David Sandeman met up with the Table of Twelve mentorship group at the Barnard Marcus sale room.
17th May 2016 - Grand Connaught Rooms, London
Visiting the auction was a dry run for the group. On the day, the group watched some of the lots they had examined & appraised in detail at the evening session to see how they performed and what they’d make in the room.
It was interesting for the group to see how Lot 2 performed, which had a guide price of £350,00 plus.
In the workshop, David and the group had taken a close look at Lot 2 (a house in Tooting guided at £350,000 plus).
Research on the historic auction price database (EIG) showed similar properties selling for north of £500k plus, and so no surprises to the group when it sold for £505,000.
Table of Twelve host, Trevor Cutmore commented:
"When we went to auction everyone felt very comfortable and confident, although they didn't make any offers on that day because there wasn't something that suited them. However, I've got a friend who I'm going into business with fairly soon and one of those strategies is to buy through auction. So very much what I've learnt & what my friend has learnt has given us the confidence to go forward and buy at auctions to flip some property."
By Beth Fox