Watch This Live Auction Now (started 10.30am)

PasturesNew

mroller wrote: »

how do manage to see the price at which it was last sold at? The land registry? it costs 3£!

I use quite a number of tools to research and spy on houses, including prices.

This is my list: http://hubpages.com/_houseprices/hub/House-Price-Crash

PasturesNew

Lot 153. Ground floor flat, London. 4 rooms

I thought it looked all right.

http://www.eigroup.co.uk/onlineauctions/lotpub.asp?a=10597&l=494271

Last sold at £143,500 in June 2006
Unsold, last bid £124,500

PasturesNew

Lot 155. Freehold corner house, interesting shape.

http://www.eigroup.co.uk/onlineauctions/lotpub.asp?a=10597&l=494273

Last sold in March 2006 at £136k
Unsold today at £102k

LittleMissAspie

What exactly is an auction? Are they houses that have been repossessed and the bank is auctioning it off to get their money back? Who buys these, investors and the odd ordinary buyer? And what happens if they don't sell, do they try again at a lower start price?

PasturesNew

LittleMissAspie wrote: »

What exactly is an auction? Are they houses that have been repossessed and the bank is auctioning it off to get their money back? Who buys these, investors and the odd ordinary buyer? And what happens if they don't sell, do they try again at a lower start price?

Many more are repossessions these days. 87 in this auction are repossessions; a further 57 are likely to be. So maybe over half these are.

Who buys them? ... all sorts. Developers, people who want it to live in. If you want a house and like one that's at auction, then it's an option. But it's not easy to buy at auction because right then and there you have to put down a 10% CASH deposit. Then you have to complete in 28 days. Sometimes even less. If you don't you lose it.... so if you need a mortgage it can be difficult to get that sorted out in the time available.

If they don't sell, it depends who owns them. If it's a repossession, they have to keep going to auction until they sell, reducing the reserve each time. If it's privately owned (maybe somebody wanted to sell theirs fast, or they inherited it from somebody that died), then they might put it in again, or they might continue to try to sell it privately

I'd love to buy at auction, but I'd be scared. But I am scared of many things.



I'd also be scared of a repossession in case the old owners had moved in with family/friends close by and hated me, or decided to target the house at some future date out of spite.

divadee

thanks for the updates pastures couldnt believe the prices.

oldMcDonald

Guy_Montag wrote: »

Perhaps GHPC's PropertyGurru is expanding his empire.

(Apologies to those that don't read GHPC)

*smirk*

(adding more words so I can get this posted)

Trollfever

This is my favourite auction quote:

Stolen from Merryn Somerset Webb, 29/01/08.
On the plus side you’ll have the interesting experience of finding out what it is really worth. An auction is the purest possible way of finding out the right price for something. There’s no PR, no careful marketing, no estate agent lies or manipulations, no ‘staging’ and no waiting for the ‘right buyer.’ There’s just a man with a hammer and a room full of potential bidders. And the price one of them eventually pays? That’s the market price – the right price for that house given the prevailing market conditions. I wonder if the Battersea penthouse would get £5m if it went to auction.

neverdespairgirl

PasturesNew wrote: »

Lot 153. Ground floor flat, London. 4 rooms

I thought it looked all right.

http://www.eigroup.co.uk/onlineauctions/lotpub.asp?a=10597&l=494271

Last sold at £143,500 in June 2006
Unsold, last bid £124,500

Top bit was nearly 10% gross yield - that it didn't go higher is very interesting indeed.

neverdespairgirl

PasturesNew wrote: »

Who buys them? ... all sorts. Developers, people who want it to live in. If you want a house and like one that's at auction, then it's an option.

OH and I seriously considered buying an auction freehold house in WC1 in 2006. We had a survey done, OH went to the auction.

It was being sold by the council, and needed £140k minimum in structural work. It went for 280% of the guideprice, £1.1 million, which was just stupid, it was never going to sell for that in a normal way, even with the work done.