Information on repossessed properties at auction
Contrary to popular belief the vast majority of repossessions never make the auction room.
In the first instance the Bank or asset manager will try and sell them through normal estate agency channels and only look towards auctions if they still are unsold after trying for several months.
If there are severe legal or structural problems with the properties though they may well go straight to auction.
For many years prior to 2007 the average % of repossessions coming to auction was around the 10% mark. It peaked in Q3 2008 at the height of the financial crisis but quickly fell away after that.
Currently auctions are seeing about 6-7% of all repossessions coming to the room.
What is a Guide Price?
Buying property at auction: the guide price explained. Since June 2014 auctioneers have to define the guide and reserve, typically it is an indication of the seller's current minimum acceptable price either prior to or at auction. The guide price or range of guide prices is given to assist interested parties in deciding whether or not to pursue a purchase.
EIG February Newsletter - Essential Auction News
Welcome to the February newsletter that looks back at auction activity in January and preceding periods. As is usually the case at the turn of the year, January was a very quiet month with only 408 lots offered in 15 auctions held across the UK.
Viewing an auction property: What you need to look out for
Property Auctions expert David Sandeman offers guidance for those going through the process of buying property at auction, here he talks about the importance of viewing a property prior to auction, what to look out for on the viewing, the key points to evaluate and tips on the best way to view the property and what to take with you.