Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

Has anyone ever brought a property by auction?

(7 Posts)
dinny Sun 04-Jun-06 14:49:16

Interested to hear any experiences. Ta, Dinny

MrsMills Sun 04-Jun-06 15:31:07

No, but we sold our house by auction if that would be of any help?

dinny Sun 04-Jun-06 20:33:43

it would, MrsMills - did you achieve much over your reserve? (if not too nosey!)

expatinscotland Sun 04-Jun-06 20:37:10

my dad has in the US. plenty of times now. he's a cash buyer and sees it as a sort of educated gamble - never hedge more than you can afford to lose is his attitude.

he's retired, however, and also has plenty of spare time for managing the projects - he always fixes his purchases up and then resells them on the open market.

he lost money once, but only about $2000USD.

he's made some pretty good returns on the average or he wouldn't keep doing it, b/c it IS work. not a 'get rich quick' type thing.

MrsMills Sun 04-Jun-06 20:49:31

No actually it sold for the reserve price which I was still pleased at. Our house wasn't a 'problem' house either, just a very ordinary 3 bed semi in a 'much sought after area' (aren't they all), we used the auction route as we needed a very quick sale.

Gem13 Sun 04-Jun-06 20:56:33

We tried to buy one but didn't get it It was OUR house too. I had moved into the rooms, the children had played in the garden...

It needed modernisation (old person had died a year before), 3 bedrooms, planning said it would be tough on extending. Guide price of £350k went for £575k!!!

It was stressful standing in the auction room too.

dinny Sun 04-Jun-06 22:07:31

thanks, all. funnily enough our old freeholder a big property co)is the vendor so dh putting in a call tomorrow to one of the directors (who we had a good relationship with), just because seems crazy not to, iykim....

dh kind of in the business but is v much saying we really cannot stretch ourselves. I am packing my suitcase already, lol (it needs complete renovation and has parking probs but is in a FAB location) Who knows....que sera

Join the discussion

Registering is free, easy, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.

Register now »

Already registered? Log in with: