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  • Auction Tribe

    Finding deals in the auction room?

    It was normal mortgage cost, maybe £995 arrangement fee, but I think half that

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    I make it a challenge to try and find out why the property is being auctioned. So far I've always worked it out. In general probate and bankruptcy are a good sign but that doesn't mean there isn't something else wrong with the property.

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    Hi David

    As others have said above it is imperative to do your research on the property to avoid costly mistakes.  You will see from other posts on PT that many buyers use our site eigpropertyauctions.co.uk to find out what is coming up for sale, whether it has been to auction before and crucially what similar properties are selling for. 

    Remember the guide price is only an indication where the reserve is and not necessarily what the auctioneer thinks the property will sell for.  An extreme example of this was a flat offered last year, the reserve was £1, the guide  was £1 and it sold for £18,500. 

    You would be amazed at the number of bidders who thought they were going to get it for near a £1, notwithstanding that a similar property in the same block sold for £18,500 the month before.

    If you would like a trail of our site simply contact me and I it would be a pleasure arrange it.

    David

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