or in excess of Posted September 20, 2010 Share Posted September 20, 2010 These are the results of the property auction held on the 15th & 16th september in Devon & Cornwall. Total of 103 lots. 62 are still available, 10 withdrawn. 31 sold. I`ve noticed recently they are making the guide prices even lower than normal, to get punters interested. Trouble is, the reserve price is somewhat higher, so it`s inevitable that results like this are going to be the norm, unless they drop the reserve price. I can`t eat all this bear food recently. Quote Link to comment Share on other sites More sharing options...
Reluctant Heretic Posted September 20, 2010 Share Posted September 20, 2010 These are the results of the property auction held on the 15th & 16th september in Devon & Cornwall. Total of 103 lots. 62 are still available, 10 withdrawn. 31 sold. I`ve noticed recently they are making the guide prices even lower than normal, to get punters interested. Trouble is, the reserve price is somewhat higher, so it`s inevitable that results like this are going to be the norm, unless they drop the reserve price. I can`t eat all this bear food recently. Thanks for the report, I did strongly consider going to go to the one in Redruth (but I had something more important on that day). I still feel that auctions are still too much 'a la mode' to bag a genuine bargain. I think I can predict without looking which are still available and I would guess that those that were sold were sold at around the true current market value. Quote Link to comment Share on other sites More sharing options...
moonriver Posted September 20, 2010 Share Posted September 20, 2010 These are the results of the property auction held on the 15th & 16th september in Devon & Cornwall. Total of 103 lots. 62 are still available, 10 withdrawn. 31 sold. ..., so it`s inevitable that results like this are going to be the norm, unless they drop the reserve price. Interesting. That is an awful lot of unsolds, so I wonder how much they will drop the guide price next time they take these places back to auction? Quote Link to comment Share on other sites More sharing options...
SarahBell Posted September 20, 2010 Share Posted September 20, 2010 Edward Mellor seemed to lower guide prices but reserves still too high as well. Quote Link to comment Share on other sites More sharing options...
exiges Posted September 20, 2010 Share Posted September 20, 2010 any linky kirsty? Google gave me this http://www.fulfords.co.uk/content/004_Other_Services/001_Auctions/Auction_Results/ Quote Link to comment Share on other sites More sharing options...
neil324 Posted September 20, 2010 Share Posted September 20, 2010 2 auctions this week in Birmingham, will be interesting to gauge what the smart money will be doing. Quote Link to comment Share on other sites More sharing options...
or in excess of Posted September 20, 2010 Author Share Posted September 20, 2010 any linky kirsty? imagine it msut be hard shifting auction properties as people are well aware they may not get mortgage finance in the 30 day time limit. Don`t know how to do that. If you google Fulfords, then click Auction results, you will then see for yourself the car crash results. Slim pickings for the agents i imagine. Quote Link to comment Share on other sites More sharing options...
Frank Hovis Posted September 20, 2010 Share Posted September 20, 2010 20 8 Tehidy Road Camborne £45,000+ £77,000 That was an interesting one, on the face of it a decent house and garden for less than half the normal price (at £45k) but I hope the buyer visited it first. The whole house was impregnated with the stench of dogs and their business, you would only be able to remove it by entirely gutting the place. Quote Link to comment Share on other sites More sharing options...
Lennon Posted September 20, 2010 Share Posted September 20, 2010 Did anyone go - were the unsolds because of a lack of bids, or or reserves just being too high? Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted September 20, 2010 Share Posted September 20, 2010 Cant they do that 'bouncing bids off the wall' thingy until the reserve is hit, as hilariously showcased by the two peroxided scouse women on that C5 property show a couple of years back. Quote Link to comment Share on other sites More sharing options...
dryrot Posted September 20, 2010 Share Posted September 20, 2010 These are the results of the property auction held on the 15th & 16th september in Devon & Cornwall. Total of 103 lots. 62 are still available, 10 withdrawn. 31 sold. I`ve noticed recently they are making the guide prices even lower than normal, to get punters interested. Trouble is, the reserve price is somewhat higher, Hi, thx and this is a naive question, but is that practice legal? How can the advertised guide price be less than the reserve? Quote Link to comment Share on other sites More sharing options...
tim123 Posted September 20, 2010 Share Posted September 20, 2010 Hi, thx and this is a naive question, but is that practice legal? How can the advertised guide price be less than the reserve? In the same way that a normal seller can advertise their house at 100K and only be prepaed to accept offers over 120K. tim Quote Link to comment Share on other sites More sharing options...
tomwatkins Posted September 20, 2010 Share Posted September 20, 2010 Hi, thx and this is a naive question, but is that practice legal? How can the advertised guide price be less than the reserve? If the bid is near to the reserve a good auctioneer will say "I will try for you" meaning he will contact the buyer. If it's nowhere near the ask he won't bother (well usually anyway). I have always thought that "bids offthe wall" is the real shady practice. Quote Link to comment Share on other sites More sharing options...
