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Going to Auction

58 replies

cookielove · 06/03/2024 19:07

Hello all,

I posted a few months ago asking for advice about selling my mothers home, she has had lots of viewings but still no offers. She is now thinking of going to auction just to try to shift it.

She has spoken to some estate agents some are pro auction others not. Has anyone been to auction? Would you recommend it? Did you get what you wanted? What was it like?

This is my previous post.

https://www.mumsnet.com/talk/_chat/4808990-please-judge-this-house?page=4&reply=127232006

This is the house

https://www.rightmove.co.uk/properties/144267992#/?channel=RES_BUY

Thanks all

Page 8 | Please judge this house!? | Mumsnet

Hello, my mum is trying to sell her house please give honest feedback on the house and the photos. What can we do to sell this house??? [[https://ww...

https://www.mumsnet.com/talk/_chat/4808990-please-judge-this-house?page=4&reply=127232006

OP posts:
Heronwatcher · 10/03/2024 16:53

I think she’s doing the right thing- reducing heavily- but agree with others that she may either need a sense check about the house price at the moment, or if not she should stay there for a couple of years if she doesn’t need to sell.

The market for this type of property is crap at the moment. Mortgage rates are high. Heating is expensive. Builders are non-existent, or incompetent and always really expensive. Large gardens are not universally sought after, people really want something they can look after themselves and sit in the sun. People are being called back into the office, and those that aren’t are most attracted by somewhere with a coffee shop/ high street etc in walking distance.

I am probably target market for somewhere like this (young kids, lived in London for a bit) but for me it wouldn’t work at this price because of the bedrooms and the fact that although it’s really clear that the house has been loved, I would probably have to start again with quite a bit of it (like the new extension, kitchen and bathrooms). I also agree that the blue lettering is off putting- and no way is that original. I would expect all of this to be priced in but it doesn’t look like it has been.

What houses nearby sold for 2-3 years ago is irrelevant as the country wasn’t in recession, it was before the truss budget and the Ukraine war and the covid “live rurally and wfh” bubble hadn’t burst.

I like St Albans but for that money I’d be going for something in town where I could walk to the station, with more facilities nearby and without the need to do work.

I’m not saying this to put the boot in but if your mum does want to move she may need to sell for less than she expects, or wait the market out.

cookielove · 11/03/2024 18:34

@Heronwatcher thank you for your feedback.

When you say blue lettering do you mean the bridge cottage? Because it is black and it has always been there.

OP posts:
CrashyTime · 11/03/2024 18:59

"waiting the market out" will just lead to less money down the line, reduce hard to sell now, don"t chase the market down.

Roselilly36 · 11/03/2024 19:34

Auction can work out well sometimes. Set a realistic reserve, the pros are quick sale completion often 6 weeks from fall of the hammer. Makes sense if you want a quick sale and avoid lengthy conveyance. Many auction properties in my area achieve much higher than guide, a property around the corner from me, kept being reduced, could not sell, owners put it into auction and it achieved a much price on the day. Good luck with whatever option you decide, moving is always stressful, done it many times.

sbplanet · 11/03/2024 19:39

@cookielove have you spoken to the EA and asked what feedback they've had - if none, ask them to speak to previous viewers - when you sell the house you'll pay them a fee, make them earn it. :)

Saxendi · 11/03/2024 19:49

I really don't think it is like many typical auction properties.
It's got to be the price, the EA photos are good, have a chat with them and reduce it maybe offers over 750?

Brumhilda · 19/03/2024 10:24

An auction property is an auction property. It’s just price and at auction you get cold blooded price discovery.

CrashyTime · 19/03/2024 14:17

BOJ have started to move, watch out for higher borrowing costs if the market thinks they will move again. Sellers with unrealistic expectations should get real right now if they want to sell.

"An end to the world’s last remaining provider of cheap funds could also jolt global financial markets as Japanese investors, who amassed overseas investments in search of yields, shift money back to their home country."

https://www.theguardian.com/world/2024/mar/19/bank-of-japan-raises-interest-rates-negative-scrapped-borrowing-costs

Japan raises interest rates for first time since 2007

Shift makes Bank of Japan the last central bank to end negative rates in move that has ‘a lot of symbolic significance’ according to analysts

https://www.theguardian.com/world/2024/mar/19/bank-of-japan-raises-interest-rates-negative-scrapped-borrowing-costs

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