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?

Have someone with you at the auction who will stop you from going one penny over what you have decided. It is easy to get carried away when bidding.

I've done exactly the same! I know every listed house within a 10 mile radius of MA. I've found two possibles but can't see that they're for sale anywhere! I can't find a relevant auction either.

I don't blame OP for not sharing the listing but it's really irritating me that I can't find it. I'm laid up in bed with a bad back and I've little else to do than go down rabbit holes of scheduled monuments.

I can see why the OP is excited but I don't think it will be very peaceful in those grounds, given the location. Op are you not worried by how noisy it will be?

I have found the full address and the council documents requesting permission to demolish it but I can't find any pictures or the auction listing 😥

Good luck OP, I am really over invested in your journey. 😀 I really hope you get the house. Do you have the auction date or is that under wraps?

Hi OP
Based on info in your post and open source, I believe I've also located the property - is the flooring you uncovered in the living room the same as the kitchen? I won't say anything else about it.
If I have the correct property, I can completely see why you have fallen in love with it - your very heartfelt words regarding old properties described the pictures in the listing!
Wishing you all the very best!

I thought I had found it...then realised it was in bloody kent! Please would you PM me the link. I have spent far, far too long trying to find it as am totally swept away with the...I suppose...romance, for want of a better word. I am a total historic building lover.

Oh I am so desperate to bore you all with the details! But I can’t! I will when it’s all done though, one way or another!

I so hope it works out for you OP. We were seriously considering bidding on a piece of land recently, guided at 40-60k, it sold for £140k!

We didn’t bother bidding, as it was totally out of our price range. I know you are hoping the property doesn’t sell, to give you a chance to offer after the auction.

Good luck, if it’s meant to be it will be.

I 2nd what someone else said upthread about being there in person to keep an eye on 'bids off the wall'. I think this is cheeky but I believe it's legal. Tim Wonnacott takes a dim view of it.

I’m also in awe of those that have found it, I have spent more time than I care to admit trawling the internet to catch a glimpse of the property that’s captured OP’s heart.

Looking forward to seeing the link once the auction is over.

The auction. I have questions.

1. what happens if no one else bids? Do I let it go or do I bid at the last minute?

2. what if the auctioneer takes “bids off the wall” and that’s the last bid? If it’s not real then what happens?

3. is a bankers draft the same as a bank transfer?

4. is a proxy bid the same as a telephone bid?

1) what happens if no one else bids? Do I let it go or do I bid at the last minute?

If you're the only person to bid, the house is yours, as long as your bid is more than any reserve (minimum) price set by the seller.

1. what happens if no one else bids? Do I let it go or do I bid at the last minute?

A. Don’t bid, the company needs to realise the true market value. That might be much less than the reserve if there are no bids. If there are no bids, approach the desk after the auction to confirm your previous offer.The auctioneer will say something like ‘ please see me after’

2.what if the auctioneer takes “bids off the wall” and that’s the last bid? If it’s not real then what happens?
A. House is not sold. Auctioneer may say something like ‘that’s not quite enough, see me afterwards’. Note that in addition to trying to create interest by taking bids off the wall, The owner has a legal right to attend and bid up to the reserve also.

3.is a bankers draft the same as a bank transfer?
A. Check with the auction house. They’ll take a cheque often but for online bids you’ll have the 10%ring fenced on a credit card or debit card, hence why I think you should go in person. You’ll need to be registered to bid, have your id’s uploaded etc.

4.is a proxy bid the same as a telephone bid?
a proxy bid is someone bidding on someone else’s’ behalf. You can put in a request for the auction house rep to proxy bid on your behalf up to an agreed figure. Same as the vendor can ask the auctioneer to do the same for them. Phone bids are where you are sat at the other end of the line and they are relaying your offers to the auctioneer in the room.

hope that helps!

Things I learn't after I overbid at auction and then wanted to re-auction...
The auctioneers set the guide price, not the vendors. If the vendors are too optimistic, the auctioneers won't enter the property. It's not worth the hassle to the auctioneers and if it doesn't sell, it reflects badly on the auction house statistics.
The property has to be sold, if it is within 10% of the guide price.

@Didyousaysomethingdarling the reserve price has to be within 10% of the guide price. The house does not have to be sold if it doesn’t reach the reserve.

I've just found this thread and binged it all. Your description of why historic houses matter was beautiful and appealed to the historian/archaeologist in me. You are being relatively rational about it which is impressive. I have never felt so invested in a property auction!

With the collective Mumsnet goodwill, wishes, prayers, positive thoughts, and other such things, this house has to become yours at the right price. I'd also volunteer to be in the Mumsnet builder brigade to come and lend a hand. I'm pretty shit at DIY, but I make a damn good mojito 😁

I think found the house and i think you could get a lot better for the money, sorry op! The outside is beautiful but if I've got the right one the noise will absolutely unbearable and on 40k salary and nothing in reserve, you'll be sinking money into it for years to come.

Yes, I can't believe that it's gong to be a bucolic paradise given what is on the doorstep. From the OPs point of view it's a good thing though as I can't imagine it would appeal to many because of its position! One man's trash is another man's treasure as they say.

Can someone please pm me a link to the property? Thank you 😁

@QuestionableMouse Check your messages 🏚

I would be so grateful for a pm with a link.

I’d also like a link! Been searching for hours! lol!

hope you get it op! Sounds lovley!

Ooh now this makes me think I may have got the wrong one when I thought I found it!

Me too! I’ll try and pm you a link.