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Buying a house at auction?



Rugrat

Well-known member
Mar 13, 2011
10,212
Seaford
I'm sure someone on NSC has a view on this!!

I'm considering looking for a "doer upper" not as an investment but as our main home. I recognise the pitfalls of auctions but want to start by going to a couple that deal with local property (prefer towards Eastbourne) and get a feel for the whole thing. I can't really see much on line but Austin Gray call themselves the biggest even though they seem to have very little. It may be that there's not as much as I imagined.

Does anyone know there way around the auction market and can suggest the best place to go to see local properties and start to get a feel, or is it like looking for a needle in a haystack?
 


I'm sure someone on NSC has a view on this!!

I'm considering looking for a "doer upper" not as an investment but as our main home. I recognise the pitfalls of auctions but want to start by going to a couple that deal with local property (prefer towards Eastbourne) and get a feel for the whole thing. I can't really see much on line but Austin Gray call themselves the biggest even though they seem to have very little. It may be that there's not as much as I imagined.

Does anyone know there way around the auction market and can suggest the best place to go to see local properties and start to get a feel, or is it like looking for a needle in a haystack?

Just keep checking the auction properties online and start attending auctions to get the feel of how they work,auctions and court cases can be a cheap afternoon out:blush:
 


Rugrat

Well-known member
Mar 13, 2011
10,212
Seaford
Just keep checking the auction properties online and start attending auctions to get the feel of how they work,auctions and court cases can be a cheap afternoon out:blush:

One of the things I'm wondering is what are the best ones (most volume) to go to? Can't seem to find too much online
 


chimneys

Well-known member
Jun 11, 2007
3,582
Clive Emson is the biggest regional residential auction house. Next auction for your area is at Brighton Metropole on 25th March. A few lots in your part of the world.

Otherwise nationally its probably Allsop, but would mean a trip to London.

Presume you aren't looking for much by way of a mortgage, and have a decent amount of cash as banks not keen on lending on wrecks?

And don't expect a bargain, as plenty looking for same thing.

Best of luck with it!
 


Uncle Spielberg

Well-known member
NSC Patreon
Jul 6, 2003
42,781
Lancing
We have the latest brochure of a very large auctioneers in our offices. Do you want me to send you one ? Beware you need to put down a non refundable deposit on the day, normally 10% and get a short exchange/completion deadline, normally 28 days, make sure your finances are watertight if raising funds.
 




happypig

Staring at the rude boys
May 23, 2009
7,935
Eastbourne
http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^470&radius=10.0&auction=true&_auction=on&googleAnalyticsChannel=buying

Auctions tend to cover quite a big area so you might have to wait a while.

Why aren't you looking for renovation properties via estate agents, there are always loads about (my mrs is always looking on rightmove)
 


Rugrat

Well-known member
Mar 13, 2011
10,212
Seaford
Clive Emson is the biggest regional residential auction house. Next auction for your area is at Brighton Metropole on 25th March. A few lots in your part of the world.

Otherwise nationally its probably Allsop, but would mean a trip to London.

Presume you aren't looking for much by way of a mortgage, and have a decent amount of cash as banks not keen on lending on wrecks?

And don't expect a bargain, as plenty looking for same thing.

Best of luck with it!

Cheers, that helps. Was hoping I might avoid competing too much with the developers trying to make a fast buck but I guess they cover all corners of the market. But, as Rev says, it will be an interesting exercise and I'll quickly see if it's a serious interest.

Thanks for the info
 






Vegas Seagull

New member
Jul 10, 2009
7,782
Parsons locally or bribe an estate agent to let you know of an executors sale that he can price 'keenly' and stick the sold board up as you walk out the door
 


Triggaaar

Well-known member
Oct 24, 2005
49,989
Goldstone
Cheers, that helps. Was hoping I might avoid competing too much with the developers trying to make a fast buck
That's mostly what you find at auctions. What you need, is to know what you want, and what it's worth. So look for what you'd but through and estate agent, look at what it would cost, and then see if you can get the same thing cheaper at an auction. Since you're also expecting a doer-upper, you'll also need to know what it would cost to get done up. And I don't mean how cheap you can do it, I mean what it would cost to pay someone. Factor that in and get a good property and the right price. Then if you save money by doing work yourself, all the better.
 






