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Auction questions
flutterbyuk25
Posts: 7,009 Forumite
Hey all
I have seen a property online (not viewed) that I like the look of which is for sale by auction if not sold prior.
The property is on for starting price of 60k, but realistically for the area that its in, it should really be 120-140k.
I have no idea about buying at auctions, other than that you need your finances in place and complete within set time frame.
Just wondered, hypothetically, if no-one else bid on it and I could get it for 60k then would that be a definate sale. i.e. can the seller back out if price is too low?
Is there a rough guide as to what % over starting price houses go for at auctions?
When it says "if not sold prior" does that mean they have a set price in mind for sale (generally) or would they accept offers?
TIA
x
I have seen a property online (not viewed) that I like the look of which is for sale by auction if not sold prior.
The property is on for starting price of 60k, but realistically for the area that its in, it should really be 120-140k.
I have no idea about buying at auctions, other than that you need your finances in place and complete within set time frame.
Just wondered, hypothetically, if no-one else bid on it and I could get it for 60k then would that be a definate sale. i.e. can the seller back out if price is too low?
Is there a rough guide as to what % over starting price houses go for at auctions?
When it says "if not sold prior" does that mean they have a set price in mind for sale (generally) or would they accept offers?
TIA
x
* Rainbow baby boy born 9th August 2016 *
* Slimming World follower (I breastfeed so get 6 hex's!) *
* Slimming World follower (I breastfeed so get 6 hex's!) *
0
Comments
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Auction properties usually have a reserve. If the highest bid is below the reserve, the auctioneer will say so, and the lot will not be sold.
You need to get your survey and everything like mortgage finance in place before the auction, which is quite a lot of expense if you are not sure that you are going to get it. Many auction properties are bought by professionals who don't bother with surveys and are buying with cash (or at least with money borrowed against other properties). For these reasons auction prices are a bit lower than the price you would pay through an estate agent in the usual way. On the other hand, the guide price is usually very low, to get people interested. Properties usually sell for a fair bit more than the guide price.No reliance should be placed on the above! Absolutely none, do you hear?0
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