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antwacky

Auction Lack Of Sales

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Just looked at Liverpool's Venmore 17.7.08 auction results. Out of 41 properties only 16 sold...

A lot of auctions have poor sales.

http://www.a-r.co.uk/ResultsLast.aspx

only 43% of property sold, Only 65 out of 215 sold in room,not a very good result overall.

This one only sold about 30%.

http://www.ccreauctions.co.uk/DesktopModul...port.aspx?ID=79

Property not selling very well on high street or auction.

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You'd think these stupid sellers would get the message that the game is over. Perhaps we'll have to wait until the autumn when it starts getting very quiet and the penny finally drops (no pun intended).

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You've got to wonder why sellers bother putting property into an auction when unrealistic reserves mean they're just not going to sell. Why don't they put them with their local EA, where they'll also remain unsold, but at least they'll be able to see their house pictured in the local newspaper!

Seriously, I can (kind of) understand a vendor holding out a bit longer for a high price with an EA, but anyone selling via an auction is presumably looking for an ultra quick sale, so why do they guarantee disappointment by sticking with 2007 valuations.

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If the properties on auction are repos, then it is the banks that are setting the reserve. It is the banks responsibility to attain the best price they can (because the sucker that got repod has to make up the difference).

It has been suggested on this board already that for the next few months at least the banks will be putting properties to auction with high reserves, and slowly lower and lower the reserve in order to successfully find market value. This will also allow the bank to show the person who used to own the house that they tried their best to get as much money as possible for the property.

Basically, give it time and properties will be going to auction with much lower reserves.

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If the properties on auction are repos, then it is the banks that are setting the reserve. It is the banks responsibility to attain the best price they can (because the sucker that got repod has to make up the difference).

It has been suggested on this board already that for the next few months at least the banks will be putting properties to auction with high reserves, and slowly lower and lower the reserve in order to successfully find market value. This will also allow the bank to show the person who used to own the house that they tried their best to get as much money as possible for the property.Basically, give it time and properties will be going to auction with much lower reserves.

'tis also a way for banks to keep losses of their books for as long as possible.... <_<

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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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