Property auctions now with pics!!!

[Spirits High]

Has anyone bought a property from an auction?

If so any advice or possible pitfalls?

I know most of us have probably watched "Homes under the Hammer" but surely it's not as simple as that :confused:

Reason behind it is there's a place down the road coming up for auction, it has alot of potential and a "keen" guide price. Looked around the outside of it yesterday and picking up the keys for an inside look tomorrow morning.

Funnily enough wasn't the only person rummaging around the plot either, rather think he was a developer as he got back in his private plated mercedes coupe and drove off :eek:

[Corabar Entertainment]

I have plenty of experience from the other side of the fence (property lawyer)

The main thing to realise is that you will need to do all of your investigations PRIOR to the auction (eg if you want a survey, searches, mortgage arrangements, etc) which means you will need to spend out a bit of money that could all be lost if you do not win at auction.

The other alternative is to just bid without doing your research, but, as you will be bound to buy the property if you win at auction, you could find out something nasty after the auction, but still have to go through with the purchase.

(Basically, the second the hammer goes down, you have Exchanged Contracts)

[NKR]

Don't fly blind. Unless you have some property experience then ensure you get someone on board who has.

I haven't bought residential at auction, but have bought commercial (not for myself, but companies I have worked for). I am a chartered surveyor by the way.

Pitfalls are you buy a dog and it takes the shirt off your back.

I don't know the area, but if you are in Chesterfield, I know that Sheffield has some issues with what is known as black ash mortar on properties of a certain age. Its where they bulked coal dust with the mortar as a bulking agent. In short the sulphur leads to corrosion of the wall ties and outer cavtry wall structural integrity goes - not a massive job to put right (unless the wall goes), but labour intensive.

How old its the property?

Other pitfall is there could be issues in the title. Watch for rights of access on shared driveways, etc. If its leasehold check out the ground rent provisions, review procedure, and any potential onerous conditions.

Once the hammer goes down it's yours!!!

[Corabar Entertainment]

Other pitfall is there could be issues in the title. Watch for rights of access on shared driveways, etc. If its leasehold check out the ground rent provisions, review procedure, and any potential onerous conditions.
Yes - very true - but at least the main title documents ought to be supplied as part of the auction pack, but I must admit, I had made the assumption here that Paul would employ a solicitor to have a look at the docs for him :D

[Spirits High]

Thanks Angela, NKR

Like I said had a look around briefly yesterday going to see inside tomorrow.

Structurally it looks good , no cracks , roof ok etc. Needs rewiring , double glazing , central heating etc but worth a punt if it sells cheap enough. I know the area well enough as I live about 100 yds up the street :D

Got the solicitor that I bought my current house with on standby, in a lucky position of still having some of my lump sum from when I left the Army available to finance it. I've also seen the land registry documents so know about any access problems

I think they'll be alot of interest in it but you never know ;)

[NKR]

I have plenty of experience from the other side of the fence (property lawyer)

That explains how you know plenty of surveyors!

[Corabar Entertainment]

LOL... my secret's out :D

[Solitaire Events Ltd]

LOL... my secret's out :D

It wasn't a secret for me...:p

[Corabar Entertainment]

:lol: I wonder why? ;)

[Spirits High]

Well I went to have a look around and don't think it's a goer even at the guide price of £25k:eek:

Here's some pics to get your opinions:

Bedroom 1: crack goes all the way through to the outer wall :eek:

http://i2.photobucket.com/albums/y30/polobloke/001-1.jpg


Reception 1:

http://i2.photobucket.com/albums/y30/polobloke/012-2.jpg

Reception 2:

http://i2.photobucket.com/albums/y30/polobloke/014.jpg

http://i2.photobucket.com/albums/y30/polobloke/015.jpg

Kitchen :eek: :eek: :eek:

http://i2.photobucket.com/albums/y30/polobloke/018-1.jpg


Yes, there's a massive amount of work to do and money to spend but if it goes for around the guide then it's a good buy. I'm going to go along to the auction anyway as you just never know.

[Corabar Entertainment]

Nah.... slap a bit of pollyfiller and paint on that and you'll be fine mate :p :eek: :D

[Solitaire Events Ltd]

Have you been visiting Angela and Steve's flat, Paul?

:run: :D

[Corabar Entertainment]

You're lucky you're not within striking distance at this point in time Mr Thomas! :mad: :mad: :D :D

:argue: :boxer2:

[NKR]

Do you want me to make comment? Have you got any pictures of the outside?

[Spirits High]

Do you want me to make comment? Have you got any pictures of the outside?

This pic is off the auction catalogue. The house is a semi as the rear of the house (the bit you can't see) is next door if you know what I mean.

The large crack in the pics is in the top right corner of the house as you look at the pic.

[StarZSoundS]

Last Month I bought a house for £57,000 post auction from Mustbesold.com (in 2008 this house was on the market for £140,000)so feel really qualified to help.

