Property Selling market advice query

MeteredOut

bery_451 said:

user1977 said:

bery_451 said:

RHemmings said:

OP - there are plenty of guides online about buying houses that explain the process. It might be a good idea if you spend some time reading some before asking further. 

E.g. https://www.equifax.co.uk/resources/mortgage/how-do-mortgage-applications-work.html

https://www.nationwide.co.uk/mortgages/mortgage-valuation-and-home-surveys/

https://www.gov.uk/government/publications/how-to-buy-a-home/how-to-buy

bery_451 said:

I just want to find sellers who just want a quick sale nothing wrong with the property. For example I can list a Iphone 15 for sale on Gumtree for £1000 that might take weeks or months to get my asking price but if someone offers me £750 the next day after I advertised it on gumtree I might accept it because as they say 'time is worth more than money'.

Sellers who want a quick sale nothing wrong with the property may sell at auction. Traditional auction, not modern method of auction. However, as mentioned above, people who have a property with something seriously wrong with it will also sell at auction. The trick is to tell which properties have something wrong with them and which don't. That requires knowledge, and in an auction you will be competing with people who know how to do this much better than you do. 

Okay what is the trick to tell which properties are okay at auction without viewing the properties before bidding? 

Literally nobody has suggested you don't view the properties before bidding.

And literally nobody has suggested to view the properties before bidding.

This has *got* to be a troll. No-one comes to a board asking about buying a property without so little knowledge about buying a property.

user1977

MeteredOut said:

bery_451 said:

user1977 said:

bery_451 said:

RHemmings said:

OP - there are plenty of guides online about buying houses that explain the process. It might be a good idea if you spend some time reading some before asking further. 

E.g. https://www.equifax.co.uk/resources/mortgage/how-do-mortgage-applications-work.html

https://www.nationwide.co.uk/mortgages/mortgage-valuation-and-home-surveys/

https://www.gov.uk/government/publications/how-to-buy-a-home/how-to-buy

bery_451 said:

I just want to find sellers who just want a quick sale nothing wrong with the property. For example I can list a Iphone 15 for sale on Gumtree for £1000 that might take weeks or months to get my asking price but if someone offers me £750 the next day after I advertised it on gumtree I might accept it because as they say 'time is worth more than money'.

Sellers who want a quick sale nothing wrong with the property may sell at auction. Traditional auction, not modern method of auction. However, as mentioned above, people who have a property with something seriously wrong with it will also sell at auction. The trick is to tell which properties have something wrong with them and which don't. That requires knowledge, and in an auction you will be competing with people who know how to do this much better than you do. 

Okay what is the trick to tell which properties are okay at auction without viewing the properties before bidding? 

Literally nobody has suggested you don't view the properties before bidding.

And literally nobody has suggested to view the properties before bidding.

This has *got* to be a troll. No-one comes to a board asking about buying a property without so little knowledge about buying a property.

Yes, I think so. The OP has threads from years back suggesting that they owned property, so I doubt they can be as completely clueless as they suggest here.

RHemmings

bery_451 said:

RHemmings said:

OP - there are plenty of guides online about buying houses that explain the process. It might be a good idea if you spend some time reading some before asking further. 

E.g. https://www.equifax.co.uk/resources/mortgage/how-do-mortgage-applications-work.html

https://www.nationwide.co.uk/mortgages/mortgage-valuation-and-home-surveys/

https://www.gov.uk/government/publications/how-to-buy-a-home/how-to-buy

bery_451 said:

I just want to find sellers who just want a quick sale nothing wrong with the property. For example I can list a Iphone 15 for sale on Gumtree for £1000 that might take weeks or months to get my asking price but if someone offers me £750 the next day after I advertised it on gumtree I might accept it because as they say 'time is worth more than money'.

Sellers who want a quick sale nothing wrong with the property may sell at auction. Traditional auction, not modern method of auction. However, as mentioned above, people who have a property with something seriously wrong with it will also sell at auction. The trick is to tell which properties have something wrong with them and which don't. That requires knowledge, and in an auction you will be competing with people who know how to do this much better than you do. 

Okay the difference between a traditional auction and modern auction is? Modern is online biding am I right?

Okay what is the trick to tell which properties are okay at auction without viewing the properties before bidding? What is this forbidden knowledge of properties?

Modern method is more than just online, as plenty (the majority? all?) of traditional auctions are online. 

Modern is where exchange of contracts doesn't happen when the gavel falls, but the buyer has paid a large amount of money just to 'reserve' the property, and then has a fixed amount of time to arrange a mortgage (if needed), and then exchange contracts. One issue is that the large amount of money paid isn't a deposit in that it doesn't come off the purchase price, and doesn't get refunded if you don't end up buying the house. Traditional is where exchange of contracts (and hence both buyer and seller being legally committed to the sale) happen on the gavel falling. There is more to it than that, but when I did a quick google for a page that describes the difference, the pages I found were - I believe - quite biased. But, this paragraph isn't a sufficient description. But, I want to go home and eat my dinner now. 

