Guide Prices at Property Auctions

[RTRsBM]

is that the starting price? Do properties usually sell for more or does it depend on the property/auction? Have seen a flat that looks intersting with what seems a low guide price.

[Neb_Safc]

their a waste of time like..

[youmademerealise]

Often with popular properties they go for a lot more, flats are quite often given a realistic guide price

Really depends on the property though. Ask the auctioneer how much he thinks it will actually go for

[Nee Onions Mate]

Originally Posted by RTRsBM

is that the starting price? Do properties usually sell for more or does it depend on the property/auction? Have seen a flat that looks intersting with what seems a low guide price.

It'll go for 50%ish more mate.

I went to an auction about 7 years ago (Allsops or summat). There was a flat being sold near where I lived in London and I fancied buying it to rent out. The guide price was £120,000. It sold for £250,000 which was pretty much the reugular market value.

You get nowt for nowt

[RTRsBM]

Originally Posted by youmademerealise

Often with popular properties they go for a lot more, flats are quite often given a realistic guide price

Really depends on the property though. Ask the auctioneer how much he thinks it will actually go for

Cheers, how would I go about that? Phone in advance as if the price is unrealistic I would not want to waste my time going to the auction. Actually if I think it looks a bargain others probably will.

[Daydream Believer]

Originally Posted by RTRsBM

Cheers, how would I go about that? Phone in advance as if the price is unrealistic I would not want to waste my time going to the auction. Actually if I think it looks a bargain others probably will.

You can never tell. Sometimes you just need to be there at the right time.

A couple of years back I was interested in a property up for auction but the finances didn't come through in time. Luckily (or so I thought) no one made a bid & it went up for the next auction a month later but by that time 3 developers had become interested & it actually sold for just short of the market value. If I'd managed to get the money sorted out I could have got it for almost half what it went for.

[littlened]

I watch 'homes under the hammer' a fair bit, and it's always difficult to tell. You see some people picking up bargains and by the time they've done the work that was needed, they made a tidy profit. But I've seen others who have paid almost market value and still needed to do work.

If I were to buy at an auction, I'd work out roughly how much I needed to spend to get the house in very good nick, then look at other houses in the area and calculate how much it may be worth once done. The price I paid at the auction would need to be at a point where even with spending the money to do it up, there'd still be profit in it, or else what's the point?

Have you thought about looking at repossessions? We bought ours as a repo just over a year ago. Paid £82k for a 4 bedroomed house with a drive and garage. It was actually fine to live in after a few minor repairs and a lick of paint. We're almost finished the upstairs of the house now, and reckon it would go on the market for around £115k now.

[RTRsBM]

Originally Posted by littlened

I watch 'homes under the hammer' a fair bit, and it's always difficult to tell. You see some people picking up bargains and by the time they've done the work that was needed, they made a tidy profit. But I've seen others who have paid almost market value and still needed to do work.

If I were to buy at an auction, I'd work out roughly how much I needed to spend to get the house in very good nick, then look at other houses in the area and calculate how much it may be worth once done. The price I paid at the auction would need to be at a point where even with spending the money to do it up, there'd still be profit in it, or else what's the point?

Have you thought about looking at repossessions? We bought ours as a repo just over a year ago. Paid £82k for a 4 bedroomed house with a drive and garage. It was actually fine to live in after a few minor repairs and a lick of paint. We're almost finished the upstairs of the house now, and reckon it would go on the market for around £115k now.

If I was to buy it would be to live in so not so bothered about a profit, more to do with affordability. Looking at pics it would need no work - just decorating as its in a relatively newly built block

[minkey]

only bit of value you can get these days is if you can find a repo property and are in a position to act fast.

[littlened]

Originally Posted by RTRsBM

If I was to buy it would be to live in so not so bothered about a profit, more to do with affordability. Looking at pics it would need no work - just decorating as its in a relatively newly built block

It'll probably go for market value then I'd assume. Although like said above, if you go on the right day and no one else there wants it, you might get lucky. You also have to have the funds available quickly at auction and complete within a certain length of time I believe.