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Elizabeth

Help! I Need Advice

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'MY' property has just come up for auction. Its been on the market for ages, overpriced, and the vendor has obviously got fed up (maybe with the EAs not passing on genuine offers) It was 15K over what I could afford. I can afford the 2002 price. The guide price is 12K under the 2002 price. Do I put in an offer now and see if he bites or wait for the auction?

Friendly advice really would be appreciated.

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'MY' property has just come up for auction. Its been on the market for ages, overpriced, and the vendor has obviously got fed up (maybe with the EAs not passing on genuine offers) It was 15K over what I could afford. I can afford the 2002 price. The guide price is 12K under the 2002 price. Do I put in an offer now and see if he bites or wait for the auction?

Friendly advice really would be appreciated.

I'd go in for less than that. He'll have to pay auctioneer fees to won't he?

Maybe he'd rather not have the hassle too!! But then he might take it to auction

and get some idiot who bids a stupid price!

Its a bit of a gamble and down to you Elizabeth!

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if it's the one for you, decide how much it's worth to you and put in an offer - if it i turned down then attnd the auction but be careful in bidding - if it doesnt sell, reiterate your offer afterwards

don't get drawn into a bidding war no matter how much you love it

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'MY' property has just come up for auction. Its been on the market for ages, overpriced, and the vendor has obviously got fed up (maybe with the EAs not passing on genuine offers) It was 15K over what I could afford. I can afford the 2002 price. The guide price is 12K under the 2002 price. Do I put in an offer now and see if he bites or wait for the auction?

Friendly advice really would be appreciated.

If, and only if, having this property means something to you, yes try to negotiate.

Do not be tempted to exceed your budget.

If your offer is refused can you have finance in place so that you could attend the auction?

You would then have another bite because who knows what might happen at auction.

Again stick to your budget at auction.

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Guest wrongmove

I would be tempted to put in an offer before the auction. It sounds like it is the house you want at a price you want.

Will you need a mortgage ? If so, you will have to get a survey done before the auction in order to have the funds to hand.

Good luck, whatever you decide.

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If, and only if, having this property means something to you, yes try to negotiate.

Do not be tempted to exceed your budget.

If your offer is refused can you have finance in place so that you could attend the auction?

You would then have another bite because who knows what might happen at auction.

Again stick to your budget at auction.

Thanks for the advice. Don't worry. I'm a gambler... of small change only... but it has taught me how to walk away when the table turns!

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I would be tempted to put in an offer before the auction. It sounds like it is the house you want at a price you want.

Will you need a mortgage ? If so, you will have to get a survey done before the auction in order to have the funds to hand.

Good luck, whatever you decide.

And doesn't it just p*ss you off that you have to have a survey done before the auction - and so does anyone else that is serious. So the same property might generate half a dozen surveys. I have never understood why the seller isn't forced to pay for a full structural survey of any property sold at auction.

I keep reading drivel from people trying to get me to subscribe to some auction finding service or other - going on and on about bargains.

When I attend auctions (and on that Under the Hammer programme on the box) - there always seem to be two nutters slugging it out and pushing the price way above what any sane person would pay.

When you read the legal stuff on auctions instead of the normal

Buyer Beware

that you expect when buying a house normally

for auctions it is

Buyer Be very bloody Aware

The whole thing is loaded in favour of the vendor and auctioneer.

I'd try to negotiate a deal before the auction if I were you.

If you look at auctioneers that publish their results, even now the price achieved is often well above the guide price. There are still lots of bargain-hunting nutters out there.

Edited by Marina

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And doesn't it just p*ss you off that you have to have a survey done before the auction ...

When you read the legal stuff on auctions instead of the normal

Buyer Beware

that you expect when buying a house normally

for auctions it is

Buyer Be very bloody Aware

The whole thing is loaded in favour of the vendor and auctioneer.

:lol::lol::lol: Yeah, I know. Its all terribly scary.

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Guest wrongmove

And doesn't it just p*ss you off that you have to have a survey done before the auction - and so does anyone else that is serious. So the same property might generate half a dozen surveys. I have never understood why the seller isn't forced to pay for a full structural survey of any property sold at auction.

I wonder if HIPs will apply to auction properties ? (Home info packs)

Elizabeth - let us know what you decide and how it turns out. I'm a bear and happy to wait for now, but I would still buy a place if I really wanted it and could afford it. Just fix your mortgage, delete all the property related links from your browser, and relax..........

:)

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Try making a written offer ahead of the auction, below the listed price.

They may be willing to take the money and run rather

than not even getting to reserve price.

(They may save on auction fees if withdrawn ahead of time)

Unless you know the auction scene, you could get

slaughtered in a bidding game.

ABB

Edited by AgeingBabyBoomer

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Try making a written offer ahead of the auction, below the listed price.

They may be willing to take the money and run rather

than not even getting to reserve price.

(They may save on auction fees if withdrawn ahead of time)

Unless you know the auction scene, you could get

slaughtered in a bidding game.

ABB

Thanks. Just spoken to me bruv who says that buying in a falling market is like catching falling knives... and he ain't that chuffed but he said I should try going in at the price they listed. Who do I make the offer to? The auctioneering EA? Won't the vendor still have to pay EA fees?

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I don't know for sure but I think the fees vary, so

much to enter, so much if put into the auction on the day,

then a percentage of the profit?

There are quite a few auction web site where they list

the results of an auction - one I saw showed up to 1/3rd were

withdrawn, some had even sold ahead of the auction, some not,

many went below list, but above reserve.

Some were sold over the list price (few).

I would approach the vendor try the house

(and have shufty round) or you might be

able to 'extract' the contact details

by chatting up the auction people...

ABB

BTW Has anybody else used the 'Quick edit' feature - it's really cool :D

Edited by AgeingBabyBoomer

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'MY' property has just come up for auction. Its been on the market for ages, overpriced, and the vendor has obviously got fed up (maybe with the EAs not passing on genuine offers) It was 15K over what I could afford. I can afford the 2002 price. The guide price is 12K under the 2002 price. Do I put in an offer now and see if he bites or wait for the auction?

Friendly advice really would be appreciated.

Often the reserve price is a little above the guide price and I think that most auction property which is 'sold prior' will have gone for above even the reserve. However there's nothing to stop you placing an offer with the auctioneer, perhaps halfway between the two prices, which will be forwarded to the vendor. Auction rules will almost certainly still apply though i.e. you'll have to put 10% down as soon as the offer is accepted and the rest on 28 days.

On the plus side, if there's a couple of months to run before the auction, the vendor may well be tempted to take the certainty of your cash now, especially if his finances are stretched.

By the way do you know why it's in auction? Has it possibly been knocked back on survey or have unpleasant clauses been discovered in the deeds? Or are they just desperate to sell?

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Thanks for all the help and advice guys. I've changed my mind. But I will store your advice for when I find the right place.

As said, I'm a small change gambler and heres the clincher I was ignoring (like really shouting down the voice in my head!!!) because I love the place so much. It is ex-Council multi-storey, (not 23, only ten but still multi-level). Well built new build, 70s with 60s internal dimensions (they are really good inside) but it doesn't matter cause in the last crash those were the ones that got hammered hardest. Still a punt but the odds are just too high... it breaks my heart, but this will be the biggest investment I ever make as well as my home, and I reckon I've got to get it right. So all, thanks for your help, and Bears thanks for your scepticism!!!

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  • 301 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%



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