Auction houses

[auctionhome]

Is there a particular type of buyer? The apartment above me has gone up for auction and I’m being nosy basically as well as hoping we get someone nice!

it’s also a pain as I’m due to remortgage (never done it before) and wondering if it will down value mine?
mine was valued at 120k and is the same layout (except has a garden)
auction starting price 65k, they listed it at 95k but it’s not sold normally

Strictly speaking I wouldn't say there was a particular type of buyer at auctions, I would say there is more likely to be a typical type of house at auction, that is houses suitable for the rental market and thus auctions tend to attract those looking for rental properties. But this is doesn't guarantee it won't be bought by a individual who wants to live in it.

Is fhis a proper action or a modern method of auction?

If the former then it might be there is a short lease, the seller is in a rush to get the sale through for some reason, the flat needs major work etc.

If the latter it just means the seller has been spun a lie by the EA, being told it’s a good way to sell when in reality it’s only good for the EA and their profit margin.

As others have said.

normally auctions are for difficult or unable to sell.

1. short lease
2. been taken back by the lender from somebody that unfortunately defaulted on a mortgage
3. has damp, structural, expensive issues to sort
4. unmortagable for various reasons
5. owner needs a quick sale for financial reasons

buyer will be a cash buyer

Not a short lease - it’s going through auction house?

Hmmm. I’ve NC so could post a link
its fine mortgage wise, the building doesn’t have any issues, lease is 125 I think, no default
guessing it’s for a quick sale, possibly because of the service charges
its not a bad area and it’s a spacious apartment