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  • Property-a-holics

    Auctions and Bids

    Hi All

    Im looking at student buy to lets in a small city. and have a question on auctions as have never purchased in this way. Essentially Im just seeking to up my knowledge.

    A property ive watched has gone to auction, failed to sell and gone back in. Im pretty sure in this case reserve is guide plus 10%. . If on the day the reserve for example was 200, and the bidding starts at 180, if only one bidder what happens? Does the auctioneer ask them if they want to bid to the reserve etc or do they get chance to buy post auction.?

    As a second part, when a property is jointly marketed by a estate agent and auction house, post auction, do normal rules apply for the estate agent, and auction rules if you post offer through auction house?

    Thanks for any help.  Ive learnt more on here than form any books!

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    If the property has failed to sell at auction previous are you aware of what the top bid was/ i would personally be putting a low pre-auction bid. As to it being advertised through an estate agent and the auction house the chances are the estate agent will refer you to the auction if you inquire. If not it will be through the individual T&cs of the estate agent.

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    [Image: New-logo2.png] Manchester based investor. I buy, sell, renovate and rent investment property in East/North Manchester Wink email: mike@brentwoodinvestments.co.uk Call: 0161 681 3724

    Thanks for the response. Thats really useful.  As an aside, I know from speaking to a letting agent locally (a well connected guy but lettings only) , that a similar house (same street), went through the auction, failed to sell, and then a week later sold through the estate agent at 15k higher than the reserve in the auction. What would drive a situation like this or is it just time and place etc?


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    If only one bid that does not reach the reserve price, then the house will not sell at that moment. The auctioneer will say "sorry, it has not reached the reserve" and will move on to the next lot. He may add "come and speak to us after the auction if still interested"

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