Frank Hovis Posted September 20, 2010 Share Posted September 20, 2010 Cant they do that 'bouncing bids off the wall' thingy until the reserve is hit, as hilariously showcased by the two peroxided scouse women on that C5 property show a couple of years back. You can't say that without posting it: How much did they cost them? 15k for definite Maybe another 5 - 10k that they could have negotiated it down when it was withdrawn. I'm sure one politician at the GE was calling these people entrepeneurs. Berks is more to the mark. Mandatory vieiwing before going to an auction. Get it withdrawn if possible, and it was news to me that fictitious bids from the auctioneer are perfectly legit. Quote Link to comment Share on other sites More sharing options...
neil324 Posted September 20, 2010 Share Posted September 20, 2010 I was cringing watching that video. Never knew it was legal to take ghost bids. I have bid at auction and there is lots of pressure for sure. You need to have a limit in your head before the biding starts. Quote Link to comment Share on other sites More sharing options...
neil324 Posted September 20, 2010 Share Posted September 20, 2010 Hi, thx and this is a naive question, but is that practice legal? How can the advertised guide price be less than the reserve? A guide is just that, there to generate as much interest as possible, so bringing as many potential bidders to the auction. Quote Link to comment Share on other sites More sharing options...
catmandu Posted September 20, 2010 Share Posted September 20, 2010 (edited) You can't say that without posting it: How much did they cost them? 15k for definite Maybe another 5 - 10k that they could have negotiated it down when it was withdrawn. I'm sure one politician at the GE was calling these people entrepeneurs. Berks is more to the mark. Mandatory vieiwing before going to an auction. Get it withdrawn if possible, and it was news to me that fictitious bids from the auctioneer are perfectly legit. Thanks for that - hilarious!! Don't suppose you have their reaction when they found out do you? Edited September 20, 2010 by catmandu Quote Link to comment Share on other sites More sharing options...
ccc Posted September 20, 2010 Share Posted September 20, 2010 I was cringing watching that video. Never knew it was legal to take ghost bids. I have bid at auction and there is lots of pressure for sure. You need to have a limit in your head before the biding starts. It is quite mental. Never knew that myself. I suppose there is nothing stopping you from asking the auctioneer the whole way through to confirm who the other bidders are ? They may think you are a dick, everyone else may get annoyed - but it would stop you getting ******ed over. Quote Link to comment Share on other sites More sharing options...
tim123 Posted September 20, 2010 Share Posted September 20, 2010 It is quite mental. Never knew that myself. I suppose there is nothing stopping you from asking the auctioneer the whole way through to confirm who the other bidders are ? They may think you are a dick, everyone else may get annoyed - but it would stop you getting ******ed over. Someone did that on HUTH. AIH it was at a Fulford's auction with their, normally, very affable auctioneer. His reply was something to the effect of "none of your business". tim Quote Link to comment Share on other sites More sharing options...
OMG Posted September 20, 2010 Share Posted September 20, 2010 I was cringing watching that video. Never knew it was legal to take ghost bids. I felt ill watching that. Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted September 20, 2010 Share Posted September 20, 2010 Stand at the font of the room with your back/side or backside to the auctioneer and look back at the room - then you can see who else is bidding or not. Bids off the wall, bids from friendlies who can bid up to the reserve with no consequences whatsover to get the bids going, all par for the course. Quote Link to comment Share on other sites More sharing options...
SNACR Posted September 20, 2010 Share Posted September 20, 2010 (edited) Stand at the font of the room with your back/side or backside to the auctioneer and look back at the room - then you can see who else is bidding or not. Bids off the wall, bids from friendlies who can bid up to the reserve with no consequences whatsover to get the bids going, all par for the course. Bids off the wall have always gone on. I would be very loathe to engage in it on the back of this, albeit an online auction but still sets a precedent that a court will pass sentence on it. http://www.guardian.co.uk/technology/2010/apr/20/ebay-seller-convicted-auction-fixing Very hard to enforce. I've often been left doubtful auction room staff taking bids off the phone aren't just listening to the dialling tone. Edited September 20, 2010 by Soon Not a Chain Retailer Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted September 20, 2010 Share Posted September 20, 2010 Someone did that on HUTH. AIH it was at a Fulford's auction with their, normally, very affable auctioneer. His reply was something to the effect of "none of your business". tim Havent seen HUTH for a good few months, but Is the Fulfords one the one that always has the 'loud' pinstripy suits? The savills one always comes across as very obnoxious, as if he's doing everyone a favour for turning up to the auction. Quote Link to comment Share on other sites More sharing options...
campervanman Posted September 20, 2010 Share Posted September 20, 2010 These are the results of the property auction held on the 15th & 16th september in Devon & Cornwall. Total of 103 lots. 62 are still available, 10 withdrawn. 31 sold. I`ve noticed recently they are making the guide prices even lower than normal, to get punters interested. Trouble is, the reserve price is somewhat higher, so it`s inevitable that results like this are going to be the norm, unless they drop the reserve price. I can`t eat all this bear food recently. It will be interesting to see if the unsold properties crop up in their next auction and if so, what the new guide prices are. I suspect Fulfords may be having a bit of a rethink on reserve/guide prices when they do their next 'appraisals'. Quote Link to comment Share on other sites More sharing options...
Toto deVeer Posted September 20, 2010 Share Posted September 20, 2010 (edited) I've been to a few of these auctions and man are they scam. Really they should be made illegal. From my experience, property auctions a way for a property seller to extract that cash really fast. And if they don't get their reserve then they'll just put it back on the market. I've seen that happen so many times, I stopped going. Two new regulations would really help the property market here: (1) A verbal offer made and accepted should be binding (like Scotland). No gazumping or gazundering. (2) Auctioneers should be required to publish the reserve price of a property; if the owner chooses not to put in a reserve then the highest bid gets the property, even if it is only 50 pence. That would stop all the nonsense. Edited September 20, 2010 by Toto deVeer Quote Link to comment Share on other sites More sharing options...
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