House not selling in open market - now at Auction?

royalmike

Combi boiler won't cost 4000 to replace even if it needs replacing which it probably doesn't. 

davidmcn

Alias_Omega said:

they did mention that if there was no-sale, the fee would be returned.

It won't. The agent will pocket it and then go looking for the next mug.

MobileSaver

Alias_Omega said:

It is a modern-method of auction just like you have said.

For now, ive thrown a bid in at £190k, its below the reserve fee and the seller flatly called "no".

I hope you didn't sign any paperwork or agree to any terms and conditions when placing your £190k bid as you may now be subject to the outrageous "auction/buyers/reservation fee" regardless of what price you end up agreeing with the seller - in other words you may have inadvertently ensured you cannot now buy this property at a reasonable price...

Alias_Omega said:

subject to sale as part of a court order (divorce).

 If the house did not sell at £224,995, is it worth the £216,000 ~ definitely not...

Unless you have more information than you have posted here you could be jumping to conclusions. It could be a messy divorce where one party deliberately scuppered any previous interest so if this is now a court-ordered sale it may well go for a more realistic market value.

eddddy

Alias_Omega said:

For now, ive thrown a bid in at £190k, its below the reserve fee and the seller flatly called "no". 

You need to be careful... Exactly the same thing happened to another poster, and they got caught-out very badly.

You have bid in an auction. At this stage, the bid is below the reserve, and the seller won't end the auction. However, if there are no better bids, the seller might reduce the reserve, and you might end up winning the auction.

If you're happy for that to happen, that's fine. But if you don't want that to happen, you need to retract your bid in writing.



(The other poster assumed that they would not win the auction because the auction house phoned to say their bid was below reserve and the seller had said "no", so made other plans.

Then, when the auction ended, the auctioneer said the reserve had been reduced, and insisted that the poster had won the auction and had entered into a binding contract.)

Alias_Omega

eddddy said:

Alias_Omega said:

For now, ive thrown a bid in at £190k, its below the reserve fee and the seller flatly called "no". 

You need to be careful... Exactly the same thing happened to another poster, and they got caught-out very badly.

You have bid in an auction. At this stage, the bid is below the reserve, and the seller won't end the auction. However, if there are no better bids, the seller might reduce the reserve, and you might end up winning the auction.

If you're happy for that to happen, that's fine. But if you don't want that to happen, you need to retract your bid in writing.



(The other poster assumed that they would not win the auction because the auction house phoned to say their bid was below reserve and the seller had said "no", so made other plans.

Then, when the auction ended, the auctioneer said the reserve had been reduced, and insisted that the poster had won the auction and had entered into a binding contract.)

Yeah, I'm happy buddy buying it. The agents also know my financial position. It's a massive detached house.

Upstairs it has 4 bedrooms, fitted wardrobes, an office and a family bathroom. 

Downstairs, a large lounge, entrance hall,p  bathroom, kitchen/diner, 5th bedroom, conservatory, utility room and a store room..

Sadly, it just needs work.. and I also need to get off a mortgage (post COVID-19)

I'll only live in for 10-12 days a month also, but it's close to a college which the kids will go to.. 👍

Alias_Omega

royalmike said:

Combi boiler won't cost 4000 to replace even if it needs replacing which it probably doesn't. 

The figure was from -
Ideal logic 35kw, magna clean, 22mm pipe back to the meter, nest thermostat, install TRV's where missing and perform a power flush. 
Costs between 2 tradesman -
Boiler - £2300 fitted
Magna clean and cold water filter - £100
Nest Thermostat - £180
22mm Pipe Run - £135 
Power Flush - £450 Inc
Drayton TRV4 x6 - £30 each fitted
Minor outside brickwork and installing cupboard around the boiler... 

nyermen

Also need to be careful because apparently, the fees are included in the stamp duty valuation.
Some horror stories here... https://www.estateagenttoday.co.uk/breaking-news/2019/2/law-firm-warns-over-reservation-fees-in-the-modern-method-of-auction

Crashy_Time

Just wait, sounds like there is no rush here.