Selling - Open market or modern method of auction(MMoA)

queenofrandom

eddddy said:

RHemmings said:

But, I did pay the £300 for the auction pack that (a bit unfairly in my eyes) the buyer pays for. 

@queenofrandom says that the property they're interested in has been on the market for nearly a year - so the auction pack is likely to be out of date. Searches will need to be re-done, and other info might be out of date.

Exactly, part of the list of things to try and secure a much better deal

RHemmings

eddddy said:

RHemmings said:

But, I did pay the £300 for the auction pack that (a bit unfairly in my eyes) the buyer pays for. 

@queenofrandom says that the property they're interested in has been on the market for nearly a year - so the auction pack is likely to be out of date. Searches will need to be re-done, and other info might be out of date.

Yes, the same happened to me. But, I still got asked to (and did) pay for the auction pack. Whether @queenofrandom does is up to negotiation. But, the pack being out of date sounds to me to be a good negotiating tactic if she wishes to avoid paying for the pack. In my case, I decided to go with it, and while I don't know what was helpful in terms of sealing the deal and what wasn't, I got the house in the end. 

queenofrandom

So the auction agent said the vendor would only accept an offer 15k over the asking price, 265k. I tried not to laugh. Then 2 days before the auction was due to end they had dropped it 20k below its original price, 230k, and the offer I gave. So I called again and this time they said they have others interested and the vendor would only accept offers at 250k, the original asking price. They also then said to keep them up to date on my sale... Pointless if they had interested parties I thought but I also didn't believe them. Anyway it did not sell, the auction ended today and they are now in pre-marketing again with the auction closing at the end of this month. I sadly have no idea how to contact the vendor directly as I honestly think the auction agents are just dicking around now and waiting for me to sell so I can complete in the MMOA way, which I will not do and I keep saying I will only purchase via private treaty. When I call the estate agent they say it has to go through the auction partner.

eddddy

queenofrandom said:

I sadly have no idea how to contact the vendor directly as I honestly think the auction agents are just dicking around now and waiting for me to sell so I can complete in the MMOA way, which I will not do and I keep saying I will only purchase via private treaty. When I call the estate agent they say it has to go through the auction partner.

Did you put your offers in writing (email)? 

And I guess, you could add something like "Please confirm that you have passed this offer to the vendor."

queenofrandom

eddddy said:

queenofrandom said:

I sadly have no idea how to contact the vendor directly as I honestly think the auction agents are just dicking around now and waiting for me to sell so I can complete in the MMOA way, which I will not do and I keep saying I will only purchase via private treaty. When I call the estate agent they say it has to go through the auction partner.

Did you put your offers in writing (email)? 

And I guess, you could add something like "Please confirm that you have passed this offer to the vendor."

I did not... I'll do that next week. I've got a catch up call with my estate agent selling my flat as well Monday. 

queenofrandom

Well... Here is the response I got this morning

"Unfortunately we are unable to sell this property via private treaty as there is a contract between the owner and -Auction company-

I can ask -representative of auction company- to give you a call as there is different options through the -auction company- route, however I can let you know this offer would not meet the reserve price set for this property."

It is back up for auction again, couple of weeks. I will keep looking at other properties but yeah. I almost feel sorry for the vendor in this situation as well.

eddddy

queenofrandom said:

Well... Here is the response I got this morning

"Unfortunately we are unable to sell this property via private treaty as there is a contract between the owner and -Auction company-

I can ask -representative of auction company- to give you a call as there is different options through the -auction company- route, however I can let you know this offer would not meet the reserve price set for this property."

It is back up for auction again, couple of weeks. I will keep looking at other properties but yeah. I almost feel sorry for the vendor in this situation as well.

So you contacted the estate agent.

As you probably realise, what the estate agent is saying is...

• We cannot deal with your offer. 
• The auction company has to deal with your offer
• We've passed details of your offer on to the auction company
• (And as an aside - your offer is lower than the reserve price)

So you can either wait to see if the auction company gets back to you, or you can contact the auction company yourself.

queenofrandom

eddddy said:

queenofrandom said:

Well... Here is the response I got this morning

"Unfortunately we are unable to sell this property via private treaty as there is a contract between the owner and -Auction company-

I can ask -representative of auction company- to give you a call as there is different options through the -auction company- route, however I can let you know this offer would not meet the reserve price set for this property."

It is back up for auction again, couple of weeks. I will keep looking at other properties but yeah. I almost feel sorry for the vendor in this situation as well.

So you contacted the estate agent.

As you probably realise, what the estate agent is saying is...

• We cannot deal with your offer. 
• The auction company has to deal with your offer
• We've passed details of your offer on to the auction company
• (And as an aside - your offer is lower than the reserve price)

So you can either wait to see if the auction company gets back to you, or you can contact the auction company yourself.

Absolutely, all a waiting game. My estate agent who I am selling through said he is willing to negotiate for me, but unsure about that route if I am honest. 

RHemmings

queenofrandom said:

So the auction agent said the vendor would only accept an offer 15k over the asking price, 265k. I tried not to laugh. Then 2 days before the auction was due to end they had dropped it 20k below its original price, 230k, and the offer I gave. So I called again and this time they said they have others interested and the vendor would only accept offers at 250k, the original asking price. They also then said to keep them up to date on my sale... Pointless if they had interested parties I thought but I also didn't believe them. Anyway it did not sell, the auction ended today and they are now in pre-marketing again with the auction closing at the end of this month. I sadly have no idea how to contact the vendor directly as I honestly think the auction agents are just dicking around now and waiting for me to sell so I can complete in the MMOA way, which I will not do and I keep saying I will only purchase via private treaty. When I call the estate agent they say it has to go through the auction partner.

In my case, even when buying by private treaty, it still went primarily through the MMoA auction house. They were my primary contact on the seller's side. So, saying that it has to go through the auction house does not preclude it being sold by private treaty. 

I've been away for a bit, so will catch up a bit and possibly edit this post.

(Edits)

queenofrandom said:

Well... Here is the response I got this morning

"Unfortunately we are unable to sell this property via private treaty as there is a contract between the owner and -Auction company-

I can ask -representative of auction company- to give you a call as there is different options through the -auction company- route, however I can let you know this offer would not meet the reserve price set for this property."

It is back up for auction again, couple of weeks. I will keep looking at other properties but yeah. I almost feel sorry for the vendor in this situation as well.

Can you PM me and we can compare the MMoA auction companies to see if they are the same? 

BTW: I made my offer to the local estate agent, not the MMoA company, and they passed it on. I received phone calls from both local estate agent and MMoA company in the time period where they were trying to talk me into doing the purchase by MMoA. They offered me different options for the MMoA route, but I refused. 

I suspect that they know that the price won't be acceptable to the vendors. Hence, they don't need to discuss private treaty any further. In my case, the (my new) neighbours had told me what the sellers would accept, so I knew that my bid was just enough for that. 

[Deleted User]

Forget MMOA only puts more money in the agent's pocket and less in yours.