Allsop Residential Property Auction

[BandWagon]

Just thought I'd post this for any HPC'ers who may be interested.

http://www.auction.co.uk/default.asp?Auction=R

Have a look at the 'Online Catalogue", you can click on the lot numbers to show the properties.

68 Regent street, London

http://www.streetmap.co.uk/newmap.srf?x=52...p=newsearch.srf

Bear in mind the guide prices are usually pitched far lower than the expected selling price, this is to entice naive buyers to the auction. Often these places will sell for far more than guide.

Look at the "By Order of Mortgagee" sales, ie the people who really own the propery, the bank.

As opposed to the person who thinks they own the property, but actually just owns the debt.

There will also usually be a reserve price, which remains undisclosed.

When the gavel goes down, and the auctioneer says something like "speak to me later", it means it hasn't reached reserve, but they may be interested in doing a deal.

I quite like standing near the front of the auction, and watching the people bidding. See if you can catch the auctioneer taking bids "off the wall"

Look out for the sweet innocent types bidding, usually standing with mummy/daddy/granny/etc.

Watch their faces, you can see the emotion as they place bids, think they've won a bargain, then despair as the price rises. These people get grilled by an experienced auctioneer.

Another thing to watch are the professional buyers. You can tell them because they usually only start bidding near the end. They're not doing the emotional roller coaster.

Auctioneers are also very good at getting the highest price for their clients. A good bidder will try to slow down the bidding process, by offering smaller increases. The auctioneer will try to speed things up.

When I have the time I try to visit a couple of properties, assess what I think they're worth (before the auction), and then see what others are prepared to pay. Think about this before the bidding starts, it will show you how far your view differs from the market.

Often I've seen places sell for far more than I think they're really worth.

Just another sympton of all this cheap money.

Entrance to these auctions is free, and you can come and go at any time.

Give it a couple of years, and once again there will be bargains.

If you haven't been before, it's well worth a visit.

Edited March 12, 2006 by BandWagon

[pagaman]

Are those "Investment" properties what I think they are (BTL gone wrong).

Or are they dumps, that need doing up?

[BillyShears]

Are those "Investment" properties what I think they are (BTL gone wrong).

Or are they dumps, that need doing up?

I attended an auction in Leicester. In my case, there were a lot of dumps. I also think that the company running the auction was a lot more clued in than the "audience". No bargains there, and some properties that achieved bids within the guide price range were withdrawn after failing to meet the reserve.

Billy Shears

[BandWagon]

Are those "Investment" properties what I think they are (BTL gone wrong).

Or are they dumps, that need doing up?

"Investment properties" usually have sitting tenants. The rent is disclosed, often it's well below market value.

They're not BTL numpties who've got burnt, but I suspect that you will see many of those in the next few years.

[Elizabeth]

333 units being sold.

24% are by Order of the Morgagee (81 properties)

22% are BY ORDER OF j h gershinson frics and s davidson mrics of allsop llp acting as joint fixed charge receivers which appears to be Allsops own property reciever specialists (74 counted) some of then are "subject to an Occupancy" although it doesn't say what sort.

1 shared ownership property for "Menzies Corporate Restructuring" which appears to be an insovency firm.

That makes 47% of these properties subject to forced sale by my reckoning. Is this normal? Alsok I may be wrong. Is receivership always a forced sale? Anyone with better knowledge please comment.

Quite a few more are by order of ARIM which is "a firm of independent property consultants established in 1906 providing a comprehensive range of commercial and residential services. We are probably best known, however, as the UK's largest most successful auction house."

http://www.arim.co.uk/

[Converted Lurker]

333 units being sold.

24% are by Order of the Morgagee (81 properties)

22% are BY ORDER OF j h gershinson frics and s davidson mrics of allsop llp acting as joint fixed charge receivers which appears to be Allsops own property reciever specialists (74 counted) some of then are "subject to an Occupancy" although it doesn't say what sort.

1 shared ownership property for "Menzies Corporate Restructuring" which appears to be an insovency firm.

That makes 47% of these properties subject to forced sale by my reckoning. Is this normal? Alsok I may be wrong. Is receivership always a forced sale? Anyone with better knowledge please comment.

Quite a few more are by order of ARIM which is "a firm of independent property consultants established in 1906 providing a comprehensive range of commercial and residential services. We are probably best known, however, as the UK's largest most successful auction house."

http://www.arim.co.uk/

Good point Elizabeth and nice spot. I`m with you on this, it does appear that there has been a sea change, I havn`t seen so many repos for some time This is very indicative IMHO

[Rave]

If you're actually interested in bidding, I'd say the best place to stand is at the very back- then you can see full well if you're bidding against someone or if you're being played by the auctioneer. In my late teens/early 20s I used to be a regular at a police auction in Wandsworth- didn't take me long to get into the swing of things (albeit for far lower stakes).

[expatowner]

I went to property auctions in the last crash and bid for a couple of properties. It was pretty adrenelin pumping stuff putting my hand up for when the prices came up near my limit. Set a limit for yourself before you go to the auction and don't budge when the auction starts.

There was some real bargains to be had if you had ready money.

Back then you needed to do all the legal searches, surveys and mortgage checks just like normal before the auction took place which can be pricey if you are not certain you want the property. Dont know if its still like this.