Nowadays property auctions have become a more mainstream and acceptable way of purchasing property. Gone are the days when it used to be more “secretive” and more “underground”. The days when Russians, Jews and successful business men used to hand over suitcases stuffed full of money to pay for their latest acquisition have gone. The rules of money laundering and identity fraud put an end to that. Property auctions have lost their seedier, “trade only”, mason like approach and are now open to all and any.
Property auction viewings are no different. There was a time when you would be a “particular” type of person who attended property auction viewings. You could always tell the type – there were two: developers and builders. One had a fancy sportscar and dapper clothes, the other had a battered van and equally battered clothes.
But times have changed – property at auction now attracts a wide cross section of people – from first time buyers, to retirees looking for an investment income, to the avid buy to let investor, and of course the ubiquitous builders and developers. Properties at auction almost always have block viewings, which can put many people off. There seems to be a jostling, competitive atmosphere – and this is before we’ve even got into the auction room! And it’s funny to hear some of the tricks that people play – like saying rather loudly “I think it’s got dry rot” to pointing out tiny cracks to try and put people off. I would reminisce and tell you about the olden days when people at auction used to helpful and it was a friendlier, more cliquey bunch…but truth is it’s still who wants the property most and who will pay the most!
Up until now I’ve always shown you inside the property. But today, I’m going to dispel the mystique of attending a property that’s going up for auction. Here you can see how you have to queue along with a bunch of other people to take a look inside the property:
And this is a what a typical street will look like on a property auction viewing appointment – see the variety of cars…but note the Aston Martin, Range Rover and builders vans….always the way 🙂
rich greenland
Ha yes looks familiar! I’ve been seeing a few FTBs too, and plenty of amateur-renovators. These people will always out-bid us as they don’t have to make a profit, they don’t necessarily cost their own time, they often forget to factor in finance and transaction costs (mainly legal fees and estate agents to sell), AND they sometimes lose all sense of discipline in the auction room and pay more than they planned! So if the unit is likely to appeal to any of these groups you can pretty much forget it.
Problem properties or multiple-unit deals that frighten off these folks are IMHO the best chance.
Sam
Yes Rich you are very right. I have no understanding why people want to work for free!!!