(Scotland) Thinking of house buying, a local property has been up for auction multiple times,Normal?

dekaspace1

Have been browsing over past 2-3 years for a house but as house prices have skyrocketed in past 3 years my income and savings mean a house I could afford 3 years ago is now out of my price range (and had a disputed late payment with a utility provider tank my credit rating)

There's a property that has been on the market at least 7 months from an auction site and been up for bidding a few times, but never been sold I did check a home report once and it didn't seem bad but as I am a FTB I am not experienced, it just mentioned what I see with all properties I have looked at i.e rating of 2 for almost everything, 1 for a few and mentioned small amounts of damp in loft (but nothing needing essential repair)

Location is great for me, and I know it's an auction just confused as it's been up so long and not sold.

user1977

Can you point us towards the listing? 

FreeBear

dekaspace1 said:

Have been browsing over past 2-3 years for a house but as house prices have skyrocketed in past 3 years my income and savings mean a house I could afford 3 years ago is now out of my price range (and had a disputed late payment with a utility provider tank my credit rating)

There's a property that has been on the market at least 7 months from an auction site and been up for bidding a few times, but never been sold I did check a home report once and it didn't seem bad but as I am a FTB I am not experienced, it just mentioned what I see with all properties I have looked at i.e rating of 2 for almost everything, 1 for a few and mentioned small amounts of damp in loft (but nothing needing essential repair)

Location is great for me, and I know it's an auction just confused as it's been up so long and not sold.

Modern Method of Auction ?

If so, run away now before you lose any money on the "deal". If it is a traditional auction, and has failed to sell multiple times, it suggests that there may be an unrealistic reserve price.

dekaspace1

https://www.rightmove.co.uk/properties/148437680#/?channel=RES_BUY

Not a modern method of auction, did see one of those that seemed too good to be true and it had subsidence so steered clear of it

theartfullodger

Could be history (eg recent suspicious death..) or known problem (noisy neighbours, etc etc).

In your shoes I'd physically visit local agents, say you are seriously thinking of buying locally (you are..), what of the (you selected iof their advertised..) properties position - then at end ask if they know anything of 63 Acacia avenue (insert real address..).  A day's investment...

slàinte mhath!

user1977

Nothing obviously wrong judging from the listing. Is it being sold with vacant possession ie no tenant in situ? Might just be not reaching the minimum price the seller needs eg to redeem a mortgage.

Can’t see it listed on the auctioneers website so can’t check the legal pack for any more technical problems.

dekaspace1

As a FTB I have no idea on how house buying works, no notes saying it's tenanted and it's going for the rate other houses go for in the area going by my research.

Was one under half a mile away that sold a few months ago for this price and it was 3 bedroom with larger garden and that was snapped up in days.

FreeBear

dekaspace1 said:

As a FTB I have no idea on how house buying works, no notes saying it's tenanted and it's going for the rate other houses go for in the area going by my research.

If you are looking at buying a place to live in, your first question should be "is this place tenanted". You then need guarantees that you will get vacant possession on completion. 

_Penny_Dreadful

Give the auction house a call to find out what fees you’d need to pay if you purchased the house. The listing says you’d pay 3.6% of the purchase price with a minimum fee of £3,600 but that there could be other fees on top of that. 

Call me suspicious but I think there must be something wrong with the property if it was put up for auction when other properties in the same street are being snapped up using traditional selling methods. 

user1977

Auctions are not the place for FTBs who don’t know what they’re doing.

dekaspace1

user1977 said:

Auctions are not the place for FTBs who don’t know what they’re doing.

I guessed that, which is one of the reasons why I haven't gone for it before.

I do have a friend who has bought a few houses I was going to ask for advice IF I went for an auction property, he helped another friend of mine when he bought his first house 2 years ago.

FreeBear said:

dekaspace1 said:

As a FTB I have no idea on how house buying works, no notes saying it's tenanted and it's going for the rate other houses go for in the area going by my research.

If you are looking at buying a place to live in, your first question should be "is this place tenanted". You then need guarantees that you will get vacant possession on completion. 

If I was interested in a property I would ask, normally it's mentioned but when I ask for a home report I would ask it.

I did ask for a home report when it was first listed but was put off due to it being a auction property so never took enquiries further.