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Do you have any burning questions about auctions or online auctions? Are you looking to buy at auction but don't know where to start? Are you interested in finding out more about selling at auction?
As part of Auction Week on PT, we're inviting you to "Ask the Auctioneer". Simply post your question in this thread or on Twitter using the hastag #AuctionWeek (remembering to @BambooAuctions).
Answers will be provided by our auctioneer partners on Friday, including James Emson, MD of Clive Emson Auctioneers.DON'T MISS - 6 ways of selling an investment propertyUP NEXT - Auction Week - The evolution of auctionsSEE ALSO - Tips for buying property at auction with David Sandeman of EI GroupRESOURCE - Guide to buying a property at auction - Auction packsNOW WATCH:
Bamboo Auctions0330 088 9659
One Euston Square | 40 Melton Street | NW1 2FD
Sell your property by online auction
Thanks for the kind offer to answer questions.I am intrigued to know whether people buy a property at one auction and then re-sell it at another, hoping to achieve a margin?If they did this, would they put it back in the same auction a few weeks later, or would it be better to put it in a different auction where it may be seen by a different crowd?This could also apply to someone who buys a property at auction to refurb it, and then sell it on via auction.I have heard that some people put "problem" properties in auctions a long way from where the property is located in the hope that someone may not be aware of local issues? Is this something to be mindful of, if you see this to be the case?
Hi BMV Newbie
Apologies for the delay getting a response back to you.
It's not uncommon for buyers to buy a property at one auction and then re-sell it at another - or "flipping" as some call it. Of course a lot of research needs to be done and you'd have to be pretty regimental about the price you want to pay. Something that we have encountered is buyers buying in national London auction house and then selling with a local auctioneer.
If you are refurbishing a property, when it comes to selling you're likely to be attracting a different type of auction buyer, so we don't believe that putting the property back with the same auctioneer is prejudicial. Of course, there's always online as well
Something to bear in mind is the 6 month rule - many (not all) mortgage companies will not lend where the purchaser has owned the property for less 6 months, but if you are buying with cash and flipping it, then this may not apply.
With regards "problem" properties, we've not seen much evidence of this, in all cases, we would advise buyers to read the legal pack, visit the property and carry out their own due diligence of the area and location to protect themselves.
Hope that helps!
I think it would be helpful to explain the difference between "guide price" and "reserve price".Some questions for Clive:Do you have any statistics to show the average % difference between the guide price and the actual prices achieved?What is the biggest ever difference you can recall between a guide price and the actual sale price achieved? If a property is not sold at auction, is there any time limit to approach the auctioneer about doing an after auction purchase? Can you also enquire about any lots that were sold but subsequently fell through after the event (although I imagine these are minimal?). How does this work for on-line auctions?Should professional property buyers seek to build a relationship with the auctioneer and what are the advantages to this?Tactically, should you start bidding early or wait until the auction seems to be reaching the end?
There seems to an esculation of buyers paying or contributing to sellers fees, sometimes adding an additional 5%+ on the hammer price. For my part this is making auction properties less attractive, moreso as these conditions are usually only made the night before the auction. Do the main auction houses see this as a problem..and it does only seem to be those that sell in London? Its not so wide spread at rural or smaller auction houses to a lesser exent.
I was planning to buy a property at auction....have been thoroughly researching the processs. I am becoming increasingly concerned that many of the properties at auction are 'problem properties'. Also now wondering if auctions are no longer places to find BMV properties.
One example i came across this week, had previously been sold at auction, however the buyer/banks survey found Japanese Knotweed, so the sale fell through. I imagine the buyer still had the privilege of paying the auction fees etc. (I found the same property still on Rightmove, and spoke to the agent where it had been previously marketed).
So it concerns me, considering the short time frame involved buying at auction, whether the process is completely transparent and would like to know about the Property Legal Packs:
What should one expect to be included in the Legal Pack, Titles deeds, land registry...............? Do the vendors have to provide all necessary documentation relating to the property...
Is it down to the buyer/solicitor to do searches as per private treaty sale?
Also have heard that you may be liable to pay sellers fee, would this be highlighted in the Legal Pack.
Thanks very much for your questions! We'll be publishing all answers over the course of tomorrow. Stay tuned!
Apologies for the delay getting replies to you. We'll be replying to questions over the course of this week and where there are any specific questions for auctioneers, we'll pass these on!
If you have any other questions at all on anything to do with auctions or online auctions, just get in touch anytime!