Auction - can this work? How?

[LoonyIdea]

Here’s the bare bones:

I’ve seen a house I love, and it’s up for auction on July 21st with an auction house.

It’s a G2 listed house with some land.

It was previously on with A normal agent and an offer was accepted at £500k but it didn’t complete as the buyer’s solicitor wasn’t happy with a building certificate related to the underpinning. The old agent revealed that they believe the reserve to be £500k.

It is owned by MAG (Manchester Airport Group) who bought it as a compulsory purchase as a part of the A development, which never happened. They sold a lot of their portfolio but kept some with land, and this has been rented since.

My position:

I bought my husband out of my house as a part of our divorce and I now have a mortgage of £195k. My house is very saleable, on a popular estate and worth about £700 on a good day, £670 on a bad one. (Based on 3 local agents)

It was recently valued at £631 for the purposes of the remortgage as that was the figure I’d agreed with my husband some time ago.

I can put my hand on about £20k cash and everything else is in pension and in this house.

I earn £40k, PAYE.

And I really want to buy this house! How can I make it happen?

I had thought I might ask the seller to accept an offer prior to auction but if it’s ordinary auction terms then that doesn’t help me - I need more time, as it’s a cash flow issue.

I’m willing to pay a bit more for it and would go to £520 which I don’t think they’ll get at auction. The guide price is £475.

The house is uniquely unattractive to other buyers - it’s hard up against the motorway the plot is a Scheduled Ancient Monument, and the majority of the land at the back has no vehicular access at all. You can get a mower or a horse in and that’s it. And the house is a (properly underpinned) wreck. I however, love it and it would suit me perfectly.

im talking to some “we buy any house” sites and they’re talking about 75-90% of market value and could complete within a few weeks.

How should I proceed? Is this even possible?

Ooo what’s yours like?

I’ve loved reading your updates. It’s made me strangely emotional. Going through a shit time, and it’s time for me to move on. It’s so wonderful you have such passion and focus for your ancient monument. I hope the right one finds you, even if it’s this one.

Thankyou!

Gentleman Caller came with me this morning and was both sensible and enthusiastic. I wanted him to jump up and down and say “of course it will be yours!” but he sort of poked about and said “its a bit knackered but not that bad. You can do this.” He’s very supportive but this is quite firmly MY gig. We had a further talk about how best to proceed, which I think is all I should say at the moment, seeing as some of you think you may have found it.

There was a duck on the moat and four ducklings, fluffy black ones with yellowy patches. I have taken that to be a Good Sign.

The surveyor I used contacted me and said he hoped I got it and would be as helpful as possible. He is also very passionate about old buildings and I know he will charge me but I believe he wants this for me genuinely!

During today’s little trespass, we found, in some overgrown shrubbery, some stone steps down from the causeway across the moat, down to the water level. I think that’s where I will tether the little row boat with is going on there.

Is Gentelman Caller a love interest or the guy helping you with the legal pack over Zoom?

Gentleman Caller is my great love interest. Very practical type. Adorable with amazing bum. I allowed myself a moment of hazy joy, watching him stride around the moat, imagining him wearing breaches or a doublet and hose. He must never know this.

Ok now I'm really really hoping this all comes off.

Gosh this is such an epic story. A lovely post-divorce whirlwind is passing though your life. Everything pointing towards change. Gentleman Caller sounds delightful!

Pfft. I’d put in a bid “outside” the room and unsurprisingly it’s been knocked back and they’re going ahead at auction. There has “been plenty of interest and we are confident of a successful sale.”

Auction delayed till next week.

Sorry to hear that @LoonyIdea but what will be will be. You never know! I once put a bid of £50k over the guide for a building outside the auction. It was refused as 'there was lots of interest'. I went to the auction and paid the reserve price which was significantly less as I was the only bidder..... On the other side, I sold a freehold recently and was told that there was 'lots of interest and x number of people had downloaded the auction pack' it also sold for the reserve (which I was happy with to be fair).

I think you offered £520k from memory I think? The reserve has to be within 10% of guide so is it worth offering the remaining £2.5k? Obviously the more you pay the more your buyers fee will be though.

Good luck next week!

Oh no. I put the bid in via the vendor and he said it has to go through the auction house (whom I had copied in) so I’ve just forwarded it to the auction house again.

Staying calm.

Yes via the agent, but then the surveyor said how knackered it was so I’ve revised that offer and sent a letter about what my financial position is, down to the last £, and what a worthy custodian I’ll be, and how I’ll cover the fees as required.

It’s the deposit where I’m falling down. And I’d need top whack on this house to comfortably pay what they’re saying is the guide price.

Well I agree you should offer no more than you can afford. Are you attending in person? Often the decision maker is at the auction (or at least available by phone) so it might be worth going in the event that the interest level is nothing like the auction house thinks it is?

A kindred spirit….in fact first glance I thought this might be a story about you.

www.facebook.com/316795048375439/posts/pfbid0N86r9HGR9yTVZV6Gfk4SQ3BS8CTR854Wyft6PfMwoXRR8KMUUEaaJwkiRmaj8AZnl/

@ArnhemSquare i love that woman!!!!!!

Soooo spoke to the auction house and have been approved to bid. This is Exciting. However I made it clear that I can’t work within the terms of the auction and the auctioneer said “well what CAN you do?” I have to write to him. What he DIDNT say is “go away. Be off with you, you menopausal time waster.” I’ve taken that as a positive sign.

Sounds vaguely hopeful at least 🤞🤞😁

I think you have every chance, OP! They know full well it's too niche.
What CAN you do - that's more than encouraging (i.e. whatever you do, just buy it haha)

Don't lose sight of the fact that the auction house just wants the highest price in order to get the most commission. They also want the transaction to be smooth and not fall over.

Thanks - that’s a good point. I’m absolutely good for the money, just not in the usual auction way.

So they might make noises about a worthy custodian etc. That's just to make you feel more special and determined. They just want the money.

Indeed. Despite my romantic overtures on this thread, I’m not as naive as I may appear. Am keeping my wits about me.

The armour plated world war 1 fort in the Humber estuary sold at auction for £490,000.

Savills said there were a lot of bidders for the building which had a starting price of £50,000. Dang it. They'd better not come for yours instead.

I have been following from the start of this and am extremely invested. Spent far too long trying unsuccessfully to find the property online. Wishing you all the luck to get it and at the right price!

Wasn’t the auction today @LoonyIdea

Are you the new owner? How did it go?

Can we know which house it is now!