Has anyone made an offer on a property before an auction

[onesandwichshort]

...and if so, how did your price compare to the auctioneer's guide price?

We've seen a property we like quite a lot and which will consume all our money and time for the next five years. But quite a few properties round here seem to be sold before the auction, and I have no idea how much we'd need to offer to make that happen. And whether we'd actually end up paying more that way. So any advice much appreciated!

At an auction here last week, lots seemed to sell for close to guide price. However, when sold at auction they're sold when the hammer falls thus getting a quick sale. So if you can move quickly (i.e. nothing to sell and mortgage in place) then that may be as important to the vendor as price.

Good to hear that things are going for asking - I think it is about the same around here. And we can do the quick sale thing - we've been in rented now for seven months, and this is the first house I've really liked in all this time!

You've nothing to lose by offering before the auction, they can only say no and then you all go to auction anyway. At which point all bets are off for both sides.

Good luck

I know quite a few vendors who will bite your arm off for 10% more than the guide price as an offer fourteen days before the auction (after that they have to pay fees anyway IIRC).

That's really useful, thank you. I will be going to have a chat with the auctioneers in the next couple of days then!

Bear in mind that if your offer is accepted, the EA is almost certainly going to want you to exchange (including paying a deposit of 10%) before the auction date, so make sure your finances are in place and your solicitor is prepared to do the necessary work in the timescale.

We have offered prior to auction, only because we were advised that there was another good offer that the sellers were considering, and we wanted to ensure that they didn't accept it - they didn't accept either ours or theirs as they decided that with two interested parties they'd be better letting the auction go ahead.

Thanks for that - we've sold our old house and are in rented, so more than ready to put the cash down. We are now just waiting on the legal pack, and a trip round with an experienced renovation person. And I've also told the estate agents to let us know if they get another offer in the meantime. Now I am just biting my fingernails...