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Anyone Know Anything About House Auctions

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My neighbour who is renting and is under notice to quite, and is a very sick old man, complained to me, that he is being pestered by buyers, visiting his flat. It is up for auction.

He has had twenty-one visitors in eight hours sent by the agent.

Thanks to AST I already know he cannot do a thing about this harassment, but my question is.

The average asking price for identical flats range from 150K to 160K.

The reserve price on his is 125K.

Is this amount of interest shown in his flat typical of auctions? Is this a scramble or a poor response.

I know nothing about house auctions at all

(desperately hoping I've explained myself correctly)

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My neighbour who is renting and is under notice to quite, and is a very sick old man, complained to me, that he is being pestered by buyers, visiting his flat. It is up for auction.

He has had twenty-one visitors in eight hours sent by the agent.

Thanks to AST I already know he cannot do a thing about this harassment, but my question is.

The average asking price for identical flats range from 150K to 160K.

The reserve price on his is 125K.

Is this amount of interest shown in his flat typical of auctions? Is this a scramble or a poor response.

I know nothing about house auctions at all

(desperately hoping I've explained myself correctly)

Can be, some of them have priced low to excite buyers, some price at what they would perceive to be the realistic price. I reckon they are being cute and placing a low guide price which gets lots of viewings/interest leading to the pissing contest that the auction floor often has been over the past year or two.

The fact that there has been so many viewings suggests that they have put a BMV reserve on it in order to get the vultures circling. Hopefully one of the vultures is a FTB with a bit of nouse, only if they buy at 125 ;)

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Thanks for your reply CL. These twenty-one viewer know the reserve price, which does indicate they are preparing to pay more. I am wondering if the bids climb anywhere near the identical flat’s asking price.

By the way I should have said the difference between 150K and 160K is due to lease extension fees.

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Thanks for your reply CL. These twenty-one viewer know the reserve price, which does indicate they are preparing to pay more. I am wondering if the bids climb anywhere near the identical flat’s asking price.

By the way I should have said the difference between 150K and 160K is due to lease extension fees.

Interesting to note that both yourself and Elizabeth post re. auctions of either neighbours or own rentals, could this be an indication of many vendors wanting to parachute out by any method, or just a coincidence? Auctions always represent the quickest exit. Although looking at recent results, only half sold in L`pool (Venmores) and approx a third in N`castle (Patinnsons). If even the auctions cannot provide a quick exit then god help vendors in need of a quick sale.

:P

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I've noticed quite a few auctions in the well-to-do areas I see like Kensington and Chiswick, which was unheard of a few years ago.

BTW, what does "guide price" mean? Is that the same as reserve? Is it really a guide price or a number to entice people with, the property usually going for much more?

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Just like an antique auction... the guide price is just that: A rough estimate of what the seller/Auctioneer (Usually the auctioneer) thinks it is 'worth'.

It can sometimes be quoted a bit optimistically to make people think they are getting a bargain.

If the reserve is somewhere around or just below market value, and the guide price is set a fair bit higher then people feel better about themselves when they overpay for the property.

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  • 302 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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