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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:
SheilaWilde · 27/07/2022 11:43

Wishing you the best of luck and lots of fair wind behind you. I really, really hope everything does go your way.

I never did find it (despite spending an inordinate amount of time looking for it) but it's sounds absolutely lovely and everything you need to move onto the next chapter of your life. What's the worst that can happen? If it doesn't work out once you e made it mortgageable you can sell it. Given a choice I'd rather live in a scruffy, interesting, falling down house than a soulless new build.

Good luck!! Please can you post a link to it after the auction? I'd do love to see it.

meadowbleu · 27/07/2022 11:46

I've been reading too, with great interest. I love old buildings and to follow journeys on the TV restoration type shows and may have embarked on a similar project myself a few years back. With a reduced income and the spiralling costs of building materials, I'd be too cautious now. But, so long as you're 100% realistic about the workload, including all the unseen problems that always crop up without fail, and realistic about the impact on your daily life and comfort, including finances, then yes, go for this with an open heart. It's rare to hear someone speak with such enthusiasm and passion.

Good luck @LoonyIdea I'm very excited for the link to be shared and remember, if it's for you, it won't pass you by. We'll just all have to keep hunting for a different project if this isn't to be the one.

SafelySoftly · 27/07/2022 12:00

I was on who early on said this was bonkers and reckless. And it probably is although your financial position is a little more solid than first revealed.

but, given your most recent updates, go for it..,, fingers crossed…, keep us posted….!!

OppsUpsSide · 27/07/2022 13:24

Good luck OP, I love your chutzpah 🤞

Tudortimes · 27/07/2022 13:39

Think I’ve found it and if it is the DG auction starting at 2pm I will be crossing everything for you and willing it to go your way. If you get it I really hope you will take us all on the journey with you, you write so beautifully and evocatively. Good luck 🤞

dizzyupthegirl86 · 27/07/2022 14:01

Tudortimes · 27/07/2022 13:39

Think I’ve found it and if it is the DG auction starting at 2pm I will be crossing everything for you and willing it to go your way. If you get it I really hope you will take us all on the journey with you, you write so beautifully and evocatively. Good luck 🤞

I’m planning to watch too! The only thing I can’t find is where in the auction it is, to see how much I’m committing.
Id say fingers crossed to the OP, but am I right in thinking we don’t want it to sell at auction so she can offer outside of it?

JesusInTheCabbageVan · 27/07/2022 14:08

I say this in all seriousness: if you do get it, you really really should write a book about the whole story, from your marriage (If you can stand to) through all of this, and finally living there and rebuilding, well, everything. I promise you it will be a bestseller. Look at how many people are hooked on this thread!

friskybivalves · 27/07/2022 14:15

SheilaWilde · 27/07/2022 11:43

Wishing you the best of luck and lots of fair wind behind you. I really, really hope everything does go your way.

I never did find it (despite spending an inordinate amount of time looking for it) but it's sounds absolutely lovely and everything you need to move onto the next chapter of your life. What's the worst that can happen? If it doesn't work out once you e made it mortgageable you can sell it. Given a choice I'd rather live in a scruffy, interesting, falling down house than a soulless new build.

Good luck!! Please can you post a link to it after the auction? I'd do love to see it.

Have PM'd you and am crossing my fingers for the OP!

JellyBeanFactory · 27/07/2022 14:20

Oh my goodness, just seen it (was down an Internet rabbit hole looking for something completely different!) and it certainly is lovely. The auctions have started and you're a little way down the list. I'll bookmark the 'live' page and hope to see it unsold when I go back later, or if sold it is to you! Good luck 🤞🤞

Brody77 · 27/07/2022 14:23

Another mumsnetter wishing you all the luck in the world that you get this. I grew up in a grade 2 listed building which had numerous problems over the years but loved it so much. The property sounds wonderful, daunting but amazing

Thatsenoughnow · 27/07/2022 14:24

JesusInTheCabbageVan · 27/07/2022 14:08

I say this in all seriousness: if you do get it, you really really should write a book about the whole story, from your marriage (If you can stand to) through all of this, and finally living there and rebuilding, well, everything. I promise you it will be a bestseller. Look at how many people are hooked on this thread!

I agree, you're a great writer op.

Muffinbutton · 27/07/2022 14:25

Good luck OP. I'm watching the auction and feeling like I'm part of your big adventure 🤞

TokyoSushi · 27/07/2022 14:27

Oh I would LOVE to watch the auction! I'll have a google and see what I can find -unless anybody would be so kind as to PM me a link-

stayathomegardener · 27/07/2022 14:29

🤞

PointyMcguire · 27/07/2022 14:43

We bought our own money pit 18mths ago that we absolutely adore so no threat to the OP, but I’d love to watch the auction unfold if someone could ping me a link pretty please?

dizzyupthegirl86 · 27/07/2022 14:45

@TokyoSushi @PointyMcguire pm-ed you both!

SwedeInLeeds · 27/07/2022 14:48

dizzyupthegirl86 · 27/07/2022 14:45

@TokyoSushi @PointyMcguire pm-ed you both!

Me too please!!

Turnfacethenamechange · 27/07/2022 14:49

Oooh could I have the link too please if it isn’t too late @dizzyupthegirl86 ??

PointyMcguire · 27/07/2022 14:52

Thanks @dizzyupthegirl86 it’s stunning so I can completely see why OP is so enamoured with it. Keeping fingers crossed for you @LoonyIdea

SwedeInLeeds · 27/07/2022 14:54

Found it! That was a fun search :) good luck OP!

TokyoSushi · 27/07/2022 15:02

Amazing! Thank You @dizzyupthegirl86

RoseGarden22 · 27/07/2022 15:08

@dizzyupthegirl86 please can I have the link too?

SheilaWilde · 27/07/2022 15:15

@friskybivalves thank you so much! And @Clownsingovernment - I've only just seen your message because I mostly use mobile site.

It is very beautiful LoonyIdea. Much prettier than the ones I'd identified using the info from your OP. It's what dreams are made of and I can see why you'd like to buy it so much. I hope for a positive update.

Snowpatrolling · 27/07/2022 15:16

How did it go @LoonyIdea ?
was thinking of you all day, really hoping you get it! Xx

RoseGarden22 · 27/07/2022 15:17

Thank you!

Good luck OP, it is gorgeous.