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Leonard Hatred

Deadlock In The Auction Room

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"Let's start at 50, anyone for 50?" asks the auctioneer. The packed room remains silent until one angry man runs breathlessly through the crowd and stops the proceedings in their tracks. "No," he shouts. "I told you I can't take less than 55."

The auction in a hotel in Southend-on-sea provides a new window from which to see how the credit crunch is taking its toll on the housing market. For this desperate homeowner the view was not a welcome one - there were no bidders for his flat.

http://www.guardian.co.uk/business/2008/ju...et.creditcrunch

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******ing aye!

at last we are almost at the capitulation stage!

hold on .... spread your deposits!

its all downhill from here

:lol::lol::lol:

sitting drinking piss watching a reuters screen ******ing AYE !

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Yeah but in this situation prices will not fall due to the standoff :lol:

ps. edited to add: "negative equity only effects those who need to sell" and "once the banks start lending to each other again then house prices will stabilise"*

* :lol:

Edited by DoctorJ

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Is there any truth to the rumour that now you cant get a pre approved, or any mortgage, on an auction property? Even one well BMV? So all auction buys now have to be cash sales?

I have never known anyone personally who has bought a house via Auction but so I have no idea how you buy it if you win a bid and don't have 100% of the purchase price in cash.

i.e. I see a nice 4 bed detached repossesion at auction for £160k reserve by the bank. Say it's 2007 peak market price was £350k for similar properties in the location. I am the only bidder but I only have £110k cash. How do I buy it without some mortgage approval for £50k?

Anyone who knows the current Auction / mortgage situation?

Cheers

M

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in NZ many houses sell at auction most in fact did

you have to put 10% down at fall of hammer in NZ and its unconditional ie you cannot get out of the deal or you can be sued and if property sells lower later they can sue for this etc

bid real low real low and hope no one else bids..... then you have all the power !

in the us banks no longer auction as there are no bidders instead the REO and try to sell as best possible!

****** this just keeps getting better!

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This is a paradigm isn't it - people who are desperate to sell but can't afford to sell below a certain price. I wonder how many are adding a comfortable nest-egg to that price though so they get out with at least something.

I must be quite a shock to go from seemingly being cash rich to technically broke within a matter of months.

It is going to get a lot worse.

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  • 399 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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