We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Reason for a property being auctioned?

M47
M47 Posts: 60 Forumite
Sixth Anniversary 10 Posts
in House buying, renting & selling
Hi

I was wondering if it is possible to find out if a property that is listed for an auction is a repossession? or, being sold for other reasons? also if it is being sold by a person or company?

Comments

  • cloo
    cloo Posts: 1,291 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    I expect that you can ask the auctioneers about this. Sometimes listings will say that it's for sale by order or executors (eg probably a family property being sold after owners death) or by order of a bank (repossession, presumably).
  • elverson
    elverson Posts: 808 Forumite
    It could also be that the sellers know that the property is unmortgageable in its current state e.g. short lease, no kitchen/bathroom, etc.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    M47 wrote: »
    I was wondering if it is possible to find out if a property that is listed for an auction is a repossession? or, being sold for other reasons? also if it is being sold by a person or company?
    You should consider whether any of this actually ought to make a difference to you - the auction terms are the same no matter who is selling.
    The legal pack (which of course you'll be checking over before the auction!) ought to give you sufficient clues.
  • eddddy
    eddddy Posts: 18,547 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    M47 wrote: »
    I was wondering if it is possible to find out if a property that is listed for an auction is a repossession? or, being sold for other reasons? also if it is being sold by a person or company?

    Generally, repossessed properties don't go straight to auction - an EA will attempt to sell them first.

    In fact, many of the properties in an auction end up there as a last resort. Often, they will have been marketed by an EA first, for many months, but got no interest.

    You can often search the property portals to find out which EA was previously marketing an auction property, the asking price etc.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    Does it matter?

    The important things are the condition of the property and the price at which you will absolutely, positively, definitely stop bidding. Nothing else makes a difference.
  • trailingspouse
    trailingspouse Posts: 4,046 Forumite
    Part of the Furniture 1,000 Posts
    Some properties go to auction because they are very unusual/unique and it's impossible to know even roughly what the market price would be.

    Agree with others - other things matter much more than who is selling.
    No longer a spouse, or trailing, but MSE won't allow me to change my username...
  • 45002
    45002 Posts: 802 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    edited 2 February 2018 at 5:25PM
    Maybe there sitting tenant living there and Does not have to move out !

    Regulated Tenancies https://england.shelter.org.uk/housing_advice/private_renting/regulated_tenancies

    Assured Tenancies "No s20 issued" https://england.shelter.org.uk/housing_advice/private_renting/assured_tenancies







    ....
    Advice given on Assured and Regulated Tenancy, Further advice should always be sought from a Solicitor....
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.4K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.4K Spending & Discounts
  • 247.3K Work, Benefits & Business
  • 604K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture