First Time Buyers at Auction

mi-key

If the house has a guide of £100K there is NO WAY you will get it for £110K !!!

Most auctions are full of wannabe buy to let muppets thinking they are going to make their fortunes, and the price will be pushed up, possibly to a lot more than the house is really worth.

A friend of mines family have been property developers for the last 20 years or so - they havent bought anything in the past 4 years as at every auction they were getting outbid by the BTL to brigade who paid well over the odds, and meant the returns on buying it were tiny.

I assume you are looking for a cheaper house that you can live in, rather than buying to sell on ? Unfortunately you are very unlikely to find one of these at auction now, particularly if it doesnt look like much would need doing to the house to get it into a lettable condition for a landlord.

mikeywills

I would concur with the comments already said, IMHO I would recommend you do a little research into your market area before you start, get to know some of the estate agents in the area, and pick up your local property mail regularily. Look for properties that are sticking, or have been reduced several times over, there is generally a good reason for this.
I tend to buy bungalows which need work doing to them, as they appeal to the more senior members of our society which in general (sorry for stereotyping) tend not to want to do too much work to them. As a result these tend to be on the market longer and can be picked up cheaper.
Happy hunting, there used to be a thread on here for checking out neighbouring property values if you still wish to pursue the auction, at least if you check the street it will give you a guesstimate of what to expect at auction and whether you are barking up the wrong tree.

B2_LNW

Hi all,
The reason we didn't know the interest rate was we only had a quick chat about the possible amount we can borrow. We didn't go into anymore detail. This was discussed with a mortgage advisor from Nationwide. We haven't spoken to a fees free whole of market advisor. We are going to call London and Country to see what they come up with. Are there any others that anyone can recommend in kent?
Also we have spoken to the estate agent and they haven't been too helpful, we rang for a viewing and they said they are only doing block viewings, there are 3 and each one is an hour long. Is this normal???
If we ask for a seperate viewing they just said they are only doing block viewings? So if we wanted to have a surveyor go round when would we be able to do this? Something just doesn't seem right? any ideas?

BTW the reason the offered the amount over 15 years 4 months was that was the most we could borrow and the quickest we could pay it off.

maryjane01

Block viewing is normal. You send the surveyor around during the block viewing.