The trick to tell which properties are okay at auction (or to at least reduce the probability of buying a lemon) is to know how to find as much relevant information as you can - legal documents and many other types - and know how to read them. Then, to be able to look at a house (potentially with a builder mate accompanying you), and understand what potential 'problems' look like so that you can spot them. Using a damp meter yourself, and understanding the limitations of 15 minutes in a house. Speaking to neighbours and asking them about the history of the property. Knowing how to work out likely true value of the property looking at the property, and other properties on sale and sold nearby. And so on and so on and so on and so on. 

You appear to be looking for a simple trick and bite-sized piece of knowledge that will work and give you a big discount with minimal work on your side. This isn't going to happen. Given what you write, I think you're looking for easy money and I'm a bit concerned that you might be the kind of person who might fall for a pig butchering scam (not housing related) or something like that. 

Albermarle

user1977 said:

MeteredOut said:

bery_451 said:

user1977 said:

bery_451 said:

RHemmings said:

OP - there are plenty of guides online about buying houses that explain the process. It might be a good idea if you spend some time reading some before asking further. 

E.g. https://www.equifax.co.uk/resources/mortgage/how-do-mortgage-applications-work.html

https://www.nationwide.co.uk/mortgages/mortgage-valuation-and-home-surveys/

https://www.gov.uk/government/publications/how-to-buy-a-home/how-to-buy

bery_451 said:

I just want to find sellers who just want a quick sale nothing wrong with the property. For example I can list a Iphone 15 for sale on Gumtree for £1000 that might take weeks or months to get my asking price but if someone offers me £750 the next day after I advertised it on gumtree I might accept it because as they say 'time is worth more than money'.

Sellers who want a quick sale nothing wrong with the property may sell at auction. Traditional auction, not modern method of auction. However, as mentioned above, people who have a property with something seriously wrong with it will also sell at auction. The trick is to tell which properties have something wrong with them and which don't. That requires knowledge, and in an auction you will be competing with people who know how to do this much better than you do. 

Okay what is the trick to tell which properties are okay at auction without viewing the properties before bidding? 

Literally nobody has suggested you don't view the properties before bidding.

And literally nobody has suggested to view the properties before bidding.

This has *got* to be a troll. No-one comes to a board asking about buying a property without so little knowledge about buying a property.

Yes, I think so. The OP has threads from years back suggesting that they owned property, so I doubt they can be as completely clueless as they suggest here.

Some of their other threads are 'interesting' .

badger09

I’ve responded, in good faith, to OP in the past. Please, save your energy. 

bery_451

RHemmings said:

bery_451 said:

RHemmings said:

OP - there are plenty of guides online about buying houses that explain the process. It might be a good idea if you spend some time reading some before asking further. 

E.g. https://www.equifax.co.uk/resources/mortgage/how-do-mortgage-applications-work.html

https://www.nationwide.co.uk/mortgages/mortgage-valuation-and-home-surveys/

https://www.gov.uk/government/publications/how-to-buy-a-home/how-to-buy

bery_451 said:

I just want to find sellers who just want a quick sale nothing wrong with the property. For example I can list a Iphone 15 for sale on Gumtree for £1000 that might take weeks or months to get my asking price but if someone offers me £750 the next day after I advertised it on gumtree I might accept it because as they say 'time is worth more than money'.

Sellers who want a quick sale nothing wrong with the property may sell at auction. Traditional auction, not modern method of auction. However, as mentioned above, people who have a property with something seriously wrong with it will also sell at auction. The trick is to tell which properties have something wrong with them and which don't. That requires knowledge, and in an auction you will be competing with people who know how to do this much better than you do. 

Okay the difference between a traditional auction and modern auction is? Modern is online biding am I right?

Okay what is the trick to tell which properties are okay at auction without viewing the properties before bidding? What is this forbidden knowledge of properties?

Modern method is more than just online, as plenty (the majority? all?) of traditional auctions are online. 

Modern is where exchange of contracts doesn't happen when the gavel falls, but the buyer has paid a large amount of money just to 'reserve' the property, and then has a fixed amount of time to arrange a mortgage (if needed), and then exchange contracts. One issue is that the large amount of money paid isn't a deposit in that it doesn't come off the purchase price, and doesn't get refunded if you don't end up buying the house. Traditional is where exchange of contracts (and hence both buyer and seller being legally committed to the sale) happen on the gavel falling. There is more to it than that, but when I did a quick google for a page that describes the difference, the pages I found were - I believe - quite biased. But, this paragraph isn't a sufficient description. But, I want to go home and eat my dinner now. 

The trick to tell which properties are okay at auction (or to at least reduce the probability of buying a lemon) is to know how to find as much relevant information as you can - legal documents and many other types - and know how to read them. Then, to be able to look at a house (potentially with a builder mate accompanying you), and understand what potential 'problems' look like so that you can spot them. Using a damp meter yourself, and understanding the limitations of 15 minutes in a house. Speaking to neighbours and asking them about the history of the property. Knowing how to work out likely true value of the property looking at the property, and other properties on sale and sold nearby. And so on and so on and so on and so on. 

You appear to be looking for a simple trick and bite-sized piece of knowledge that will work and give you a big discount with minimal work on your side. This isn't going to happen. Given what you write, I think you're looking for easy money and I'm a bit concerned that you might be the kind of person who might fall for a pig butchering scam (not housing related) or something like that. 

