Anyone bought a house at auction?

[Jaffacake]

We're thinking about selling up and buying a cheaper house to renovate/modernise and hopefully pay off some of the mortgage at the same time.... by the time we have sold the house, paid fees etc and paid off the mortgage it doesnt leave much of a profit! :irked:

I was wondering if any of you have ever bought a propery at auction? if so, how did you find the experience? anyone know any good auction sites that dont charge you a fee to look at the propertys available? would be looking for reposesions and things like that...

thanks x

 

[Trinity]

I looked at a shop that was for auction last year, I didn't have to pay to view it, and I wouldn't either, I've never heard of being charged to see them???

The shop I wanted had an couple of open days, there was someone from the Estate Agents handling the auction there who could answer any questions you had.

you had to register with the Agents beforehand if you were serious about bidding, then it was a case of turning up and bidding on the day. (In the end I didn't get to go as the sale was on when I was away on holiday)

As far as I know you need to have your deposit available to put down there and then once the gavel falls, so you need either the cash or your mortgage sitting in your account ready to roll.

You're also better off having a survey done before hand (obviously) but if you don't win the property at the auction (for whatever reason) you lose that money you've spent doing it, you can't reclaim it from anyone.

HTH

 

[Jaffacake]

thanks Trin,

I think I worded that a bit wrong lol, I dont think we would get charged to view the property but I have been looking online and come across a few auction sites that list property's available to buy at auction but when you click on the 'more details' button it just says ' pay X amount for 3 months subscription' etc etc, so they are charging a fee to look at the details.

I found one that gives all the details of previous lots sold and what they went for etc and that was great, just wanted a few more.... I have requested a few catalogues too.

thanks for that info anyway x

 

[MINKUS]

only thing i can tell you is the 'GUIDE' price they give you ....in our area it normally goes for LOADS more than that.

Also this 'sealed bids' thing does my head in too!

You see your dream house JUST within reach then some plonker goes and offers LOADS more than the guide price and its all over!

Hope it all works out ok for ya hun

amb x

 

[Cameo Val]

Hi. Have you thought about instead of buying at auction, where its risky if you really dont know what you are doing. Instead, if you are living in a good area of England where house prices are high, why not with the money that you have left over from your sale, think of moving further up North, as house prices are a lot cheaper up there.

We live in the Midlands, but have another house up in the North East so know the price difference's. Also we have just in the process of selling our house in the Midlands, and the persons who have bought it are selling their house in Kent, and then with the remaining money they have left over after settling their mortgage, they are buying our house outright, cash. They said they are doing it cos they want to be mortgage free.

If you want to look at the difference in house prices, click on Rightmove.co.uk and do searches in different areas of the country. You will be suprised at the difference in prices in the North to the South.

HTH

 

[suey]

Hi Sherrie, can't help you with any site's sorry.

My husband and i got our place at an auction (we knocked it down and did a self build!). I think it was the most nerve racking thing i've ever done, and you definetely have to set yourself a top price. We had set ourselves a limit and it went for just that, but the few seconds, (seemed like an hour!) before the hammer fell was very tense!

Good luck hun, hey...i wonder if e bay auction property, lol!

 

[Jaffacake]

thanks for that you lot

Yes, e-bay do auction property! lol.... I realise houses are cheaper further North but we are tied to this area because of hubbys work, even if we did settle the mortgage we'd still need to eat etc.... i suppose I could send him for a job in Tescos or somewhere :twisted:.

Thats what we'd love to do, a self build..... oh well.... dream on....

Put our house on the market today...... anyone interested? would save me loads in Estate agents fees! :irked:

 

[redchris001]

Hi,

There are a couple of internet sites you could look at that give a lot of info as well a property for auction throughout the UK - here are a couple of suggestions!!

www.auctionpropertyforsale.co.uk

http://www.citynetguide.co.uk/houses-for-sale-by-auction.htm

also try http://www.channel4.com/4homes/
they give you loads of info about buying houses in general as well as at auction and

http://www.bbc.co.uk/cgi-bin/search/results.pl?tab=allbbc&go=homepage&q=houses

is a good reference point too.

I am sorry but I don't know how to make these web addresses into links but I have found them all a good help.

 

[redchris001]

Ooops!! seems like they are links - Ah well genius is not always recognised - even by those that are LOL :Love: