue Carmarthen, SA31 1JA
216C 272 Elm Drive Newport, NP11 6PD
236 15 Jury Lane Pembrokeshire, SA61 1BZ
237 142 Abercynon Road Abercynon R C T, CF45 4ND
238 16 Abercynon Road Mountain Ash, CF45 4NG
239 193 Kenry Street Tonypandy, CF40 1DD
240 47 Collwyn Road Pyle Bridgend, CF33 6AL
241 10 New Road Neath, SA10 7NH
242 9 Maes Gwyn Neath, SA10 8LD
243 4 Heol Gaer Dyffryn West Glamorgan, SA10 9HT
244 138 Tan Y Bryn Tredegar Gwent, NP22 5LQ
245 7 Bryn Wyndham Terrace Tynewydd Treherbert, CF42 5NG
246 20 Small Meadow Court Park View Caerphilly, CF83 3RT
247 5 Hasfield Close Quedgeley Gloucester, GL2 4GJ
248 16 Pwll Yr Allt Tir Y Berth Hengoed, CF82 8FR
249 Llety Wen New Moat Clarbeston Road Dyfed, SA63 4RQ
250 Hen Ardd Emlyn Terrace Pensarn Carmarthen Dyfed, SA31 2DL
251 33 Chapel Street Pontnewydd Cwmbran Gwent, NP44 1DN
252 59 Manor Way Risca Newportgwent, NP11 6AA
253 80 Elm Crescent Penllergaer Swansea, SA4 9ZT
254 2 Penyrheol Road Swansea, SA4 4GA
255 30 Broughton Avenue Portmead Swansea, SA5 5JS
256 119 St Michaels Court Pontprennau Cardiff, CF23 8FG
257 18 Aberdaron Road Cardiff, CF3 1SG
259 17 Admiral House 38-42 Newport Road Cardiff, CF24 0DH
260 11 Charles Street Bridgend Mid Glamorgan, CF31 1TG

REDC - Did you go?

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