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From open market to auction
lemonjelly
Posts: 8,014 Forumite
Hi All,
have observed a property round the corner from a friend. It is vacant, & been on the open market a little while, with a price of £165k. I walk past it twice daily, and haven't seen any interested parties or obvious viewings.
I walked past it today, and noticed it has an auctioneers sign on it. After having a quick google, I found it. With a guide price of £125k.
I'm wondering if this kind of drop (25%) is normal, or a ruse to entice potential buyers.
It is a freehold house, near to shops & bus links, requires work doing to the kitchen, but doesn't appear to be in too bad shape. It is not part of a chain, and vacant.
Is the guide price realistic?
have observed a property round the corner from a friend. It is vacant, & been on the open market a little while, with a price of £165k. I walk past it twice daily, and haven't seen any interested parties or obvious viewings.
I walked past it today, and noticed it has an auctioneers sign on it. After having a quick google, I found it. With a guide price of £125k.
I'm wondering if this kind of drop (25%) is normal, or a ruse to entice potential buyers.
It is a freehold house, near to shops & bus links, requires work doing to the kitchen, but doesn't appear to be in too bad shape. It is not part of a chain, and vacant.
Is the guide price realistic?
It's getting harder & harder to keep the government in the manner to which they have become accustomed.
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Comments
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Guide prices are just that, a guide set to generate interest.
Sometimes you can pick up bargains at auctions, but often good properties tend to go quite a bit above the guide price. Some buyers at auctions tend to get carried away & bid way over the limit they set themselves in an effort to secure the house.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
25% drop sounds about right, if it's a good auction they won't take properties they can't sell and they won't take properties which are overpriced. Like Cattie said though, it doesn't mean they won't go for more than the guide price. Also bear in mind it's sold as seen, if you want a survey you need to get it done beforehand.Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
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Thanks both.
The agents are allowing viewings etc to be carried out prior to the auction, which I'm thinking of setting up. How flexible do auctioneers tend to be re surveys?It's getting harder & harder to keep the government in the manner to which they have become accustomed.0 -
It's fine to get a survey done, just remember you might not place the winning bid so you might end up paying for a survey that is completely useless. Also have a think about timescales, they might be quite tight to get a surveyor round and if you need a mortgage, you need to have it all approved (plus survey valuation) before the day of the auction so your finance is in place.Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
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You win at auction and you HAVE to pay! Legally binding so make sure you're certain!0
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Also, remember with auctions you have to be able to complete within 28 days so finances etc do need to be in place before you even think of bidding.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0
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