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Original poster

Auction - can this work? How?

420 replies

LoonyIdea · 03/07/2022 17:45

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?

OP posts:
Original poster
LoonyIdea · 26/07/2022 07:48

a couple of very determined sleuths have found it and pm’d me, but the rest have been miles off.

one more day.

OP posts:
Arashi · 26/07/2022 08:11

If its the one with DG doing the auction this week I also looked at it as its my absolute dream house. I spent a lifetime going through the 224 million pages of legal pack before deciding that realistically on my own although I can buy it with the sale of my house the repairs and maintenance and upkeep would be too much on my own so I am one of the lots of interest who is no longer interested if that helps unless you want to go halves :(

CassieLane · 26/07/2022 09:10

I am thinking that we should respect the fact that the OP doesn’t want to share the link until after the auction. She did say that at the start. Quite rightly why would she publicise a property where she wants best value, to thousands.

My view is please don’t try and guess or gives clues. I would prefer some patience rather than the OP pulling the thread.

Minimalme · 26/07/2022 09:33

Good luck op - how are your nerves?!!

chilliesandspices · 26/07/2022 17:53

LoonyIdea · 26/07/2022 07:48

a couple of very determined sleuths have found it and pm’d me, but the rest have been miles off.

one more day.

I had to give up trying. My sleuthing skills are normally great but on this occasion I feel like my grandad trying to figure out Facebook. I'm still following for the big reveal and keeping everything crossed that you get it at a reasonable price. At this rate, I'm so invested I'll be joining the Mumsnet committee to help you renovate Grin

Cookiedough123 · 26/07/2022 19:00

I gave up too I have tried a few times to find it 😂 if anyone fancies sending me a link I'd feel very satisfied. A) I have no money to buy a house. B) I moved 6 months ago into a lovely house and ain't moving again anytime soon!

Cookiedough123 · 26/07/2022 22:22

Thanks to the two who sent it me.

OP It is lovely I can see why you love it! All the best for tomorrow!

Honeyroar · 26/07/2022 22:55

Ooh please could you send me a link too. My searches haven’t found anything likely!

Kitsmummy · 27/07/2022 06:50

Oh my god is today the day? I have been following this quietly but avidly!!!

GOOD LUCK!

CutesyUserName · 27/07/2022 08:26

Rooting for you today, OP.

Worrysaboutalot · 27/07/2022 10:01

Good luck Flowers

hoorayandupsherises · 27/07/2022 10:16

I'm not sure I can handle the suspense, I don't know how you're managing, OP! Good luck

OhMerde · 27/07/2022 10:18

I really, REALLY hope you DONT get it and I mean that kindly. You aren't earning anywhere close to enough to make this work. You have the opportunity to set yourself up financially for life here and yet, you instead want to saddle yourself with a house you cant afford, can't pay for and cant do up. You want your bumps feeling quite frankly. We all have dream houses that are out of reach but that's just how it goes. A thousand times no to buying this house.

Original poster
LoonyIdea · 27/07/2022 10:46

OhMerde · 27/07/2022 10:18

I really, REALLY hope you DONT get it and I mean that kindly. You aren't earning anywhere close to enough to make this work. You have the opportunity to set yourself up financially for life here and yet, you instead want to saddle yourself with a house you cant afford, can't pay for and cant do up. You want your bumps feeling quite frankly. We all have dream houses that are out of reach but that's just how it goes. A thousand times no to buying this house.

Thanks so much for that. Great. Cheers.

OP posts:
Original poster
LoonyIdea · 27/07/2022 10:47

@OhMerde what opportunity do you see that I am missing? Genuinely curious.

OP posts:
OhMerde · 27/07/2022 10:49

You must see that I have a point though surely? If you were my best mate, I'd say the same thing. You have a one off opportunity to set yourself up financially for life (or ruin yourself) and you'd be daft to do otherwise and daft is being generous.

OhMerde · 27/07/2022 10:51

LoonyIdea · 27/07/2022 10:47

@OhMerde what opportunity do you see that I am missing? Genuinely curious.

The opportunity to set yourself up financially for life. Buy a £200k house mortgage free and pocket the rest to live your life without wondering how to feed yourself, heat your house etc. You only have 1 income and no safety net currently.

TokyoSushi · 27/07/2022 11:07

Oh OP, I'm not sure how I've not come across this thread, but I've just read all of your posts and I think I'm a little bit in love with you!

