House going to auction at other end of the country

wildt

I have no experience of auctions and am wondering if some one can tell me what normally happens when a house goes to auction at the other end of the country. We are up north and a local house is going to auction in 2 weeks in London. It's a repossession, and most of the other lots are in London.

Is this house likely to get as much interest as it would if it went to auction locally? The guide is very low..

Thanks:o

Trollfever

Contact the auctioneers and you should be able to do a proxy or telephone bid.

Be aware of the risks of buying a property at auction.

CAVEAT EMPTOR.

Jorgan_2

The chances are it may go for a lot more than its actually worth. If the guide is low, there may be a lot of speculative buyers who think its cheap and buy it without doing any re-search. I know of someone who did exactly this and lost about £20k on the deal.

It may of course attract no attention what so ever & someone may get themselves a good deal. I was at an auction last week, 8 of the 17 lots that went through while I was there failed to meet the reserve.

Trollfever

I like this report as it uses a large database:


http://www.allsop.co.uk/articledetail2.aspx?nid=213


CAVEAT EMPTOR.

Bungarm2001

It would more than likely get as much interest down there as it would if the auction was more local. If it is in what would be seen as an up and coming or regeneration area, any experienced BTL LL would consider it.

If you were interested and wanted to buy, do as the other poster above suggests...contact the Auctioneers and arrange to telephone bid if you can. They will charge for this though so research this carefully.

Something to bear in mind...check with the Auctioneer if there is any chance of getting in to see the property prior...sometimes they arrange open days for mass viewing. Also check that there are no special conditions attached; watch out for the vendor passing their costs onto the eventual buyer. It could shove the cost up hugely.

If you go for it, good luck.

wildt

Thanks. I asked because I am able to exchange on this property this week before the auction, but with the guide being so much lower than my offer and it being in London, I thought it may be better to wait. After the comments on this thread I have decided to exchange asap. Plus I don't like the idea of telephone bidding:eek:

PasturesNew

A while back in Plymouth, Devon, most houses for auction were sent to London. They were auctioned off (quite cheap), then put back on the market in Plymouth and made a profit.

The people who had been repossessed weren't too happy as sending their property to a London auction wasn't giving it the local exposure it needed.

Here's another one like that in Devon:

http://www.bbc.co.uk/insideout/southwest/series11/week7_repossession.shtml

wildt

This has had no local exposure whatsoever with regards to the auction, I found it by trawling through all the auction sites. I am in two minds about what to do really, but am not generally a risk taker:o