UK Landlord Forum / Life

I'm planning to attend a few property auctions- anyone ever been to one before?

I've never been, so i'm going to check it out. I won't be bidding on anything for a while, but I want to get a taste of the atmosphere.

Raven, I know you're an estate agent, have you ever been to one?

If anyone has any tips or experience in property auctions, please share.

Thanks

Make sure you have done your homework on any property first, a survey etc before you even sniff at making a bid.
If you need finance make sure this is also in place as you only have 14 days ( i think ) to pay up or you lose your deposit.
I think auction is a cool way of getting a class property do refurb etc, but you have to move quick as it leaves you very little time to piss about,
I knew a chap who brought at auction twice, 1st was a gem and he made big, 2nd was a moose, he had to put the proffit from the first into breaking even on the second.
Summery
Pfag
Homework homework homework, good planning and prep are the key facts to auction success.

Badger
Oh and dont get caught up in the hype, auctioneers rely on that to make the room electric.

yeah, I plan on doing research.

And I won't go beyond my budget.

I think those are the main two areas where people mess up!

I also think, not that you are going to do, but you really need to keep to your budget, people hate seeing a touch slip throught here fingers, but that is the nature of the beast.
There will always be others


Badger

You ever been to an auction, stud?

I work for an auctioneer.

Very quick, simple and stress free way of buying and selling.  Auction packs are available pre-auction so make sure you read it.  It will include searches, contract and conditions of sale.  If you don't understand something ask your solicitor to take a look before you bid.

If you are successful you will need 10% deposit on the night and completion is usually within 28 days.

Go to a couple of auctions before you bid.  Look out for the same faces (developers and investors) and watch them.  Try and find a position where you can watch the auctioneer and the bidders.  Try and notice the bids that are 'off the wall' (no bidders but the auctioneers is trying to get the bids going).

If your chosen lot doesn't reach the reserve you can talk to the auctioneer after the auction and try to reach a deal. 

Thanks, Mountie.

Some great tips. I had no idea you worked for an auctioneer. You could yet to be useful..lol

Where abouts are you based?

When is this event taking place big boy. i would love to come and watch the sweat roll down your face and the shakes etc. lol
Give us the details to the auction so we can all hvae ago at seeing what the places go for and we can also see what would be the best one to go for, a collective thought investment, could work in your fav lad.



Badger

You want to go to an auction, Badgey?

Lets go son where and when, i will be there, as long as there is parking


Badger

Maybe we could go for a little walk under the moon of love, afterwards !!!

I'll have to find one which is at the midpoint of our residence. I'll do some research and find out!

Should be an interesting experience. The auction, too.

Can you help?  Planning to purchase at auction, have my eye on a property but I cannot get hold of the legal pack.  When do the auction house have to make the legal pack available prior to the auction?  Can they auction a lot without the contract and searches etc having been made available to prospective bidders?  I've been told by the estate agent that the property will be sold vacant possesion but I suspect this is not the case and I obviously need to know, formally, before I bid.

Quote from: mountie on September 30, 2007, 03:41:13 PM
I work for an auctioneer.

Very quick, simple and stress free way of buying and selling.  Auction packs are available pre-auction so make sure you read it.  It will include searches, contract and conditions of sale.  If you don't understand something ask your solicitor to take a look before you bid.

If you are successful you will need 10% deposit on the night and completion is usually within 28 days.

Go to a couple of auctions before you bid.  Look out for the same faces (developers and investors) and watch them.  Try and find a position where you can watch the auctioneer and the bidders.  Try and notice the bids that are 'off the wall' (no bidders but the auctioneers is trying to get the bids going).

If your chosen lot doesn't reach the reserve you can talk to the auctioneer after the auction and try to reach a deal. 

Hey Cocky,

where abouts are you buying, if you don't mind me asking?

Quote from: propertyfag on September 26, 2007, 10:40:52 PM
I'm planning to attend a few property auctions- anyone ever been to one before?

I've never been, so i'm going to check it out. I won't be bidding on anything for a while, but I want to get a taste of the atmosphere.

Raven, I know you're an estate agent, have you ever been to one?

If anyone has any tips or experience in property auctions, please share.

Thanks

Dont scratch your nose!!

Quote from: hopson on January 17, 2008, 10:35:15 AM

Quote from: propertyfag on September 26, 2007, 10:40:52 PM
I'm planning to attend a few property auctions- anyone ever been to one before?

I've never been, so i'm going to check it out. I won't be bidding on anything for a while, but I want to get a taste of the atmosphere.

Raven, I know you're an estate agent, have you ever been to one?

If anyone has any tips or experience in property auctions, please share.

Thanks

Dont scratch your nose!!

lol

Or take someone who has a tick !!!!!!

Thank Youuuu sir,  Sold to the man with a twitch, a great run down but referbable terraced in Leeds for 450k, THHHHHankkk Yoouu

lollllllllllll

wouldn't that be insane.