Rugrat

Well-known member
Mar 13, 2011
10,212
Seaford
Parsons locally or bribe an estate agent to let you know of an executors sale that he can price 'keenly' and stick the sold board up as you walk out the door

Prefer the 2nd option but most likely go with the first ... cheers!
 


Rugrat

Well-known member
Mar 13, 2011
10,212
Seaford
http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^470&radius=10.0&auction=true&_auction=on&googleAnalyticsChannel=buying

Auctions tend to cover quite a big area so you might have to wait a while.

Why aren't you looking for renovation properties via estate agents, there are always loads about (my mrs is always looking on rightmove)

Renovations through agents is also something we're looking at. Not getting far, perhaps our requirements are a bit difficult (we do want a decent sized plot and end up with a nice place) and I also think agents are likely to have a list of friendly brown envelope type developers
 


Shropshire Seagull

Well-known member
Nov 5, 2004
8,477
Telford
Someone mentioned mortgage above - remember you won't get a mortgage without a satisfactory surveyor's report.
So you need to be a cash buyer or be prepared to risk your non-refundable deposit.

Repossessions are the usual sources and also death of a single occupancy - good luck.
 




Telscombe Seagull

New member
Aug 15, 2003
139
Burgess Hill
Renovations through agents is also something we're looking at. Not getting far, perhaps our requirements are a bit difficult (we do want a decent sized plot and end up with a nice place) and I also think agents are likely to have a list of friendly brown envelope type developers

Sadly spot on, in my youth i was an agent and on a weekly basis builder types would wander in and go to the managers office for a 'chat' any cheap houses that came up never got to the market as such.. one of the many reasons i left!
 


Westdene Seagull

aka Cap'n Carl Firecrotch
NSC Patreon
Oct 27, 2003
20,938
The arse end of Hangleton
Renovations through agents is also something we're looking at. Not getting far, perhaps our requirements are a bit difficult (we do want a decent sized plot and end up with a nice place) and I also think agents are likely to have a list of friendly brown envelope type developers

As an ex-property developer there are two relationships you need to create - on with a local estate agent ( once they know your serious then you'll get a reasonable amount of calls from them ) and one with a local funeral directors ( I kid you not ! ). The last one I did I brought directly from the son when his father passed away. I dropped a note through the door after getting the tip off and he was very happy to take my money without all the hassle of putting it on the market.

EDIT - I've never had to hand out a brown envelope either !
 


Rugrat

Well-known member
Mar 13, 2011
10,212
Seaford
Someone mentioned mortgage above - remember you won't get a mortgage without a satisfactory surveyor's report.
So you need to be a cash buyer or be prepared to risk your non-refundable deposit.

Repossessions are the usual sources and also death of a single occupancy - good luck.

We'll be selling our place and going into rented for 6 months so will have the cash. I was thinking repossession and just thought there would be more around .. perhaps the mortgage lenders have a panel of buyers to avoid auctions?
 


Rugrat

Well-known member
Mar 13, 2011
10,212
Seaford
As an ex-property developer there are two relationships you need to create - on with a local estate agent ( once they know your serious then you'll get a reasonable amount of calls from them ) and one with a local funeral directors ( I kid you not ! ). The last one I did I brought directly from the son when his father passed away. I dropped a note through the door after getting the tip off and he was very happy to take my money without all the hassle of putting it on the market.

Yes that makes perfect sense .. as Shropshire says above, I'd have thought estates and repo's offer our best opportunity
 




Tricky Dicky

New member
Jul 27, 2004
13,558
Sunny Shoreham
We'll be selling our place and going into rented for 6 months so will have the cash. I was thinking repossession and just thought there would be more around .. perhaps the mortgage lenders have a panel of buyers to avoid auctions?

I'm sure you've thought about this as it's pretty obvious, but if you're selling and buying 6 months later, with property prices going up at they currently are, you'll get less for your money in 6 months.
 


Rugrat

Well-known member
Mar 13, 2011
10,212
Seaford
I'm sure you've thought about this as it's pretty obvious, but if you're selling and buying 6 months later, with property prices going up at they currently are, you'll get less for your money in 6 months.

Yes .. but even if we end up buying through an agent I imagine being "cash and ready to go" could/would more than compensate
 



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