House buying under auction

Squibbles_2

Where is a good reputable site, yes, I have tried google, but to no avail, I can see a list of houses that are under auction or repossessed?

G_M

http://www.auctionsguide.co.uk/

CloudCuckooLand

Try a local auction house website.

You may find http://www.futureauctions.co.uk/ useful in finding your local auctions. They have links to the websites of the firms holding the upcoming auction, which usually have detailed listings around a couple of weeks in advance of each auction.

PasturesNew

Depending where you are in the country, you might find local houses are auctioned in London. A few years ago there was a bit of an uproar as people's houses were repossessed in Plymouth, Devon, then sold miles away in London at auction, then immediately put up for sale in a local Devon auction where they sold for much higher.

http://www.bbc.co.uk/insideout/southwest/series11/week8_stanley_gibbons.shtml

Since Susan's flat sold for just £60,000 in London, well short of what she borrowed, Susan still owes money to her mortgage lender.

Just weeks after her flat was sold in London, Susan received a further shock.

She discovered that the new owner has put the flat in another auction - this time much closer to home, in Plymouth.

Susan was shocked, but decided to go along to watch.

The bidding started at £60,000 - the same price Susan's flat actually sold for in the London auction.

Susan's flat eventually sold for 37% more in Plymouth than it had sold for in London just six weeks earlier, earning somebody, somewhere a tidy profit.

"That would've almost cleared my debt," says Susan.
"They could have sold that here and got that for me. I'm extremely miffed."

GDB2222

Miffed. What a nice lady she is. I'd have been ruder.

This surely would be grounds to contest that the lender did not take reasonable steps to market the property properly?

PasturesNew

GDB2222 wrote: »

Miffed. What a nice lady she is. I'd have been ruder.

This surely would be grounds to contest that the lender did not take reasonable steps to market the property properly?

If you read the link it looks into that a bit, with a couple of quotes from relevant people.

MigsyBigsy

what do people think about house auctions?

poppysarah

Look on rightmove. Don't restrict yourself to one auction - research the area and find out what houses are for sale at and not at auction.
Speak to all the local EAs. Go in and see them - make an impression on them rather than just being a time wasting emailer.
Stay in touch and you might get lucky with finding out about houses as they come to market.