The Sunday Times
Tuesday March 19, 2019

Buy Top End House in Good Condition at Reduced Price at Auction?

I'll soon hopefully have some cash and will be looking to buy a house without a mortgage for myself in the south-east of England. The auctions I've looked at and previously bought properties from generally have properties that have been neglected or not in the best of areas. Are there any auction houses that have top quality properties in prime areas, that I could literally move into if I bought it? Considering the tricks that auctioneers often employ, such as shill bidding and high minimum bids, could I actually bag such a property at meaningfully below the price it would be were it sold via an estate agent? Or would they only sell if it was more or less a similar price to buying via an estate agent? Thanks in advance for the advice.

Asked on Oct 4 2018, General in London | Report content

Answers (1)

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  • Why would it be in an auction? Because the seller is in need of a quick and certain sale now and not hold out for a better price. Because the property is difficult to value; the buyer will be taking a risk. A sale falling through when the buyer has second thoughts costs money. If it is significantly cheap compared to similar properties in the area after you have factored work that needs doing then that is a discount for the risk you take on.

    Answered on Oct 5 2018, Report content

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