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I went to an auction last night (in Bristol), not buying myself but with a friend. I’ve never bought at auction myself so I’m not in a position to answer most of your questions, but I suspect that the trade buyers will have already made up their minds what they will bid up to for any given lot and so strategies for when you bid and how should make little odds with them. But there are also a lot of private buyers and amateurs and wannabes of various descriptions, and unbelievably they really do seem to make a decision on these very large sums of money right there in the heat of the auction. My feeling last night was that these buyers took most of the lots, simply because the prices they were paying allowed room for little or no profit once all the work was done. Sometimes they even paid over-market-value, at least according to my calcs. Private buyers will always beat the professionals in how much they can afford to bid, because they don’t have to make a profit.We went to the same auction earlier this year and most of the lots went for little more than the guide price. There were fewer people in the room and mostly it was the private buyers who stayed away, I suspect, so the trade cleaned up. A couple of lots even went for slightly below guide (guide isn’t necessarily the same as reserve price). This time, most lots went for about 30% - 50% above guide. A couple of years ago you could go into the same auction and see some lots selling for over 200% of guide – it was absurd. It also says a lot about general confidence in the housing market I think.You may still be able to pick up bargains in auctions in other parts of the country, but it’s getting harder and harder here I think.BTW my friend's solicitor charges £50 to look over a legal pack I think, but he's still £250 out of pocket and a lot of wasted time from last night. .Rich
Can you please share the details of the solicitors who review the legal packs,I would really appreciate.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Lisa All comments are for education and information purposes only and do not construe as advice or a financial promotion. No liability is accepted for comments made. If you wish to receive information in an advisory capacity then please contact me about becoming a client. www.keys-mortgages.com
I host the London Real Estate Meet on the 2nd Tuesday of every month. 11 years and running. If you have never been before, email me for the 'new visitor' link.
Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.
Oh and you also get dogs like this - anybody for a flat?