Property Auction - none sold

hearts

Chris2685 wrote: »

I think it is pretty mad to stick a house into auction with a reserve... Surely the point is to shift them? I can understand people not wanting to sell the house for a tenner, but putting really high reserves on seems to defeat the object of an auction for me!

eh? The seller may want to assure they get a price near what they want. Not all sellers need to move. They stick it in if it shifts fair enough but they don't want to give it away.

Davesnave

mewbie wrote: »

To be brutally honest about this, who outside of Wales would want to move there? Answer is very very few people. But during HPI, as the wannabee millionaires tried to buy property, they were gradually priced away from anywhere half decent and so ended up inflating prices in all sorts of God awful places. These prices are going to crash and burn big time.

No offence to any Welsh people, even those who choose to start speaking Welsh when a 'foreigner' comes into the Local shop.

To be equally brutal, some people who might want to move to Wales are those who have seen their own communities change out of all recognition in their lifetimes due to incomers of all kinds, be they simple chavs, or those of a different ethnicity. For example, I have relatives from Slough, (no Betjeman jokes, please) who would feel alienated if they returned to the streets where they grew up. For such people, living in Wales is an affordable option. No, the irony of their migrating and changing the nature of the Welsh communities they move into isn’t lost on me.

There are considerable pockets of Englishness in areas of Wales now, and not just in Pembrokeshire. For example retirees from the south east are found in fair numbers in parts of Ceredigion/Carmarthenshire, where the dream of owning a spacious modern bungalow set in very pleasant scenery is not only achievable, but leaves a healthy amount over for ISAs to support the pension. The locals see the influx of elderly English as a mixed blessing, enjoying the money they bring, but finding them tiresome, as they often don’t mix and, of course, as they age, they place greater demands on local services. At least they don’t affect the low crime rates too much.

Most English people’s problem with Wales is that it still has an identifiable and unique culture. That old chestnut about the locals switching to Welsh as soon as an English person enters the pub is so readily trotted out. It never seems to occur to anyone that some locals speak in Welsh among themselves all the time, others switch and the remainder, probably a majority in many places, use English. I’m not saying it never happens, but it implies that the English person is somehow special, though thousands of English holidaymakers and residents enter Welsh pubs & shops every day of the week. There is no ‘party line’ on the use of English in Wales, as any visitor to a Welsh internet forum will be able to establish, nor is there a universal bad attitude towards the English, or other incomers, except in villages where second homes have flourished and wrecked the local community.

For me, someone who has seen my native area in the Westcountry gentrified almost out of recognition, Wales looks a pretty decent alternative. I have to admit that, in the parts I like, the scenery's a lot better too.

Edit: And there isn't a single property in the Peter Alan catalogue that would interest me either.

Chris2685

hearts wrote: »

eh? The seller may want to assure they get a price near what they want. Not all sellers need to move. They stick it in if it shifts fair enough but they don't want to give it away.

If people won't pay the price they want on the open market, auction bidders sure as hell aren't going to pay the price they want!

GracieP

Chris2685 wrote: »

If people won't pay the price they want on the open market, auction bidders sure as hell aren't going to pay the price they want!

But they did, a couple of years ago it wasn't uncommon for a house to sell at auction for more than it was worth because people thought they were getting a bargain. Just watch this scenario from a few years back.

http://www.youtube.com/watch?v=2NSnShgwG3U

Lots of sellers haven't accepted that thing have changed.

WTF?_2

hearts wrote: »

eh? The seller may want to assure they get a price near what they want. Not all sellers need to move. They stick it in if it shifts fair enough but they don't want to give it away.

In which case, why on Earth are they auctioning it? Just stick it on the open market and wait if they don't really need the money but have a price in mind.

Mind you, they could be waiting a while......

WTF?_2

GracieP wrote: »

But they did, a couple of years ago it wasn't uncommon for a house to sell at auction for more than it was worth because people thought they were getting a bargain. Just watch this scenario from a few years back.

http://www.youtube.com/watch?v=2NSnShgwG3U

Lots of sellers haven't accepted that thing have changed.

I think that the competitive element can drive prices up in a rising market. Doesn't seem to work too well when the market is in a slump though.

Drea

I work with a property auction company and I think you might be wrong about them not having enough people to put things into the auction, it is the complete opposite here and it's a huge problem.

We sell land, residential, commercial etc and recently the residential just has barely been selling (we still get one or two sold), but also a LOT of residential is getting auctioned through us recently because people can't sell their houses so think that an auction will wave a magic wand. Yet they refuse to lower the reserve by very much so they aren't selling. It's getting ridiculous.

Wig

sjcollett wrote: »

I'm find the best bargains now are the repos in London auction houses. With these, because the London auction houses care so much about their own sales figures [and getting them as high as poss] they make the vendor push down their reserve so low on some of the houses they're practically giving them away. We're talking now of buying houses c. 2002 prices! I bought two houses last month and both of them the surveyor valued higher than what I paid - now that's what I call buying cheap

I too am looking to buy one property at auction

If you come back can you say a word or two,
Do you read the legal pack yourself or do you pass on a copy to your solicitor prior to the sale?
Conveyancing - Do you DIY or pay a solicitor - how much does it cost?

WTF?_2

Drea wrote: »

I work with a property auction company and I think you might be wrong about them not having enough people to put things into the auction, it is the complete opposite here and it's a huge problem.

We sell land, residential, commercial etc and recently the residential just has barely been selling (we still get one or two sold), but also a LOT of residential is getting auctioned through us recently because people can't sell their houses so think that an auction will wave a magic wand. Yet they refuse to lower the reserve by very much so they aren't selling. It's getting ridiculous.

Are they holding out because they want to achieve a certain price or because they need to, I wonder?

If it's the latter, I imagine the situation will sort itself out later on although maybe not if Gordon succeeds in bailing out every last indebted person in Britain as he seems determined to do. Well, there is an election coming up.

Running_Horse

Wig wrote: »

If you come back

Sadly, the lying spammer probably will be back, under a different username. The current crash is breeding a new generation of con artists seeking to profit from the gullible and vulnerable.