It all sounds like a fabulous novel that you'd read on a sun lounger by the pool. I'm in your area too! You write beautifully. Wishing you so much luck, I can't wait to hear how you get on!

dizzyupthegirl86 · 27/07/2022 11:09

If the property is the one I’m thinking of, there’s only five houses within a 10 mile radius below 200k.
3 are new builds, 1 is shared ownership, which leaves one suitable - which from the OP’s comments so far looks VERY unsuitable.

200k isn’t a lot to buy a house these days, and if you’re equity rich then all power to you!

Thatsenoughnow · 27/07/2022 11:14

OhMerde · 27/07/2022 10:18

I really, REALLY hope you DONT get it and I mean that kindly. You aren't earning anywhere close to enough to make this work. You have the opportunity to set yourself up financially for life here and yet, you instead want to saddle yourself with a house you cant afford, can't pay for and cant do up. You want your bumps feeling quite frankly. We all have dream houses that are out of reach but that's just how it goes. A thousand times no to buying this house.

I agree with you. If op was my friend id be really worried. £40k salary and no savings, a house falling down around her ears... I can't see how it could work. I hope I'm wrong.

Original poster
LoonyIdea · 27/07/2022 11:15

Ah I see. Fair enough, and tbh you have spoken my darkest fears. However…

there is literally nothing near here for £200k. I need to be near particular schools/family so I can’t move region.

im salaried but also have other income (maintenance etc) which I can run the house on without touching my salary

i Currently have a mortgage, and this will see me mortgage-free, which then frees up £1500 a month

im early 50s and have excellent pension arrangements (final Sal plus AVC) so that’s sorted

It will be a stretch and I’ll have to do the work out of income but I’ll be debt free. Then once it’s in a mortgageable state, I can either sell or borrow against it if I wanted, and do more.

there are absolutely lots of revenue streams to be had for where and what it is, too.

It will be tight but it’s not as financially reckless as it first may appear to the more risk averse.

And now the feels…

My marriage was horrible. Like floating just under the surface of a pond and if I kept very very still, no filthy water would go up my nose. The slightest movement would stir up mud and weeds and I’d feel like I was going to drown. He was financially abusive to a stunning degree, controlling, cruel and weirdly dead somehow. Everything had to be The Same. Everything had to be his choice. By the time he left (in a police van) I had no agency over my life whatsoever. Physically I didn’t recognise myself. It took months not to tense up at 10pm when he would come home from the pub and tell me what a waste of space I was. He was not violent. If he had have been, my family would have supported my leaving him but he wasn’t, so being super religious they took his side, and I was required to lie back and crack on.

And the house I own now, I hated from the beginning. It became the representation of the gilded cage my life was. It is the antithesis of anything I like, or value whereas this house is the absolute embodiment of everything I’ve loved about vernacular building, for decades.

It is beautiful and there is space for us all to breathe out and not have to deal with neighbours. I may well never have the opportunity to have THIS much space and flexibility and with it being in a historic setting then so much the better.

It might not work out. But it might. It might. And if I don’t go for this I will never know. I’ll never know if I had it in me to make an entirely new life that bears no resemblance to how things once were. And if it goes wrong then that’s on me, and luckily, I trust myself.

What’s the point of anything if we don’t fling ourselves full tilt into the things that make us passionate? And the example I want to give my children is that if you’re passionate about something then go for it! Do it. Lean in, try it.

anyway it’s all academic, I might not get it but I will have tried so hard.

OP posts:
Turnfacethenamechange · 27/07/2022 11:19

OP, we only have one life. We’re all going to end up as ashes and dust, no matter how much money we had or how sensible our life choices.

What will make you HAPPY? It might be financial security and no stress in a modern 200k house, or it might be this house with all the challenges it brings. Money is only worth the happiness it will bring us.

You seem like you’re going into this eyes wide open. You’re a romantic, so am I, I think the world needs more of us :-D You may not get it, but at least you’ll know you tried!

Wishing you all the best today!!

Turnfacethenamechange · 27/07/2022 11:23

Oops I hadn't seen your post when I posted, you need no pep talks from me! Go for it 😁💪

Alphabet1spaghetti2 · 27/07/2022 11:26

Wishing you all the best!

life is for living. Sometimes it means taking a risk. Personally I would rather be happy and poor than rich and depressed. Yes money can be fun, but nothing is fun if you are depressed.
You’ve done the sums, and you can always sell it on if needs be.
Tomorrow is never promised, it’s merely an illusion.
Happy to join a garden clearance/house cleaning party.

StartupRepair · 27/07/2022 11:33

Cheering you on OP from the other side of the world.