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  • Auction Tribe

    I went to the Barnard Marcus Auction today and it was very quiet

    There were 150 lots and by the time I arrived they were selling lot 90.Many of the lots failed to reach the reserve set by the banks.It's definately a buyers market.I noticed the same investors bidding on many different lots.I started to think, may be they buy them here cheap and then try to resell them locally at a higher price.There didn't appear to be that many people there in comparison with other auctions i have attended.There was a 75% success rate.
    It's a fact that alot of the properties sold in London do not achieve a very good price.A much better price can often be achieved, if you sell it locally.
    I managed to get the lot I was after because the bidding was so weak, but I am not complaining.I travelled from Weston Super Mare and felt really tired by the time I got there. I always find auctions stressful for some reason and was glad when it was over!
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    Hello Bill,
    Well done on purchuse bill what did you buy? how much did you pay, was it above or below guide. I am also looking to buy a property ASAP, maybe at auction.
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    Hi Stevie,
    I bought a one bed mews house in Burnham On Sea for £72K.I asked the Local Estate Agent what he thought it was worth and he said £95k.It was purchased in 2003 for £72500.If you apply the Nationwide price index to it, it comes back at £90K.The guide was £58K but I never take any notice of guides.
    The property is in very good condition and I would like to turn it into a 2 bed so that it rents for more.The rental yield would then be just over 9%.The property has alot of quality about it and should be easy to sell on to a FTB
    The Maggs and Allen auction in Bristol is very popular and prices achieved, very high.It is virtually impossible to get a deal there.I was interested in 2 flats in Southville, but they sold for a huge amount and needed loads of work.Who ever bought them will find it difficult to make a profit on that lot.
    Maggs & Allen also sell lots in Weston with sitting tenants and they still achieved prices of over £70k which is total madness.
    Some guide prices are ridiculously low and I never take much notice of them.If the bidding goes way above the guide, you can still get a good deal.
    Allsops have some flats coming up near College Green in Bristol.Even if they sell really cheap, the rental yield will still probably be low, because Bristol property is so expensive.
    stevie hand said:
    Hello Bill,Well done on purchuse bill what did you buy? how much did you pay, was it above or below guide. I am also looking to buy a property ASAP, maybe at auction.
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    Hi Bill, Congratulations on getting such bargain at auction.  I've been to auctions but only managed to buy post auction once.  What I can't get my head around with auction is the finance.  I know you need to pay a deposit which you can lose if the buyer is unable to follow through but may I ask you is it possible to bid for a property and then get a survey and a mortgage within the 6 weeks?  Or do we need to pay cash?  Auction finance cos are very expensive.  Thank you very much for sharing.  With best wishes.

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    Hi Therese, on behalf of everyone else, welcome to Property Tribes. I just thought I'd point out this thread was posted nearly 8 years ago, so you may not get a meaningful reply! Best wishes.

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    Thank you Andrew.  But even with the time that has elapsed I would have thought aution finance remains very much the same. 

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    Hi Therese,

    Properties purchased at auction are generally purchased via cash however, in some cases, mortgages can be used.

    This video may assist your understanding:



    Our Auction Tribe, which is where this thread has now been moved to, has a lot more information on buying property at auction.

    If you have any further questions, it might be an idea to start a new thread. Smile

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