Auction prices

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Thursday 14 May 2009 10.18am
Someting that might be of interest. I was recently comtemplating putting our flat up for auction (appeal being quick 28 day completion etc.) so I gave one of the auction houses a call to guage market and interest.

He told me on a flat with a market value of 165K (conservative) they would guide price it at 90K, hope to achieve 100K on auction day and if luck maybe get 125K as top price.

He said there wa also a trend of buyers not bidding at auction and waiting until after to put in a very cheeky offer.

If you are a cash investor now is definately the time to buy at auction! - not so good if you are a seller :(
Friday 15 May 2009 7.53am
Read an article recently saying that gap between auction prices and estate agent prices is narrowing. Was 40% at Christmas, now down to 25%.

This probably means that professional investors - eg those with finance in place and prepared to take a risk on surveys etc, which is why most individuals stay away - are back and buying.

I understand the not bidding and then making a cheeky offer. Won't work most times, but occassionally someone will be desperate. Difference between and individual and an investor is that for the first it is a home and for the second it is money. Its like going along to Borough Market at 4.00pm on a Saturday and asking various stalls what they will give you for a fiver. Sometimes it works, and sometimes you walk away with the money in your pocket.
Friday 15 May 2009 1.01pm
So true Sarah. I understand the cheeky bid offer midset too. If I were an investor there would be no harm in trying, especially if you can look to get 30-40% off market value!
Thursday 4 June 2009 5.00pm
Not if you wanted to buy lot 41 on Roupell St in Allsop's auction this week, which made a whopping 600,000, despite needing a load of work.

That's a Christmas 2007 price and some more on top!

The other flats they had on were repossessions in a new conversion, but it had been done hideously. (So hideously I know that one agent refused to take them on when they were first marketed maybe 18 months ago!) One sold, one didn't - and at prices considerably below what they had been marketed at.
Friday 19 June 2009 3.27pm
Tizzy - Im looking to buy a flat - could you call me or text me so I can get in touch please?
I live in the local area (Waterloo)

My number is 07974250138

Thanks
Nitin

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