REDC - Did you go?

Wig

SouthCoast wrote: »

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.

* I think they would have sold at Allsop or Barnard Marcus with a realsitic reserve.

* Now that's surely called incompetance

Wig

SouthCoast wrote: »

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

Some successful bids later fell through because they failed to meet the sellers’ reserve.

Now that sounds odd doesn't it. A bid can only be "successful" if the house is sold at the rostrum. This sounds like poor reporting of a "provisional sale" which was mentioned by rich.Acc. The question is ....Do provisional sales fit in with the RICS auction conditions?

m_13

That certainly does sound odd. When a property is 'passed' as they did not reach value so negotiations could take place afterwards (very common at 'normal' auctions) the hammer does not fall.

However, rich-accountant has already stated that only 6 properties sold with another 20-30 selling provisionally. That's at odds with several statements in the article including that the auction had 'first-time buyers and investors alike making deals by the minute'. If there were 94 lots and only a maximum of 36 got anywhere near a sale then deals are unlikely to have been made 'by the minute'!

Sounds to me like the article has a fair bit of evangelical spin to it too!

penguine

The Guardian had a reporter at the REDS auction in Gateshead.

http://www.guardian.co.uk/money/2009/apr/02/repossessed-homes-auction

caspainseamonster

I went to London and bought one 5K less than I know anearlier offer had been accepted on i

I have all the prices that they went for in London . If anyone wants the info please let me know

rich-accountant

Wig wrote: »

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

:eek: Im sorry, but all those that you list were after the one that we bought, so didnt note down the prices. Anything from the first half though I might have.

Yes, I know that the seller lost much more than the £4k, i think its nearer £21k (less the EA fees). But that serves the bank right for not accepting our offer - i do feel sorry for the previous owner though.

There were two bidders assistants, one who liked to use his whistle. They tried to coax bidders to bid higher when they were doing their sums. We bid quickly and boldly, so they never got chance to speak to me.

There were some bids from the front, for which I could not see them bid. I have heard REDC use fake bidders in the States, and could have been here - might be wrong though. They didnt ask people to bid clearly.

The bidding was fast, however I have never been to an auction before.

REDC tried to make it a "fun" night. Most of the people there were just seeing what properties went for.

Hope that helps

MAIA

Very pleased if these auctions went badly. Not happy at all about a rip-off company coming here from USA and profitting from reposessed properties in UK.
10% commision. Disgusting! Where do we suppose this 10% is going? Back into UK economy? I think not. A bit like vultures. Do we need them?:eek:

Lce1980_2

Me and my husband found a property back in January and finally had an offer accepted but was later dropped as it was going to an REDC auction. We attended the auction and got it for 30k less than we had originally had the offer accepted for but it was only a provisional sale. We were told that we would hear within 5 days by phone about the position of the sale. So we are now on day 6 and have not heard anything. The estate agents have called us to say they have been told the property is now sold which is interesting but we don't know whether its us, for how much etc etc.

It is a nightmare. We have no calls from anyone, no contact details and don't know what to do!!!

All we wanted do was buy a new family home, we were willing to pay the higher amount and we were willing to settle quickly!

poppysarah

That's a press worthy story - get onto one of the papers that did an article about them - give them a bell about i!

AND I'd send your story to watchdog. Nasty dodgy auctions need houding out of town.

Wig

Lce1980 wrote: »

Me and my husband found a property back in January and finally had an offer accepted but was later dropped as it was going to an REDC auction. We attended the auction and got it for 30k less than we had originally had the offer accepted for but it was only a provisional sale. We were told that we would hear within 5 days by phone about the position of the sale. So we are now on day 6 and have not heard anything. The estate agents have called us to say they have been told the property is now sold which is interesting but we don't know whether its us, for how much etc etc.

It is a nightmare. We have no calls from anyone, no contact details and don't know what to do!!!

All we wanted do was buy a new family home, we were willing to pay the higher amount and we were willing to settle quickly!

Yes a worthy story, but I would do everything possible to find out if it was sold to you at your lower bid before admitting that you are still prepared to pay more than your provisional bid.

It's surprising that REDC offers no line of communication to the recorded provisional bidders! Have you tried contacting the lenders (sellers) directly? They will be named in the HIP.

You're not counting weekend days and bank holiday days as part of your "6 days" are you?