Okay you mean modern are private transactions between just the buyer & seller and seller can dictate the terms such as reserve deposits are not refundable by this time? 

Traditional is once the auction hammers falls and your like the winning bidder on eBay for example you cant back out from buying? Before auction ends how do you obtain these legal docs?

So which method usually have the cheaper properties? In any market price should reflect risk right and the quicker the transaction the cheaper it should because time is more valuable than money right?

So it all comes down to 'Risk' & 'Time' I guess.

FlyMeSomewhere79

I think a lot of things need to be thought about here.

Auction properties could be an absolute mess inside, ceilings falling down or anything. It's wise to view before the auction! 

Auction properties may still have a probate process to go through so that could delay things a few months. 

The chances of there being a person going abroad and wanting to rush to sell a 500k house for £350k is non existent. Anything seen on Rightmove has been valued by the agent that has listed it, they value it at what it's worth and what it should realistically sell for, they already take into account any negatives about the house or the location it's in.

When a house is listed with an agent you still have to go through all the legal processes, there's no cash me quick in houses - it's not like picking a car out in the auto trader and going to view it and taking it home there and then. 

Most people selling houses are buying another with the proceeds so you wouldn't be entertained offering a stupidly low price for the property and you would have to wait for that person to go through the chain of purchasing another property before they can complete their sale to you.

RHemmings

bery_451 said:

RHemmings said:

bery_451 said:

RHemmings said:

OP - there are plenty of guides online about buying houses that explain the process. It might be a good idea if you spend some time reading some before asking further. 

E.g. https://www.equifax.co.uk/resources/mortgage/how-do-mortgage-applications-work.html

https://www.nationwide.co.uk/mortgages/mortgage-valuation-and-home-surveys/

https://www.gov.uk/government/publications/how-to-buy-a-home/how-to-buy

bery_451 said:

I just want to find sellers who just want a quick sale nothing wrong with the property. For example I can list a Iphone 15 for sale on Gumtree for £1000 that might take weeks or months to get my asking price but if someone offers me £750 the next day after I advertised it on gumtree I might accept it because as they say 'time is worth more than money'.

Sellers who want a quick sale nothing wrong with the property may sell at auction. Traditional auction, not modern method of auction. However, as mentioned above, people who have a property with something seriously wrong with it will also sell at auction. The trick is to tell which properties have something wrong with them and which don't. That requires knowledge, and in an auction you will be competing with people who know how to do this much better than you do. 

Okay the difference between a traditional auction and modern auction is? Modern is online biding am I right?

Okay what is the trick to tell which properties are okay at auction without viewing the properties before bidding? What is this forbidden knowledge of properties?

Modern method is more than just online, as plenty (the majority? all?) of traditional auctions are online. 

Modern is where exchange of contracts doesn't happen when the gavel falls, but the buyer has paid a large amount of money just to 'reserve' the property, and then has a fixed amount of time to arrange a mortgage (if needed), and then exchange contracts. One issue is that the large amount of money paid isn't a deposit in that it doesn't come off the purchase price, and doesn't get refunded if you don't end up buying the house. Traditional is where exchange of contracts (and hence both buyer and seller being legally committed to the sale) happen on the gavel falling. There is more to it than that, but when I did a quick google for a page that describes the difference, the pages I found were - I believe - quite biased. But, this paragraph isn't a sufficient description. But, I want to go home and eat my dinner now. 

The trick to tell which properties are okay at auction (or to at least reduce the probability of buying a lemon) is to know how to find as much relevant information as you can - legal documents and many other types - and know how to read them. Then, to be able to look at a house (potentially with a builder mate accompanying you), and understand what potential 'problems' look like so that you can spot them. Using a damp meter yourself, and understanding the limitations of 15 minutes in a house. Speaking to neighbours and asking them about the history of the property. Knowing how to work out likely true value of the property looking at the property, and other properties on sale and sold nearby. And so on and so on and so on and so on. 

You appear to be looking for a simple trick and bite-sized piece of knowledge that will work and give you a big discount with minimal work on your side. This isn't going to happen. Given what you write, I think you're looking for easy money and I'm a bit concerned that you might be the kind of person who might fall for a pig butchering scam (not housing related) or something like that. 

Okay you mean modern are private transactions between just the buyer & seller and seller can dictate the terms such as reserve deposits are not refundable by this time? 

Traditional is once the auction hammers falls and your like the winning bidder on eBay for example you cant back out from buying? Before auction ends how do you obtain these legal docs?

So which method usually have the cheaper properties? In any market price should reflect risk right and the quicker the transaction the cheaper it should because time is more valuable than money right?

So it all comes down to 'Risk' & 'Time' I guess.

I'm not sure what your first paragraph means. In any case: please read up on Modern Method of Auction. I don't understand how your first paragraph leads on from what I wrote. 

I do not know which method usually has the cheaper properties, because it's not typically like for like properties. I would guess that traditional auctions have more properties on average that have serious 'gotcha's. But, that's just a wild guess. I haven't done any solid research on it.