Buying property *cash*

[Clippy]

I can tell you are a Labour voter.

You really haven't got a clue.

Google below market value property.

As a cash buyer at auction I'd be paying a tiny fraction of the market value.

And what exactly is the market value of property at the moment?

As far as I can see, the market is currently failing to determine this.

[tim123]

Somehow I don't see people discounting prices by 50%.

Infact, most property coming to the market in the last few months is no cheaper than the one put up over a year ago.

Estate agents are still pricing property at 2007 prices as far as I can see.

Except for the repos, I agree.

There are some bargains here:

http://www.auction.co.uk/residential/home.asp

(and don't you dare go for the same ones as me - though you can have the one bed in Chelsea for 30K!)

tim

[tim123]

But nothings selling and no ones buying, but valuations are stuck at the peak.


Tempted to buy a load of cheap 2 and 3 bed houses cash at auction, give them only a spring clean and put them straight back onto the open market at £20K higher than the auction price.

.

Most of the auction props will already have been advertised by the local agents at 20-30K more than the auction guide and they haven't sold - that's why they are in the auction!

tim

[BrilloPad]

Most of the auction props will already have been advertised by the local agents at 20-30K more than the auction guide and they haven't sold - that's why they are in the auction!

tim

As some idiot will think auction and decide it must be cheap at any price.

In a falling market its best not to try to catch the twisting knife.

[tim123]

You've hit on one of the scams DimPrawn is dying to fall for.

Those 'donkeyboy' surveyors rake in the fees for doing many many surveys for both the mortgage companies and the auction goers. They ensure the valuations are unrealisticly high, so the mortgage company puts a high reserve on them.

So all that happens is the properties remain unsold, reserve not met, and hundreds of fools have shelled out on a useless survey.

!

Then you'll be surprised how many punters don't get a survey before they bid, hell some don't even bother to view!

tim

[BrilloPad]

Then you'll be surprised how many punters don't get a survey before they bid, hell some don't even bother to view!

tim

There was one on a property show - turned out it had subsidence.

[tim123]

As some idiot will think auction and decide it must be cheap at any price.

In a falling market its best not to try to catch the twisting knife.

Not sure what you thought that I was saying?

I agree that some people put props into auctions in the hope of fooling someone into paying over the odds (which is what you seem to be saying).

What I meant was "you cannot flip an auction prop ATM".

tim

[tim123]

There was one on a property show - turned out it had subsidence.

There's one about every third day at 10:00 on BBC1.

"We came to buy a specific property but it went too high and we had to drop out. We had nothing else to do with the rest of the day (our money) and this one looked cheap for what it was, so we bid on it and won".

Sometimes it works out, usually it doesn't (though they try to spin it as if it did)!

tim

[thunderlizard]

The property auction I want to a couple of months ago either sold everything around Estate-agent value; or didn't, but there was a reserve price on it at round about Estate-agent value that stopped it from selling it at all. Nobody rubbing their hands at getting a juicy bargain.

[sappatz]

UK property

UK property prices dropped by 3%.. in one month... in november
looks like a soft landing, no ?