BertieBasset   10 #1 Posted December 11, 2014 These seem to be gaining popularity, has anyone any experience of buying through this route?  Link below is to an example  http://www.johnpye.co.uk/project/three-bedroom-buy-to-let-opportunity-for-sale-sheffield/ Share this post Link to post Share on other sites Share this content via...
Jeffrey Shaw   83 #2 Posted December 11, 2014 There are two main auctioneers in Sheffield: Messrs Mark Jenkinson & Son http://www.markjenkinson.co.uk/auctions/ and Blundells Auction House South Yorkshire http://www.auctionhouse.uk.net/southyorkshire/  Before bidding, you should: a. attend one, sit firmly on your hands, and just watch/learn; then b. contact your solicitor who can explain how it works plus, more to the point, how he/she can pre-check the documentation pack and let you have a written report on each lot for which you wish to bid. Do this bit at least six or so working days prior to the auction.  The same principles are true for an online auction. Never bid unless you've "cased the property (i.e. its documentation)" first. Share this post Link to post Share on other sites Share this content via...
BertieBasset   10 #3 Posted December 12, 2014 (edited) Thanks for your posting Jeffery.  I wonder why online rather than "in the room" property auctions seem to be taking off and gaining popularity as a way to sell? Edited December 12, 2014 by BertieBasset Share this post Link to post Share on other sites Share this content via...
geared   268 #4 Posted December 12, 2014 Because you don't actually have to attend the auction to get involved??  Opens it up abit more to the part-time buy-to-let punters who might be working a 9-5 so can't get to the auction in person (or get to a phone to call in)  Stick a bid in online and it's as easy as using eBay, you could buy a house over your morning coffee break.  The more bidders the auction house can get in then the better it is for them and their customers. Share this post Link to post Share on other sites Share this content via...
Jeffrey Shaw   83 #5 Posted December 16, 2014 OR to inveigle innocents into a purchase without proper advice/protection? Remember the caveat emptor rule! Share this post Link to post Share on other sites Share this content via...
geared   268 #6 Posted December 17, 2014 Like I said, it's their job to get the money in. Share this post Link to post Share on other sites Share this content via...
poppet2 Â Â 13 #7 Posted December 17, 2014 (edited) OR to inveigle innocents into a purchase without proper advice/protection? Remember the caveat emptor rule! Â ...or the following could happen, your property may vanish! Â http://www.theguardian.com/money/2011/may/01/hidden-risks-buying-auction Edited December 17, 2014 by poppet2 Share this post Link to post Share on other sites Share this content via...
geared   268 #8 Posted December 17, 2014 Well no, because thats just blind stupidity on his part. When you read in a report:  bulging gable and twisted facade attributed to long-term subsidence, advises interested parties to consult a structural engineer before proceeding.  What you don't do is bid un-seen on such a property, you then don't try and blame your mistake on the auction house. Well, you would if you had read the report but:  Todd, however, did not ask for a copy  What a mug. Share this post Link to post Share on other sites Share this content via...
poppet2 Â Â 13 #9 Posted December 17, 2014 (edited) What you don't do is bid un-seen on such a property. Â 'Homes under the hammer', is on every day, and on every program there is always someone who purchases a property they haven't seen nor even so much as glanced at the legal pack. The problem is some get lucky and I fear this encourages people watching, to do the same thing. Â Also, watch this for how NOT to bid at an auction. Â 2.52 mins Edited December 18, 2014 by poppet2 Share this post Link to post Share on other sites Share this content via...
geared   268 #10 Posted December 18, 2014 'Homes under the hammer', is on every day, and on every program there is always someone who purchases a property they haven't seen nor even so much as glanced at the legal pack. The problem is some get lucky and I fear this encourages people watching, to do the same thing.  I do love that show, I'm not sure why tho.  Sometimes they don't. I remember one guy bought a massive house on the North West coast, it was utterly ruined.  He bullishly claimed "It should be about 10 grand in refurd"  When they came back for the final visit it was still not done and he was over 30k into it :hihi: Share this post Link to post Share on other sites Share this content via...
poppet2 Â Â 13 #11 Posted December 18, 2014 What I find unbelievable is when auctioneers take 'bids off the wall', as in the video I posted. These are fictitious bids the auctioneer makes up, and to think this is legal! Share this post Link to post Share on other sites Share this content via...
geared   268 #12 Posted December 18, 2014 It's only a problem if the auction falls flat and no-one puts in a higher bid. Share this post Link to post Share on other sites Share this content via...