buying at auction these days

frank.hopper

epz wrote: »

best thing i learnt from watching a propertyp0rn show was a sucker getting stitched up by a auctioneer cause the buyer didnt notice him inventing bids, be careful.

Yup! seen a lot of desperate STR's getting stiched up like that, auctioneers taking bids from the wall.

Mutton_Geoff

It's also legal for the auctioneer to take "bids off the wall" up to the reserve price as well, so make sure you have your wits about you.

RHemmings

epz wrote: »

best thing i learnt from watching a propertyp0rn show was a sucker getting stitched up by a auctioneer cause the buyer didnt notice him inventing bids, be careful.

Are there any strategies people could use to protect themselves against this?

RHemmings

http://propertyauctionaction.co.uk/guide-to-buying-property-at-auction.html

As a rule of thumb expect properties to sell for between ten and thirty percent above their guide price.

I don't think this is true any more.

theGrinch

there are a variety of national, regional and local auctions. allops, savills, BM are the three big national ones. where are you based as there are a host of others

deano72_2

bubblesmoney wrote: »

wouldnt it be better to attend a few auctions just to get the hang of things before intending to buy at an auction

umm,,probly,,but iv looked around the house twice,once with a builder so i know what i want to pay & its the only house in the area i want ,so as long as i stick to my guns dont really see it matters that much

deano72_2

after just reading the thread again i see that bubblesburry has probly a good point,,,would be good to goto a few,,,just to see if these auctioneres are taking phantom bids from the wall or mr invisable....spose best thing to do would be to stand at either right at the back or rite at the front to get a birds eye view & try & watch the auctioneres eyes to see where hes actually looking at when excepting bids....

also do u know if i would have to pay auction fees

GDB2222

epz wrote: »

best thing i learnt from watching a propertyp0rn show was a sucker getting stitched up by a auctioneer cause the buyer didnt notice him inventing bids, be careful.

That's not the whole story. No auctioneer would do that unless the bids were still below the reserve price. I am afraid that up to the reserve price the auctioneer does indeed have carte blanche to take bids from the walls, the umbrella stand, the flowers in the corner, etc. Stitching up? To an extent, I guess, but it's a time-honoured tradition.