What offer to stop an auction sale?

jamesd

A family member is about to sell a flat at auction for around 60,000 guide price. What would you offer to the vendor to stop it going to an auction sale and avoid me possibly having to pay more at auction?

Assume that the vendor is my sister, hates me and wouldn't really want to sell to me, but might be tempted by the certainty of an offer now.:) Any other suggestions to help in this situation are welcome.

RHemmings

jamesd wrote:

A family member is about to sell a flat at auction for around 60,000 guide price. What would you offer to the vendor to stop it going to an auction sale and avoid me possibly having to pay more at auction?

Assume that the vendor is my sister, hates me and wouldn't really want to sell to me, but might be tempted by the certainty of an offer now.:) Any other suggestions to help in this situation are welcome.

What do you estimate to be the true market price of the property? Something not too far below that might make a difference. As we saw in the thread on auction bargains, some auctions typically sell properties at much less than they would sell for normally. Some auctions that I have seen tended to get better prices. If you research the market and the auction house's past history (if available) you might be able to work out what she's likely to get at the auction. Then you can offer something more than that.

CB1979_2

try and get someone else to offer to her as well, she'll probably just say no out of principle, if indeed she does actually hate you!

bobsa1

We bought a house with a pre auction valuation of £160-£170K for £200k prior to auction. On the day we exchanged someone offered us £230K

Work out what the property is worth to you and pay that.

BargainJunky

Have a look on ourproperty.co.uk and see what they are fetching at the moment (think it goes up until the end of July 06) and offer what you think is a 'good' tempting price.

They may still want to give it a go at auction tho - has it been on the market long and did they get any interest in it?

david29dpo

i had an offer turned down before an auction. when to the auction and got it for 10k less!! it works both ways some times!

theGrinch

if it goes to auction you might well get a bargain. there are nuermous cases of pre auction offers turned down only for the final price to be lower.

jamesd

This is the place, top floor, rightmost two windows. Having visited and investigated more I'm not going to buy. Apparently it's at auction because previous agreed sales of 65k early this year and 70k late last year fell through and the money is wanted soon. I'm not sufficiently keen on second floor stairs only access and the area and this was for me to live in.

jamesd

The property sold for 67,000 with a 62,500 reserve. Two people requested the legal pack, 25 had viewed.