Possible plan B

[TheFaQQer]

So the idea is that I buy a house at auction for cash for, say, 70% of the value of the property, and sell it to these guys for 80-85% in a matter of days.
And then repeat. And repeat. etc.

Or have I got the wrong end of the stick?

Or in other words: Why not just buy at auction for 70% and sell privately at 100% and make fast profits that way.

At auction there's always the chance that people will outbid you. This way, you go along to the people, cash in hand, offer a quick sale, and persuade them that you're doing the best thing for them to get that quick sale.

There's an estate agency near me who does exactly the same thing as their only line of business.

[DimPrawn]

So the idea is that I buy a house at auction for cash for, say, 70% of the value of the property, and sell it to these guys for 80-85% in a matter of days.
And then repeat. And repeat. etc.

Or have I got the wrong end of the stick?

Or in other words: Why not just buy at auction for 70% and sell privately at 100% and make fast profits that way.

No, I don't think so.