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Erinaceous Auction - London, Manchester, Birmingham ( And 3 At Brook Court, Nottingham! )


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Brook Court is a complete basket case. In addition to the 3 sold today, there are another couple of repos on the Barnard Marcus auction for mid March. The area is desperate and this block even more so: I suspect the fact that one of today's was fire damaged has something to do with the number of repos! It's not too far from where I'm sitting but I would never fancy going there, it's pretty rough. To be honest I'm astonished they sold at all.

You may be right about the area but what made people pay the 2006 price in the first place,

I see both flats in the 13th March sale are Repro,s.

http://www.eigroup.co.uk/auctioneers/templ...=1&l=489919

http://www.eigroup.co.uk/auctioneers/templ...=1&l=489920

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Hi CM51

You seem to know Nottingham - is Brook Court the block that featured on one of the televsion programmes recently (Repossession, Repossession, Repossession ? )

M21er

No, don't think, so. I think that was this kind of thing , bought in October 2005 for £250k. Similar area though.

You may be right about the area but what made people pay the 2006 price in the first place,

No idea. The only plea I can imagine is temporary insanity.

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You may be right about the area but what made people pay the 2006 price in the first place,

I see both flats in the 13th March sale are Repro,s.

http://www.eigroup.co.uk/auctioneers/templ...=1&l=489919

http://www.eigroup.co.uk/auctioneers/templ...=1&l=489920

85% of the masses are followers - so they will just do as they are told.

The real question is why were banks lending them YOUR money to buy? It is their job to evaluate risk.

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The sale that shocked me more than the Nottingham properties (let's face it, Nottingham isn't exactly paradise at the best of times) was the St Leonard's flats... Lots 29 & 30

Maybe there's a reason that they should be worth so little (impending tsunami?) but a drop of £130K seems a bit extreme!

What's going on here?

2006-01-13

8, 110 Sussex House Marina, St Leonards-On-Sea, East Sussex, TN38 0BW

£210,000

2008-02-28 - sold for £80,000

This is my first post - so forgive me if I have missed something glaringly obvious!

:D

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what's going on with this auction? Stuff is bidding above guide but then "unsold".

Any ideas? Bids off the wall etc?

believe or believe it not a guide price is a total load of rubbish, i have know property fetch well over the guide price and still not sell, how can they have a guide price then have a reserve price well over the guide price.It happens all the time,its about time this practice was stopped it cannot be right.

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Every property must be registered at the Land Registry to be transferred into the new buyer's name. The only exception I can see are some part exchange firms who hold the property with a restriction and then sell the property using a Power of Attorney and blank Transfer signed by the seller. This is to avoid stamp duty. All auction properties must go through the Land Registry.

Hope this helps

Conveyancer

I note in relation to Brook Court that the numerous sales at auction of repossessed flats at this block have not appeared on the LR-based website Nethouseprices.com. I have no idea why. Any thoughts?

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Conveyancer

I note in relation to Brook Court that the numerous sales at auction of repossessed flats at this block have not appeared on the LR-based website Nethouseprices.com. I have no idea why. Any thoughts?

I may have this wrong but I believe that sales of repossessed houses are not put on the LR stats sold to commercial sites, they are certainly not included in the stats that they produce on house price movements. Possibly you can get sold price for an individual property by paying the LR for this?

Could be talking rubbish but there have been a lot of threads discussing non-inclusion of repossession sales on LR stats.

You could try phoning them to ask, I had to talk to them a few times when dealing with a probate property and always found them very helpful.

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