Auction / survey questions

Lwilsh

cymruchris said:

If you ask someone to do some work for you - that someone will want paying - no matter the outcome of your bidding. 

From my understanding most bidders aren't people that are buying for themselves, and are tradesmen and investors that take a look at a property and bid what they think it's worth, keeping in mind potential horrors that may come later, and keeping their values in line accordingly.

It sounds like you are wanting to buy an auction property 'cheap' while doing all the traditional stuff that people do when they buy a normal house. Therefore, if you want those things, you're better off buying a normal house in the normal way. 

Many (not all) houses at auction will have some kind of issue which is why they are there in the first place - sometimes that might be through repossession, or there may be significant renovation needed, or both. Those experienced in the market will know roughly what to look for to establish if something is worth bidding on. They sometimes get it right, they sometimes get it wrong. Mostly they can afford to dig themselves out of a hole it if they get it wrong. Can you?

I guess everyone starts somewhere, I just presumed there wouldn’t be an abundance of structural surveyors and that the same person would have been brought in multiple times to the same property. My family have good trades so the work to do up a property I wouldn’t think would differ from a tradesperson they would also want a cheaper property to do up or rent out … I’m not sure what you mean but I’d want it to do traditional stuff. 

NameUnavailable

Lwilsh said:

Me and my husband are looking to buy a house to rent. We have seen some for auction. The house we are looking at is 90k we understand we pay fees at auction of 6k or 10% of the sale. We understand we pay £300 for the info pack. we want to know if we do a survey before hand and it’s say £3-600 and don’t win will loose that money. Surely people can’t loose this each time they go to an auction and don’t win, or maybe they do? It seems like a big loss if you were bidding on more than one? . 

This would be our first but to let mortgage and would love some information. Homes under the hammer makes it look simple. 

This sounds like 'modern method' rather than a proper auction?

At a proper auction you bid on the day and it goes to the highest bidder, contracts are exchanged immediately.

You have the opportunity to get a surveyor to look at the place before the auction date but as many buyers at auction are builders/developers I guess most just rely on their own judgement.

lesalanos

NameUnavailable said:

Lwilsh said:

Me and my husband are looking to buy a house to rent. We have seen some for auction. The house we are looking at is 90k we understand we pay fees at auction of 6k or 10% of the sale. We understand we pay £300 for the info pack. we want to know if we do a survey before hand and it’s say £3-600 and don’t win will loose that money. Surely people can’t loose this each time they go to an auction and don’t win, or maybe they do? It seems like a big loss if you were bidding on more than one? . 

This would be our first but to let mortgage and would love some information. Homes under the hammer makes it look simple. 

This sounds like 'modern method' rather than a proper auction?

At a proper auction you bid on the day and it goes to the highest bidder, contracts are exchanged immediately.

You have the opportunity to get a surveyor to look at the place before the auction date but as many buyers at auction are builders/developers I guess most just rely on their own judgement.

Agree that the fees look like modern method rather than traditional auction

The general advice given on this method is don't bother