FTB frustrated with chains. Auctions?

mubeye

I am a cash FTB looking to buy quickly, and quite frustrated with the lack of end of chain properties on the market.

Most sellers have not found a property yet so I face an uncertain 3 months where the sale could fall through at any moment!

End of chains seem very rare.

I can't wait for the uber of housing to come along! Surely this industry is ripe for disruption.

What possible reason is there for taking more than a couple of weeks if cash is in place and both parties willing?

With modern record keeping, whats to stop this happening in one hour?

I know I sound like a naive kid, but jeez.

Has anyone bought anything half decent from auction?

Is the selling price inflated or deflated at auction? I know I would pay a premium for a no chain property, so are auction prices further inflated?

I understand it is only for problem properties.

Cisco001

Since you are cash buyer, you are not in chain. why do you need to wait for 3 months?
Your seller don't want to sell?

cloo

I think the OP is saying that the problem is that he or she can't find properties with no upward chain.

If you have cash, auctions are doable, though do take a lot of professional advice from solicitor, surveyor etc before proceeding and be aware of all relevant fees. I think you can get a good price in most places, but plain old vacant property is relatively rare, there's a lot of tenanted stuff.

PasturesNew

Auctions consist of few properties in most areas. The ones on the telly seem to mostly be in 3-4 areas where housing's cheap + something from London that's a lot more expensive.

If I wanted to live anywhere near where I do now - and I wanted to buy at auction - I'd probably find it'd be a 1-2 month until the next auction occurs and there'd only be one property that "might do at a push".

lincroft1710

You could be outbid or pay more for a property than you should have done. Once the hammer falls and it was your bid that won, that house is yours! No second thoughts, no withdrawing your offer without incurring very stiff financial penalties.

spadoosh

Make a concentrated effort to view houses that dont have much/any furniture in them. You can easily do this whilst perusing pictures on rightmove.

Hoploz

You could spend the next 6 months waiting for an end of chain property that you like to become available ...

Or alternatively you could just pick one of the ones which will be in a chain (could be short, could be long, could change half way through proceedings) and get on with the job.

My last purchase was not a chain. Divorcing family - he had already bought, she was going into rented. Then when discussing dates for exchange and completion it transpired she was actually buying something. You never know.

marksoton

mubeye wrote: »

I know I sound like a naive kid, but jeez.

.

Indeed. And not suited to the cut and thrust of an auction environment.

eddddy

mubeye wrote: »

Has anyone bought anything half decent from auction?

Is the selling price inflated or deflated at auction? I know I would pay a premium for a no chain property, so are auction prices further inflated?

I understand it is only for problem properties.

As you say, auctions are generally for problem properties.

Rather than being inflated/deflated - the prices tend to just reflect the property and the extent of the problems.

So superficially, an auction property with 'big problems' might look cheap compared to a similar properties with no problems.