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Price Drop

13

Comments

  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    mimi1234 wrote: »
    Price dropped a further £10K now. I got another email yesterday. How strange when they supposedly had a cash offer for a lot higher!

    Great news!
  • John_Smith_2019
    John_Smith_2019 Posts: 142 Forumite
    justjohn wrote: »
    No lol


    Many have legal packs (info on deeds,surveys etc). If you get one, read it and give to you solicitor before auction.


    Some properties will have been advertised with EA's for a while. And most of the info you get from EA's will be included.


    A very very small amount of properties will have no info on them and you would have to collect data. These are very rare now. And many auctions guarantee you will get clean title.

    Then ask yourself (and the vendor) why is it in an auction?
    Why can't it be sold via the regular route?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    John_Smith_2019 wrote: »
    Then ask yourself (and the vendor) why is it in an auction?
    Why can't it be sold via the regular route?

    Most probably because the asking price is too high.
  • John_Smith_2019
    John_Smith_2019 Posts: 142 Forumite
    Crashy_Time wrote: »
    Most probably because the asking price is too high.

    I don't see why anyone would pay more in an auction.
    Unless perhaps, the buyer doesn't take so much time to check the property out?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    John_Smith_2019 wrote: »
    I don't see why anyone would pay more in an auction.
    Unless perhaps, the buyer doesn't take so much time to check the property out?

    What I meant was that usually delusional sellers post questions about auctions after a year or so of no viewings, but in this case I see it started out at auction so as you say no one is likely to overpay in this market.
  • mimi1234
    mimi1234 Posts: 7,969 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    AdrianC wrote: »
    I thought it was going into an auction?

    When's the auction?

    The auction was about a week ago but after viewings, it appears no one has shown an interest. So they are dropping the price every week or two weeks to see if anyone will bite.

    I can't understand why the vendor didn't just go for a regular sale and took on offers or rejected them. Maybe "modern auctions" are how EA's choose to make everyone sell these days. I don't know how it works.

    If it drops to about £50K, I will show interest, but for now, I am looking elsewhere.
  • robatwork
    robatwork Posts: 7,305 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Have you actually made a £60k offer?
  • mimi1234
    mimi1234 Posts: 7,969 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    robatwork wrote: »
    Have you actually made a £60k offer?

    No. That's the ballpark figure I had in my mind.

    Initially I was told by the EA that I could make an offer but when the auction house contacted me after the viewing, they said no. So I left it at that.
  • robatwork
    robatwork Posts: 7,305 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Surely if it's worth 60k to you, then it's worth offering that through the EA and it may never go to auction.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    mimi1234 wrote: »
    The auction was about a week ago but after viewings, it appears no one has shown an interest. So they are dropping the price every week or two weeks to see if anyone will bite.

    I can't understand why the vendor didn't just go for a regular sale and took on offers or rejected them. Maybe "modern auctions" are how EA's choose to make everyone sell these days. I don't know how it works.

    If it drops to about £50K, I will show interest, but for now, I am looking elsewhere.

    Good move.
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