I have spent about 12 grand on it and the conservative revalution was £93,000.PM or ring me tonight.....happy to help.COULD also lead you to some reasonably priced workmen to help....If the house is barely liveable.You are not a million miles away??

[Spirits High]

COULD also lead you to some reasonably priced workmen to help....If the house is barely liveable.You are not a million miles away??

That's always the toughest bit getting someone reliable that's not going to do you over ;)

[Corabar Entertainment]

That's always the toughest bit getting someone reliable that's not going to do you over ;)
A bit like the general public feel about finding a DJ!

[Mark Wild]

Have you been visiting Angela and Steve's flat, Paul?

:run: :D
sooo wrong lol

[StarZSoundS]

That's always the toughest bit getting someone reliable that's not going to do you over ;)

Put it this way....I bought it to make a bit of cash....but they have made such a good job I'm not letting anyone else have it.:D

These are personal friends of mine....is there basics in the house.Running water etc.Would they be able to stay there for weekdays etc??

[Spirits High]

Put it this way....I bought it to make a bit of cash....but they have made such a good job I'm not letting anyone else have it.:D

These are personal friends of mine....is there basics in the house.Running water etc.Would they be able to stay there for weekdays etc??

Yep, water , electric no gas.

I live approx 100m up the road so showers etc no drama. Staying during the week, no problem.

[StarZSoundS]

Got a hunch this may work....


Can talk more tonight....If you want??

[JDB Entertainment]

Paul, if it was me, I would be interested in the land more than the property at 25k.

The option of knocking the building down and starting from scratch may work out better in this situation.

James

[NKR]

Paul, if it was me, I would be interested in the land more than the property at 25k.

The option of knocking the building down and starting from scratch may work out better in this situation.

James

Genius. Knock a semi down!

Its always interesting to stand from a far and watch. Its also weird how I am employed in the two industries that everyone thinks they are experts in.

On the crack the picture isn't clear enough, but the window head looks like it has gone, which means it could be something as simple as a wooden lintel that has rotten and the weight of brickwork is now on window frame which could open a crack like that. However, it could be something more serious its hard to tell from photos.

[JDB Entertainment]

Sorry, didn't realise it was a semi.

And I never said i was an expert. Far from it, I have no experience in this field, however I was just saying what I would do(even though I didn't realise it was a semi.

[StarZSoundS]

Its all yours NKR.....wasn't pretending to be an expert!!

I'm just sixty quid Sid in the property market...who got slightly lucky and wanted to see if my good fortune would rub off on others...

[NKR]

Sorry, didn't realise it was a semi.

And I never said i was an expert. Far from it, I have no experience in this field, however I was just saying what I would do(even though I didn't realise it was a semi.

I was only joking, its impossible to tell from the picture its a semi.

If you could get the other half cheap, its not a bad call and probably correct as house bashing can be as expensive as building them. Also something worth looking at is what it backs onto. If its got white land behind it you could form a sensible access point for opening up future development land, but you would need the other half of course.

That could be why your man with the merc was there!! Long term play.

[NKR]

Its all yours NKR.....wasn't pretending to be an expert!!

I'm just sixty quid Sid in the property market...who got slightly lucky and wanted to see if my good fortune would rub off on others...

I would suggest £60k sid by the profit you have made on yours.

Just be careful lads it looks like its riddle with damp coming up and down so there is quite a bit of work in there and whats under that render??????

Wish I was close enough to be of some help.

[Spirits High]

Sorry, didn't realise it was a semi.


Even after reading post # 15 :p ;)


I was only joking, its impossible to tell from the picture its a semi.

If you could get the other half cheap, its not a bad call and probably correct as house bashing can be as expensive as building them. Also something worth looking at is what it backs onto. If its got white land behind it you could form a sensible access point for opening up future development land, but you would need the other half of course.

That could be why your man with the merc was there!! Long term play.

The bloke in the other half has been there 42 years and not going anywhere :( It backs on to the main london to leeds train line, well when I say backs on the actual line is down an embankment out of a tunnel



Just be careful lads it looks like its riddle with damp coming up and down so there is quite a bit of work in there and whats under that render??????

Wish I was close enough to be of some help.

Careful is my middle name ;) :D

[StarZSoundS]

Its all yours NKR.....wasn't pretending to be an expert!!

I'm just sixty quid Sid in the property market...


I'M WAITING AND WAITING.....

For somebody to use the quote above and put AS WELL?? on it??


Wheres Darren??

[Corabar Entertainment]

Nah... when it's THAT obvious, it's not worth the effort ;) :p

[Spirits High]

Here's an update for you.

The auction was last night and the house sold for £61k, then add 3% sellers fees (in the legal pack) so you're looking at a shade under £63k :eek:

It'll be interesting to see it when it's done up though

[rob1963]

don't think it's a goer even at the guide price of £25k


The auction was last night and the house sold for £61k

:jawdrop: