Repossesions

Pobby

Here`s one for all my fellow posters. Last time, in the 90`s when the wheels last came off, banks were throwing there repossesed properties on the market and taking what ever they could for them. A guy I know had a small hotel taken off him and it reached below £50k in auction.

Granted that you can pick up property for around 20% under value( sometimes ) at auction what do you think will happen if and when banks accelerate the amount of properties they take back.

lostinrates

I haven't yet been to an auction, I want to, but I'm alittle nervous I'll get carried away and start bidding which incidently, I think some people have done over the last few years.

sympatex

i'm not very knowledgable (spelling) about auction process but there's stipulations when buying like completing within 30days etc. Given the current problem with mortgages is it likely that only cash buyers will benefit with properties going to auction.

Pobby

lostinrates wrote: »

I haven't yet been to an auction, I want to, but I'm alittle nervous I'll get carried away and start bidding which incidently, I think some people have done over the last few years.

Yes and also remember that guide prices are set to tempt people. Although I havn`t bought in an auction I would offer a bit of advice. You really, really need to know waht you are doing. I take ``Property Auction News``. It`s good at telling you the procedure but be warned, take it all with a pinch of salt as the publication is uber bullish.

lostinrates

Thank you

I would much prefer NOT to buy at auction. (I hate the idea of auction almost as much as seal bids) but it seems that more and more properties are being sold by this route, and almost everything I get excited about is. We have a friend who is very experienced in this and I thought I might ask him to come with us the first time we are going with buying in mind. But I know I should go to some before hand to get the feel of it.

Pobby

lostinrates wrote: »

Thank you

I would much prefer NOT to buy at auction. (I hate the idea of auction almost as much as seal bids) but it seems that more and more properties are being sold by this route, and almost everything I get excited about is. We have a friend who is very experienced in this and I thought I might ask him to come with us the first time we are going with buying in mind. But I know I should go to some before hand to get the feel of it.

Totally agree.Go with someone experienced and check a few out. If you see something you like set yourself a limit and do NOT go over it.

Trollfever

Do not rush as the nightmare has only just started.

I understand that Northern Wreck are not putting their repos up for auction as they do not want to flood the market.

mizzbiz

Trollfever wrote: »

Do not rush as the nightmare has only just started.

I understand that Northern Wreck are not putting their repos up for auction as they do not want to flood the market.

Hia, that is very interesting. Where did you hear it? (no ulterior motive, just really interested to show BF)

havethis1

mizzbiz wrote: »

Hia, that is very interesting. Where did you hear it? (no ulterior motive, just really interested to show BF)

Sunday sport business column guest journalist Billy Bollackhead

PasturesNew

lostinrates wrote: »

I haven't yet been to an auction, I want to, but I'm alittle nervous I'll get carried away and start bidding which incidently, I think some people have done over the last few years.

You can't do that.

To bid, you have to have a paddle with a number on it.

To get that, you have to register. And prove your ID (passport + bill) and have your solicitor's name/details and prove/show to them you have the ability to pay the 10% deposit now/today.

I nearly went to one last night, but then the weather turned and I thought "pffft".

brit1234

Pobby wrote: »

Yes and also remember that guide prices are set to tempt people. Although I havn`t bought in an auction I would offer a bit of advice. You really, really need to know waht you are doing. I take ``Property Auction News``. It`s good at telling you the procedure but be warned, take it all with a pinch of salt as the publication is uber bullish.

I recommend watching Homes Under the Hammer. Ignore all the ramping cr#p and just watch the auction bits. You will soon see exactly how not to do it like rapid bidding wars between pairs and getting carried away above limit.

See if you can learn the dynamics from multi tv show viewing and develop a strategy how to slow the auctions.

The best way I have seen seems to take long pauses before bidding and never bid first unless they are not getting any buyers at all and then bid as they are just about to pull.

You can also practice snipping on Ebay or viewing lots of real auctions if you leave all cheque books and credit cards at home.

Good luck, I'm likely to do the same or go in with cheaky offers when the time is right.

Link below to the show.

http://www.bbc.co.uk/iplayer/page/item/b00cfwdm.shtml?filter=txdate%3A03-07&filter=txslot%3Amorning&start=1&scope=iplayerlast7days&version_pid=b00cfwcy