House Auctions

[Mice!]

I bet he does but would never admit it

[Lord Geordie]

Don't forget that when you buy at auctions, there is normally a buyers premium to pay also. So in the case of a local auctioneers to me, you need to add a further 22%.

 

But with property I believe it is much lower between 1.5% to 2.5% ish unless you buy a foreclosed property in which case the premium could be as much as 10%

 

But either way, it's still an additional cost you need to take into consideration.

[shaun4860]

One thing I have learned after watching the likes of Homes under the hammer is

 

READ THE LEGAL PACK

 

Then

 

READ THE LEGAL PACK

 

Have seen a few come a cropper by not doing this

 

So

 

READ THE LEAGAL PACK

 

You got it yet?

 

[scotslad]

Must admit not often i watch homes under hammer etc, but some of the quotes they get seem to be ridiculasly cheap esp considering there often using tradesmen for the whole refurb.

 

If i was to do something like that now i'd only do the very bare minimum, which i think is wrong and goes against most of wot i believe.

 

U just want to do a quick skim and paint.

My last house i sold it for 3x wot i paid for it, which sounds great (and it is) but if u add up all the expenses (ignoring all my time and labour, which i did a lot off) the profit would not be massive. If i got tradesmen/builders in to do all the work i done and build shed/garges etc i would of lost money on it even buying it at 30% of sale price

 

I stripped it back to masonry, complete rewire,plumb etc and insulated it all which i'm glad i did as i lived there for 14 yrs, but was an extra above planning/BC.

In hindsight i would of got the exact same money for the house if i just skimmed the old lathe and plaster walls and would of saved a heap of time/money.

Even rewire re plumbing doesn't put much if any on ur property.

 

People with wot i'd call fixer uper's or atleast in need off massive modernisation are wanting normal money for their house even thou u could easily throw 50+K at it to bring it up to standard

My neighbours house sold for not a lot less than mine yet not as well laid out, no parking, no garage and tiny garden, and needing rewired and plumbed, old lathe and plaster walls throughout, needs reslating, and very old fashioned decor/carpet.

It was on the market for about 4+ yrs thou on and off

 

It's possibly easier down south as houses are dearer so potentially bigger marigns but also more to lose, in my area u can buy a decent 2/3 bed for around 100k so u need to be getting it cheap if u need to spend 10-20 on it

[Lloyd90]

Must admit not often i watch homes under hammer etc, but some of the quotes they get seem to be ridiculasly cheap esp considering there often using tradesmen for the whole refurb.

 

If i was to do something like that now i'd only do the very bare minimum, which i think is wrong and goes against most of wot i believe.

 

U just want to do a quick skim and paint.

My last house i sold it for 3x wot i paid for it, which sounds great (and it is) but if u add up all the expenses (ignoring all my time and labour, which i did a lot off) the profit would not be massive. If i got tradesmen/builders in to do all the work i done and build shed/garges etc i would of lost money on it even buying it at 30% of sale price

 

I stripped it back to masonry, complete rewire,plumb etc and insulated it all which i'm glad i did as i lived there for 14 yrs, but was an extra above planning/BC.

In hindsight i would of got the exact same money for the house if i just skimmed the old lathe and plaster walls and would of saved a heap of time/money.

Even rewire re plumbing doesn't put much if any on ur property.

 

People with wot i'd call fixer uper's or atleast in need off massive modernisation are wanting normal money for their house even thou u could easily throw 50+K at it to bring it up to standard

My neighbours house sold for not a lot less than mine yet not as well laid out, no parking, no garage and tiny garden, and needing rewired and plumbed, old lathe and plaster walls throughout, needs reslating, and very old fashioned decor/carpet.

It was on the market for about 4+ yrs thou on and off

 

It's possibly easier down south as houses are dearer so potentially bigger marigns but also more to lose, in my area u can buy a decent 2/3 bed for around 100k so u need to be getting it cheap if u need to spend 10-20 on it

That's something I've noticed mate, especially when someone has died etc and the family want to sell the house.

 

A house on the street with brand new kitchen and bathroom, fairly modern etc is up for £270k+, the house the family want to sell needs gutting, needs new bathroom and kitchen and totally updating, yet they see one in the area for 270k and want the same!

[bobt]

Im a BCO, I often get people buying an auction house cheap, as it "only needs a lick of paint" then they find the Planners have a enforcement order on something built, or the loft conversion is not up to any standard,

had one last week where the previous owner had removed most of the ground floor walls and put bits of timber everywhere, they found out when the people they were selling to had a survey, everything had to be ripped out to fix it, and the new buyers dropped out.

 

I bet it goes back to auction?