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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

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