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House Price Crash Forum


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About physics34

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  1. Agreed. Particularly in the Pattinsons auction, guide prices are much lower than reserve prices. I had them round to appraise a house once - they suggested to put it on with a guide price of £65000 and a reserve price of £110,000. Their theory was to get as many people through the door to encourage a bidding frenzy !? That is why so few properties sell at the auction. Pattinsons, however, still get the auction entrance fee (about £1000 per property as far as I remember).
  2. On the instruction of Northern Land Residential Developments Ltd – In Administration
  3. I have been through the process myself albeit with a block of four flats . It was fairly simple although took about 18 months to get finalised. I can't however begin to imagine the hassles that would come with a much larger develpment.
  4. The problem with these flats is that they have an absentee freeholder - in some situations this can be solved (ie make the property mortgageable) by indemnifying against the risk . In this size of development though - which mortgage company would be happy to lend against a property that had no arrangements made for repairs to communal areas/ roof etc ?
  5. Just spotted this one. www.pattinsonauctions.co.uk/PropertyAuctions/ViewProperty.aspx?property=98359 I know the person who is selling this - it has been on the market for 129,950 for 6 months and they have turned down offers (against my advice) around the 115k mark. Now in auction for 75k - desperation kicks in.
  6. Please don't anyone buy it - I'm pretty sure that street has CPOs on it and is due for demolition soon !
  7. Just noticed guide been upped to 110k !?!
  8. Sorry Bloo Loo - I do actually mean "buy" on the open market. Some poor (stupid) b****r has had an offer accepted via the estate agent and the mortgage company has given them a deadline to complete otherwise property will go to auction. The mortgage company does not set a guide until the very last minute since it will be significantly less than the price offered by the original buyer and they don't want to lose them in case they do manage to complete on time. I have always thought it was madness (and cruel) that mortgage companies do this but really all they are bothered about is "looking to get the best price" rather than actually getting it (as long as outstanding mortgage is covered). But yes you're right it has probably sold prior to auction.
  9. When a property has "refer" next to it it generally means that it is a repossession that somebody is trying to buy on the open market. The mortgage company in possession set them a deadline and if they don't complete by auction day it goes to auction. They are completely ruthless about it which seems ridiculous and quite unbelievable in this market.
  10. It amazes me how much Bensham flats have risen-at one point last year there was not really much difference in price than those in Low Fell. Like you I can remember the prices of the late 90s-there was a basement flat on Whitehall Road for 7k - you could have bought it with your credit card!!
  11. It is already a repossession - checkout tape on taps and air freshener on shelves. If it has been on for three months this will probably be last ditch reduction before auction - lets have a guess what reserve will be - I'm in for 65k.
  12. I have bought quite a few properties at auction over the years and for some reason their price has never appeared on land reg or nethouseprices etc.
  13. Andrews and Robertson are auctioning a 1 bed in Marconi House - guide price £70,000
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