Property Auction - sold in one auction appears again in another auction within one month

eddddy

Countrysider said:

Not so much a mistake, but that's just how their online auction portal works: if the property has a bid that met the reserve then the property is marked as sold, moved off their open auctions, and added to past auctions. That part is automated.

Ok - so now you're hypothesising that their online auction portal software has some kind of strange bug that marks unsold properties as sold.

And you're the only person who has spotted this bug, and you've managed to diagnose the cause.

That seems a little unlikely!



If we take a step back - that auctioneer sold and exchanged contracts on £60m worth of property at that auction.

So I very much doubt they use 'buggy' software that makes mistakes, with so much money (and their reputation) at stake.

(I suspect their fees were well in excess of £1m for that one auction - so they have plenty of cash to spend on getting their software 'bug-free'.)

And I suspect all the results are double or triple checked by a human as well.

nasirbaig007

Hi All,

Today the same property sold for £398K . However this time the seller had split the garden & kept a portion which have potential for a 3 bed detached house. 

when i inquired the with the person at viewing from auction house , all he told me was that its a developer flip . Technically it makes sense that someone bought the whole plot for £404 K , then kept a plot for developing 3 bed house and sold remaining again for £398K .
But operationally it’s difficult to understand how can a sale be completed so quickly and then put it back again in auction with title split ? I doubt that the first sale even went all the way to completion. There may be a little accounting trick which helped to make such a massive profit within one month only. will be good to know if someone here knows about how to achieve this operationally.