Jump to content
House Price Crash Forum
Pauly_Boy

Went To An Auction Open House

Recommended Posts

Well, there is a house near me up for auction so thought I'd go and have a look, you never know :)

Anyway, it was a odd mix...

- Several FTBs including a ~25yr old bird and her mum who said 'I'd need to get my BF to have a look, he's the one with a job!

- A set of day dreamers who were on day release from the local home for window lickers

- A kirsty allsop wannabie, walking around with clip board

- And then me barging around measuring the jaw droppingly small rooms.

There were no obvious investors or BTL tw@ts, which is a good thing I suppose, but tbh the house doesn't lend itself to be converted in to luxuary apartments. It has a nice long garden and a drive for 3 cars and is in the centre of a village, if it was perfect I'd expect it to be on the market for about £220k (guide price is £170k), but it wasn't.

Thank god it rained that night as it showed up evidence of a leaking roof, all the rooms were a complete dump, only good bit was the tileing in the kitchen, but it didn't stop people asking how to bid on it before the auction.

Whoever bids on it, I hope they get it surveyed first as one of the window lickers made a comment about a crack in the roof in the main bedroom, when I looked at the roof outside the whole chimley looked like it was about to fall off, or is that a touch of ye'old character?

Share this post


Link to post
Share on other sites

Well, there is a house near me up for auction so thought I'd go and have a look, you never know :)

Anyway, it was a odd mix...

- Several FTBs including a ~25yr old bird and her mum who said 'I'd need to get my BF to have a look, he's the one with a job!

- A set of day dreamers who were on day release from the local home for window lickers

- A kirsty allsop wannabie, walking around with clip board

- And then me barging around measuring the jaw droppingly small rooms.

There were no obvious investors or BTL tw@ts, which is a good thing I suppose, but tbh the house doesn't lend itself to be converted in to luxuary apartments. It has a nice long garden and a drive for 3 cars and is in the centre of a village, if it was perfect I'd expect it to be on the market for about £220k (guide price is £170k), but it wasn't.

Thank god it rained that night as it showed up evidence of a leaking roof, all the rooms were a complete dump, only good bit was the tileing in the kitchen, but it didn't stop people asking how to bid on it before the auction.

Whoever bids on it, I hope they get it surveyed first as one of the window lickers made a comment about a crack in the roof in the main bedroom, when I looked at the roof outside the whole chimley looked like it was about to fall off, or is that a touch of ye'old character?

Thought you said widow lickers. Then I put my glasses on . phewww

Seriously, I have had a few experiences like this in the last two years or so. Most sold at more than I would or could have paid. Plenty strange wallets out there.

Hopefully they should be drying up soon. Unless the whole country has gone bonkers.

Share this post


Link to post
Share on other sites

Well, there is a house near me up for auction so thought I'd go and have a look, you never know :)

Anyway, it was a odd mix...

- Several FTBs including a ~25yr old bird and her mum who said 'I'd need to get my BF to have a look, he's the one with a job!

- A set of day dreamers who were on day release from the local home for window lickers

- A kirsty allsop wannabie, walking around with clip board

- And then me barging around measuring the jaw droppingly small rooms.

There were no obvious investors or BTL tw@ts, which is a good thing I suppose, but tbh the house doesn't lend itself to be converted in to luxuary apartments. It has a nice long garden and a drive for 3 cars and is in the centre of a village, if it was perfect I'd expect it to be on the market for about £220k (guide price is £170k), but it wasn't.

Thank god it rained that night as it showed up evidence of a leaking roof, all the rooms were a complete dump, only good bit was the tileing in the kitchen, but it didn't stop people asking how to bid on it before the auction.

Whoever bids on it, I hope they get it surveyed first as one of the window lickers made a comment about a crack in the roof in the main bedroom, when I looked at the roof outside the whole chimley looked like it was about to fall off, or is that a touch of ye'old character?

Pauly, I personally wouldn't go to an auction to buy a house as i don't know enough about housing to trust my own instinct. I'd need a survey. They are being optimistic at labelling this a 3 bed, downstairs bedroom, no thanks, needs to be a dining room or lounge with downstairs bathroom. I like the look of the old (victorian?) terraces but this would require quite extensive works. I can't see it being value for money for a FTB. a developer once finished properly could probably get 215 for it. max.

Share this post


Link to post
Share on other sites

Well, there is a house near me up for auction so thought I'd go and have a look, you never know :)

Anyway, it was a odd mix...

- Several FTBs including a ~25yr old bird and her mum who said 'I'd need to get my BF to have a look, he's the one with a job!

- A set of day dreamers who were on day release from the local home for window lickers

- A kirsty allsop wannabie, walking around with clip board

- And then me barging around measuring the jaw droppingly small rooms.

There were no obvious investors or BTL tw@ts, which is a good thing I suppose, but tbh the house doesn't lend itself to be converted in to luxuary apartments. It has a nice long garden and a drive for 3 cars and is in the centre of a village, if it was perfect I'd expect it to be on the market for about £220k (guide price is £170k), but it wasn't.

Thank god it rained that night as it showed up evidence of a leaking roof, all the rooms were a complete dump, only good bit was the tileing in the kitchen, but it didn't stop people asking how to bid on it before the auction.

Whoever bids on it, I hope they get it surveyed first as one of the window lickers made a comment about a crack in the roof in the main bedroom, when I looked at the roof outside the whole chimley looked like it was about to fall off, or is that a touch of ye'old character?

Far too many auctioned homes in the UK are there for distressed reasons including that there is a major structural fault making it unmortgageable without repair. So watch out!You can have a survey prior to auction, but you canot bid on the basis that your bid is subject to survey. You must sign the contract at auction with a completion date on the spot and give a 10% deposit usually.

In australia auctioning homes is a norm for almost all of them and those that fail to reach the reserve can be bought much like here and will hand in the agents window sometimes forever. All interested bidders have a building inspection and agree their mortgage with a letter from the bank - no forms yet!

Either way, at an auction or just offer to an agent, you are expected to sign a standard binding contract upon being the highest bidder/ verbal acceptance of the offer AND produce at least a 5% deposit to the agent or auctioneer. No gazumping ever!

Also, they just have open times for anyone to wander in and view, whatever kind of sale it is. The agent stands by to answer all the queries!

Share this post


Link to post
Share on other sites

I'm always amazed at the readiness of so many people aho buy houses at auction. I would be far too apprehensive to do this. I couldn't live with myself if I bought a property which turned out to be a disaster, or proved to be a complete drain on my finances.

It does seem to be the case, as plummet expert said, that houses up for auction are there for a reason. I always get the feeling they're hiding something.

Share this post


Link to post
Share on other sites

I'm always amazed at the readiness of so many people aho buy houses at auction. I would be far too apprehensive to do this. I couldn't live with myself if I bought a property which turned out to be a disaster, or proved to be a complete drain on my finances.

It does seem to be the case, as plummet expert said, that houses up for auction are there for a reason. I always get the feeling they're hiding something.

I'd have no problem buying a modern house from auction, but also wouldn't go near an old house.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.