Vinny09 Posted February 1, 2011 Share Posted February 1, 2011 Hi, It looks like auctions are getting to be more popular and I was surprised to see that Zoopla are even getting in on the action now - claiming almost a million visitors to their auctions section and 8,000 unique bidders (source: http://www.makeoffer.co.uk/blog/2011/02/01/interview-with-mark-witherspoon-strategic-development-director-at-zoopla-co-uk/ ) However, looking at it from the perspective of a potential buyer, does it work out cheaper to buy at auction or do you end up paying the same / more for potentially dodgy properties? Anyone got any useful figures? I have to admit to being a bit scared about the prospect of going to a property auction in case I get carried away!!!! Any advice / figures much appreciated! Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted February 1, 2011 Share Posted February 1, 2011 The type of properties im looking for (modernish smallish detached) seem to go for the same or more in most auctions, if they get there at all and dont go 'sold prior' I suspect 2 up 2 down type places in mining towns go for a lot less though. Or the new build execuflats. Quote Link to comment Share on other sites More sharing options...
Tim Miller Posted February 1, 2011 Share Posted February 1, 2011 The type of properties im looking for (modernish smallish detached) seem to go for the same or more in most auctions, if they get there at all and dont go 'sold prior' I suspect 2 up 2 down type places in mining towns go for a lot less though. Or the new build execuflats. Zoopla is not for professionals to buy property, it's the general public they are aiming for and attracting. With that in mind you can take it that in most cases prices will be higher than in other auctions. I have bought and sold quite a few properties at auction, in the main they are cheaper than to buy by any other method. You must always allow for some properties in auction being problem properties. Like any market, do your homework, and do a few dry runs before buying. Quote Link to comment Share on other sites More sharing options...
Vinny09 Posted February 1, 2011 Author Share Posted February 1, 2011 Zoopla is not for professionals to buy property, it's the general public they are aiming for and attracting. With that in mind you can take it that in most cases prices will be higher than in other auctions. I have bought and sold quite a few properties at auction, in the main they are cheaper than to buy by any other method. You must always allow for some properties in auction being problem properties. Like any market, do your homework, and do a few dry runs before buying. Thanks for the advice. Weirdly, I was sure there was another response when I look earlier and I had replied to this but it seems to have gone. I guess mods might have taken both down but not sure why! What happens if you find you've bought a dud property at auction - do you have any comeback? Quote Link to comment Share on other sites More sharing options...
Number79 Posted February 1, 2011 Share Posted February 1, 2011 Thanks for the advice. Weirdly, I was sure there was another response when I look earlier and I had replied to this but it seems to have gone. I guess mods might have taken both down but not sure why! What happens if you find you've bought a dud property at auction - do you have any comeback? there were other responses, you have managed to start two threads Mods, can you oblige Quote Link to comment Share on other sites More sharing options...
Vinny09 Posted February 1, 2011 Author Share Posted February 1, 2011 there were other responses, you have managed to start two threads Mods, can you oblige Whoops - talk about a great way to make an impression as a newbie I think it might be because I tried to post and my computer hung, so I tried again not realising it had posted. Sorry folks and appreciate (both sets) of advice..... Quote Link to comment Share on other sites More sharing options...
Number79 Posted February 1, 2011 Share Posted February 1, 2011 Whoops - talk about a great way to make an impression as a newbie I think it might be because I tried to post and my computer hung, so I tried again not realising it had posted. Sorry folks and appreciate (both sets) of advice..... happens all the time, the mods will eventually merge the threads and tidy it up deleting these 3 irrelevant posts if the have any sense. That may rule a couple of them out though so we shall see Quote Link to comment Share on other sites More sharing options...
Tim Miller Posted February 1, 2011 Share Posted February 1, 2011 Thanks for the advice. Weirdly, I was sure there was another response when I look earlier and I had replied to this but it seems to have gone. I guess mods might have taken both down but not sure why! What happens if you find you've bought a dud property at auction - do you have any comeback? It's an auction, there is ZERO comeback. Quote Link to comment Share on other sites More sharing options...
Vinny09 Posted February 2, 2011 Author Share Posted February 2, 2011 It's an auction, there is ZERO comeback. Wow - seriously? So I guess you need to do your homework / surveys etc. before you go to the auction, which could get expensive. Might explain why it's apparently cheaper to buy then - you pay your money and take a chance! Quote Link to comment Share on other sites More sharing options...
Tim Miller Posted February 2, 2011 Share Posted February 2, 2011 Wow - seriously? So I guess you need to do your homework / surveys etc. before you go to the auction, which could get expensive. Might explain why it's apparently cheaper to buy then - you pay your money and take a chance! Auctions are a great place to buy a property. you will need a survey if you are buying with finance from a building society or bank so they can give you an offer of funding, that is all lost money should you not buy. There are great savings buying in auction, so it is still worth a couple of aborted surveys etc. Just do your homework first, have a couple of dry runs, view some auction properties and then attend the auction. Just make sure you chat to local estate agents first about the property, they may have had it for sale or know something about it's history. You can say you intend doing it up and selling it on via them. Quote Link to comment Share on other sites More sharing options...
Vinny09 Posted February 8, 2011 Author Share Posted February 8, 2011 Auctions are a great place to buy a property. you will need a survey if you are buying with finance from a building society or bank so they can give you an offer of funding, that is all lost money should you not buy. There are great savings buying in auction, so it is still worth a couple of aborted surveys etc. Just do your homework first, have a couple of dry runs, view some auction properties and then attend the auction. Just make sure you chat to local estate agents first about the property, they may have had it for sale or know something about it's history. You can say you intend doing it up and selling it on via them. Thanks Tim. Is the survey the same as the one you would use to buy a property through the regular channels or are there companies that specialise in quick turnaround / light auction surveys? Quote Link to comment Share on other sites More sharing options...
neil324 Posted February 8, 2011 Share Posted February 8, 2011 (edited) Thanks Tim. Is the survey the same as the one you would use to buy a property through the regular channels or are there companies that specialise in quick turnaround / light auction surveys? Are you buying with a mortgage, if so the bank will arrange, so are governed by them and they are protecting their interest but given the low work volume then the turn around should be quickish. If it's cash then your better of getting a builder to put his eye's over it for a drink. Edited February 8, 2011 by neil324 Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted February 8, 2011 Share Posted February 8, 2011 Are you buying with a mortgage, if so the bank will arrange, so are governed by them and they are protecting their interest but given the low work volume then the turn around should be quickish. If it's cash then your better of getting a builder to put his eye's over it for a drink. I've often wondered whether it's worth going halvsies on the profits with a builder to learn the business. You supply the capital, him the expertise and away you go. I suspect the flaw in the plan is that builders always have their own capital so don't need yours. Quote Link to comment Share on other sites More sharing options...
1888 Posted February 8, 2011 Share Posted February 8, 2011 tips for buying at auction Quote Link to comment Share on other sites More sharing options...
Vinny09 Posted February 10, 2011 Author Share Posted February 10, 2011 Are you buying with a mortgage, if so the bank will arrange, so are governed by them and they are protecting their interest but given the low work volume then the turn around should be quickish. If it's cash then your better of getting a builder to put his eye's over it for a drink. Hah - I wish I was rich enough to be a cash buyer! No - definite hefty mortgage would be required! Quote Link to comment Share on other sites More sharing options...
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