Mrs Bear Posted June 26, 2008 Share Posted June 26, 2008 bump (in appreciation for all your hard work). Ditto - many thanks. Quote Link to comment Share on other sites More sharing options...
pharm Posted June 26, 2008 Share Posted June 26, 2008 If you look on the auctioneers wb site and go into the details of the unsold properties, most are offered for about £5000 more than the last bid. Seems a bit foolish to risk getting less at the next auction for the sake of a few grand more now. Probably should have accepted the last bid (if there was one). This just means that the auctioneer was 'taking bids off the wall' up to the reserve. Once they get to the reserve, they quit. So basically the last bid is probably the reserve price for many of these properties. This is perfectly legal btw, and is one of the reasons you need your wits about you in an auction: you may not in fact be bidding against anyone else if you bid on a property, but against the auctioneer who is inventing bids until the reserve is reached. I think they're supposed to announce it when someone actually makes a real bid ('the bid is in the room' or some such thing) but don't quote me on that. DYOR and all that jazz. This is also why M21's best / worst price lists should exclude the unsold properties: we don't actually know that there were real bids in the room at those prices. cheers, Phil Quote Link to comment Share on other sites More sharing options...
sleepless Posted June 26, 2008 Share Posted June 26, 2008 This just means that the auctioneer was 'taking bids off the wall' up to the reserve. Once they get to the reserve, they quit. So basically the last bid is probably the reserve price for many of these properties.This is perfectly legal btw, and is one of the reasons you need your wits about you in an auction: you may not in fact be bidding against anyone else if you bid on a property, but against the auctioneer who is inventing bids until the reserve is reached. I think they're supposed to announce it when someone actually makes a real bid ('the bid is in the room' or some such thing) but don't quote me on that. DYOR and all that jazz. This is also why M21's best / worst price lists should exclude the unsold properties: we don't actually know that there were real bids in the room at those prices. cheers, Phil If this is the case then we know what the property would be sold for (if there was a buyer) in theory - so we can work out the theoretical price change on these unsold properties (and probably the maximum theoretical price it would go for). So it could make alot more difference to the statistics. Follow? Quote Link to comment Share on other sites More sharing options...
CviewUK Posted June 26, 2008 Share Posted June 26, 2008 An interesting comment found on MSE. I guess that Northern Wreck do not want to flood the auction market. I have called CCCS this morning who were helpful. They tell me it is likely that Northern Rock will accept my letter to avoid court costs, and that it is now a legal requirement for them to get as close to the market value as possible otherwise you can appeal against them. CCCS say they no longer sell at actions and now go independantly to two or three estate agents. Quote Link to comment Share on other sites More sharing options...
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