Property Auction advice please

mindovermatter

Hi,
We watched a local TV programme down here in the South West concerning properties being repossessed and sold at auction in London.
The net effect of this is that these properties are selling for upto 40% less in London and then the new owners are bringing them back to the market in the locality.
My question is does anyone know of the Auction houses in London where these Westcountry properties are being sold in the first instance as I would like to buy at the cheaper price! What a marvellously simple way to make money especially as the number of repossessions went up 70% in the Westcountry last year (according to the makers of the TV documentary) and several places down here featuring in the most common places to become bankrupt - eg Torquay
The TV programme was trying to establish why the properties were being sold in London rather than the local area - the mortgage company couldnt / wouldnt answer that one!
I've just found the local BBC news article on the issue which gives some examples of the figures involved.
http://news.bbc.co.uk/1/hi/england/devon/6388909.stm
Kind regards
Mindovermatter

epz_2

i went to an action in glasgow, about 500 people turned up to bid on 100 properties, many were places you really wouldn want to live (tower blocks etc), frankly i only saw one place that i thought showed potential (1).

most places went over the guide and close to what they would be worth on the open market, couple that with you blowing cash in advance on a survey, possibly not being able to morgage it and needing 15% deposit and i figured i would be better off finding a reck up for sale on the property pages and taking my time.

oh and since many repos go to local EA's its only the real dross that hasnt sold after experiance developers have looked at and rejected them, not a great prospect for profitability or resale potential.



(1) it was a 3 story building in the middle of a nowhere town with the bottom floor owned by a bank, that said viewers wernt given any access to check the roof etc and it was only good value if you lived out there.