Residential property auctions?


A

Al Deveron

Can anyone suggest where I can get some information and advice,
regards selling my house through a property auctioneer?

It's clear that residential property auctions are common in England,
yet I am having no luck in finding a source of advice as to how best
to use this method of selling. For example, I can't find a single book
from a British publisher devoted to the subject.

Googling didn't turn much up either.

Thank you,

Al D
 
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T

Troy Steadman

Tranny said:
Exactly. Auctions are the worst possible way of selling property in the
UK, and are suitable only for repossessed, derelict or otherwise
unsaleable properties.

Every town has its auctioneers. Give us a town and we'll Google the
auctioneer for you.
 
A

Al Deveron

I have my reasons, one of which is that I need the money, fast. The
other reason is that it's not the sort of house that your average
house-buyer wants. It is partly developed. It would be ideal for a
cash buyer who is willing to put in some work. Because then it will
make him a quick profit. An after-purchase investment of about £10,000
will reap a £50,000 profit, in my estimation. Unfortunately, I do not
have the £10,000 to spare or the time to get the work done.

I am under the impression that through a decent auction, one will
realise a realistic market value for an item (whether its a house or a
piece of Brittney Spears' used chewing gum). That is of course
assuming the auction is properly advertised and has bidders who are
interested. If anyone disagrees, please explain.

I'm also hoping that a reserve price can be placed on the lot. There
is an amount below which I would not sell it.

Al D
 
A

Al Deveron

Exactly. Auctions are the worst possible way of selling property in the
UK, and are suitable only for repossessed, derelict or otherwise
unsaleable properties.
I don't believe this property is unsaleable, but I think it could take
a long time through an estate agent. I don't want to wait around for
what could be many months, and still not find a buyer.

Al D
 
T

Tumbleweed

Al Deveron said:
I don't believe this property is unsaleable, but I think it could take
a long time through an estate agent. I don't want to wait around for
what could be many months, and still not find a buyer.

Al D
tell the agent you want it priced for a quick sale, or price it a bit higher
but make them aware you'll take offers as long as the buyer can proceed
quickly.
 
D

Delpiero

Al said:
I don't believe this property is unsaleable, but I think it could take
a long time through an estate agent. I don't want to wait around for
what could be many months, and still not find a buyer.

Al D
well tell me how much do you want for it and where it is as i am
looking ot buy and i am a cash buyer if it suitable to my needs you got
yourself a deal, obviously once all the legal things are ok.
 
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A

Al Deveron

tell the agent you want it priced for a quick sale, or price it a bit higher
but make them aware you'll take offers as long as the buyer can proceed
quickly.
Yes, that seems lika an option - thanks. I might put the house in the
hands of an estate agent for say 2 months, and then I can fall back on
an auction if it doesn't sell by then. So I'm still interested in
learning about property auctions and how best to use them.

Al D
 
A

Al Deveron

well tell me how much do you want for it and where it is as i am
looking ot buy and i am a cash buyer if it suitable to my needs you got
yourself a deal, obviously once all the legal things are ok.
I'll send you an email shortly.

Al D
 
D

Derek ^

Yes, that seems lika an option - thanks. I might put the house in the
hands of an estate agent for say 2 months, and then I can fall back on
an auction if it doesn't sell by then. So I'm still interested in
learning about property auctions and how best to use them.
It seems to be wall >>wall on daytime TV.

:-(

DG
 
T

Troy Steadman

Al said:
I have my reasons, one of which is that I need the money, fast. The
other reason is that it's not the sort of house that your average
house-buyer wants. It is partly developed. It would be ideal for a
cash buyer who is willing to put in some work. Because then it will
make him a quick profit. An after-purchase investment of about £10,000
will reap a £50,000 profit, in my estimation. Unfortunately, I do not
have the £10,000 to spare or the time to get the work done.

