Property Auction - none sold

PasturesNew

turbobob wrote: »

Not sure I understand why the people who they say made offers and completed deals after the auction did not just put bids in :huh:

Sometimes they lose a property they were after that comes up later in the auction. So then they go and buy something else afterwards.

For those that are buying/doing up and buying/renting, a lot of them pretty much have a mindset where they "have" to buy something simply because they're there.

Or maybe they weren't taking notice at the time, dashed off to the loo or turned up later and found out that one hadn't gone.

And sometimes if it's a couple, they might discuss picking something out of the catalogue and then decide, not in the heat of the moment.

Some people don't want to feel rushed. They're happier seeing it flop, then going one-to-one after to find out "how much".

PasturesNew

Talking of Cardiff (can't be bothered to trawl all the way through this thread), did you see what happened at this auction:

All the same owner.

http://www.auction.co.uk/residential/LotDetails.asp?A=582&MP=24&ID=582000139&S=L&O=A
http://www.houseprices.co.uk/e.php?q=22+Golate+Court%2C+Golate+Street%2C+CF10+1EU

http://www.auction.co.uk/residential/LotDetails.asp?A=582&MP=24&ID=582000140&S=L&O=A
http://www.houseprices.co.uk/e.php?q=24+Golate+Court+Golate+Street%2C+CF10+1EU&n=10

http://www.auction.co.uk/residential/LotDetails.asp?A=582&MP=24&ID=582000141&S=L&O=A
http://www.houseprices.co.uk/e.php?q=23+Golate+Court+Golate+Street%2C+CF10+1EU&n=10

Bought for: £117-119 in 2006
Sold for: £60k, £60k, £67k

dopester

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!

Even though the auction was a failure, it may have some positives in giving the EAs a better gauge of what they are up against in that area.

As in give them an idea of demand and pricing, especially if some properties were offered at -50% of guide price and still didn't get a bid!

So is helpful to EAs in how forceful an approach they will need to bring down sellers' expectations with valuations for taking on new instructions.

Apologies if this point has already been made.. I'm about the read the 2 pages of post made since I last looked at this thread.

Wig

PasturesNew wrote: »

Talking of Cardiff (can't be bothered to trawl all the way through this thread), did you see what happened at this auction:

All the same owner.

Bought for: £117-119 in 2006
Sold for: £60k, £60k, £67k

I think there was another 1 or 2 from the same block in that sale further down the catalogue flat no. 25 Lot 852

And I thought Lot 840 would be a good buy (if I was rich enough)
http://www.houseprices.co.uk/e.php?q=173+Altolusso&n=10
sold for £120K

Still nothing in that auction that ticks my boxes. And Allsop charge ridiculous prices for their legal packs, I'll avoid Allsop unless the house is perfect.

PasturesNew

Wig wrote: »

I
And I thought Lot 840 would be a good buy (if I was rich enough)
http://www.houseprices.co.uk/e.php?q=173+Altolusso&n=10
sold for £120K

It's handy if you want the train a lot, but it's right in town in a tower block overlooking the railway. Ideal if you're a clubber who works in town and likes shopping. But I'm more a stay at home, sit out in a sunny bit of quiet garden type. A cat would be nice too.

http://www.auction.co.uk/residential/LotDetails.asp?A=582&MP=24&ID=582000253&S=L&O=A

dopester

GracieP wrote: »

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.

:rotfl:

I've heard about that but had never seen it in action before. EAs, auctioneers, valuers, banks... they're all at it in the "property game." And not illegal either!

Maybe I should call up some of the heavies I've known, or mainly their employers for permission, and get them to come to the auction room when I'm ready to bid - come the time there are no reserves. Get them to stand up and give the eye to "determine" any other bidders when I come to make my bid on my chosen property. Surely that will be allowed to ensure there were no wall-bidders.

alisonp_2

OOps ! Sorry Dave, that should have said "Wig" - but if you ever go to auction .......