I am under the impression that through a decent auction, one will
realise a realistic market value for an item (whether its a house or a
piece of Brittney Spears' used chewing gum). That is of course
assuming the auction is properly advertised and has bidders who are
interested. If anyone disagrees, please explain.
With a piece of chewing gum WYSIWYG. With a house there are a multitude
of very hard-to-root-out problems, structural and legal, which will
make any effort to offload it cheaply and quickly seem deeply
suspicious, and so counterproductive.

If you sell it slowly, properly, reluctantly, through the normal
channels, you have a better chance of someone biting your hand off.
I'm also hoping that a reserve price can be placed on the lot. There
is an amount below which I would not sell it.
There's another problem then, because if you fail to meet the reserve,
you are usually liable to meet the Auctioneer's commission at the
unsold last bid. So you've:

1) Failed to sell at the lowest price imaginable.
2) Paid handsomely, and are worse off than you were before.

What area is this property in?
 
D

Delpiero

Al said:
I'll send you an email shortly.

Al D
i sent you an e mail to the add you got on here, but my one is a spam
trap so if you want to email send me a reply on the email add i gave
you or just write on here where the property is and how much you are
looking for.
Regards.
 
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N

news

Al Deveron said:
Can anyone suggest where I can get some information and advice,
regards selling my house through a property auctioneer?

It's clear that residential property auctions are common in England,
yet I am having no luck in finding a source of advice as to how best
to use this method of selling. For example, I can't find a single book
from a British publisher devoted to the subject.

Googling didn't turn much up either.

Most auction houses offer a beginners' guide. Get a list from the RICS
or look in Yellow Pages. In the meantime have a look at these.

http://www.rics.org/Property/Propertyacquisitionanddisposal/going_once.h
tm

http://www.auction.co.uk/pdf/AllsopSellersGuide.pdf

http://www.cliveemson.co.uk/guide.asp
 
A

Al Deveron

On 27 Aug 2006 01:37:29 -0700, "Troy Steadman"


I wasn't aware of the auctioner's commission still being payable in
case of no-sale. That puts a different light on it, perhaps.
What area is this property in?
South Coast, Bournemouth/Poole area, Dorset.

Al D
 
A

Al Deveron

One of the links on this thread will have the information -
<URL:http://boards.fool.co.uk/Message.asp?mid=7606972&sort=whole#10097200>.
Ah, that looks liks a good list - thanks.
An auction is the right place for such a property.
I'm glad there's at least one prerson here who thinks so. I should
mention that the house has been used as two self-contained flats for
the past 14 years, although the conversion work was never fully
completed. I may have to sell it with a sitting tenant - or even two
sitting tenents.

Thee is also the option of turning it back into a regular
end-of-terraced 3-bed semi. But I doubt if anyone would want to do
that.

Al D
 
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A

Al Deveron

It seems to be wall >>wall on daytime TV.
I've seen the program called 'Under the Hammer' but from what I've
seen, it doesn't give much insight or tips on selling property through
auction. When I've watched that program, it has just shown properties
that are to be auctioned and then the scene in the auction room when
the bidders are bidding, followed by a chat with the buyer and what he
plans to do with the property. It's a program that seems to advocate
the use of property auctions but without going much into the pros and
cons, etc.

Al D
 
T

tim \(back at home\)

Al Deveron said:
On 27 Aug 2006 01:37:29 -0700, "Troy Steadman"


I wasn't aware of the auctioner's commission still being payable in
case of no-sale. That puts a different light on it, perhaps.
No neither was I. I can't believe that it's right.

tim
 
T

tim \(back at home\)

Al Deveron said:
I've seen the program called 'Under the Hammer' but from what I've
seen, it doesn't give much insight or tips on selling property through
auction. When I've watched that program, it has just shown properties
that are to be auctioned and then the scene in the auction room when
the bidders are bidding, followed by a chat with the buyer and what he
plans to do with the property. It's a program that seems to advocate
the use of property auctions but without going much into the pros and
cons, etc.
The C4 House Auction was better from the sellers pov.
They tended to profile a seller on each program as well
as a couple of buyers.

ISTR about half of the sellers set unrealistic reserves
and failed to sell :-(

tim
 
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