November 1st, 2009 | 
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All sorts of auctions can be really energetic ordeals. A property auction, specifically, can usually create competitive bidding between the participants. Without some careful organization, the procedure can become confusing, many times because the people making bids at UK property auctions fail to realize that a set of etiquette rules exist that spell out what acceptable behavior is at a property sale auction. Here are a few simple guidelines for polite bidding at property auction sales.
Property Auction in the UK : Know How to Bid
Conduct a meticulous investigation of the real estate prior to the time to bid at the property sale auction begins. Get all your essential questions answered at the researching stage and not while the auction is taking place. You should collect all your data and have a precise amount you are willing to spend at a residential property auction pretty much before you show up for the occasion. After you get there, be certain to put your name on the roll. Whenever you are given your paddle or card, sit down and stay put. Do not have your cell phone on (you can put it on vibrate) and please don’t take calls while the auction is in progress—bidders will be disturbed by this.
UK Property Auction : During the Process of Making Bids
Make forceful bids and make certain your card or paddle is held high enough for the auctioneer to spot it. No longer is it acceptable behavior at an auction to signal a bid by a hand gesture like wiggling a finger or touching your nose. Screaming your bid or a mere head nod would also be considered inappropriate etiquette. The auctioneer does not need to by trying to read mysterious signs from you or another person bidding. Another tip is that when you raise your card or paddle you should hold it close to your face, since that’s where the auctioneer is likely to be looking. Whenever you put your paddle back down to end your bid, put it all the way down so the auctioneer won’t get mixed signals. You need to recognize too that speaking in the middle of real estate auctions is bad etiquette too.
If you follow these easy and reasonable rules it will make this UK property auction experience both enjoyable and (hopefully) successful.
Question about auction
How do auction houses make their auctioned items known to bidders before the auction takes place?What are their advertising methods? How long before their auction starts do they start advertising?
Thanks in advance.
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does anyone know the tune name with pianos at the very beginning of the clip?
What fire said is about right. The only thing I know that is universally used is a sideways chopping motion with one hand (like a wiping motion) indidcating a half bid. (ex. bid is at 5100 and you want to bid 5150 instead of 5200 when increments have been 100) If you try this too early in the bidding however, you may seem a little cheap. Halfs are usually used late in the bid when it's just you against one other bidder and the pace of the bidding has slowed alot. As far as indicating a bid discreetly, I've always used the nod or even just a raised eyebrow with auctioneers familiar to me. Main thing is to be known to them.
I too used to buy 100% of my cars from wholesalers or new car trades. (For about 10 years) But starting 4 years ago, everyone has been running the desirable stuff through the auctions. I think I get 60-70% through Manheim now. Good luck, and remember – no one really cares what you look like bidding – they hate you equally when you outbid them. (Or they'll tell you that you overpaid!) You know what your market is, bid what you know is right.
I met one of these girls after the programme was made but before it was broadcast. She was launching a property career (eg working as a viewer, for Venmores). Clueless.
I also looked at buying this property as an investment and had a max price of about 90k (accounting for the severe structural issues – underpinning etc).
The girls also went overboard on the redevelopment and built an extension. They sold it for 20k loss and the buyer sold it exactly 2 months later for 20k more than he paid.
Maggie, the "upset price" is the reserve price set at auction by the lender or the auctioneer.
There are a couple of issues with setting a maximum price. A disadvantage of a foreclosure auction is the inability to inspect the property, and maybe there are tenants to evict; both these factors drive your costs up.
Here's a formula I have used when buying for a resale later.
Determine FMV using comps, appraisals and local expert brokers' opinions. Start with the price you then think you can resell the property for in fair condition.
Subtract any liens or judgments you identify in title search. You may try to settle these at a discount.
Subtract any repairs you identify from an outside view of the property, from local knowledge of the occupants, and build in a cushion for unknowns.
Subtract the costs you will incur as long as you have to hold the property before resale. Insurance, taxes, loan payments etc.
Subtract the closing costs you will incur when you resell the property, including agents commisions if you will use their help.
Now you have arrived at the Gross Profit to you, lets say Total A
Subtract the default or final judgement amount.
Now you have the net profit from the whole deal.
Subtract the minimum profit you want to make from the whole deal from Total A
That's your maximum bid.
The minimum bid is the default amount.
Because of the doubt over repairs, if max=min, forget it.
I am a contributor to the Foreclosuredatabank Discussion Board and the above example formula has been quoted there.
Tell him the truth. Tell him you thought you had the tickets but it didn't come through. He'll understand and check it off as youthful inexperience. Lying upon lying is only going to get you into more of a hole.
stay away from it. The laws have changed and if the company with the non misspelled name can prove you only have it be cause it is misspelled, then they can claim it under their copyright.
haha this is pretty good actually i also like auctions online…. you all might like this one.. tripleclicks. com/cheo3031
ha ha ha silly fat cows!!!
This sounds a lot more complicated than what an estate auctions company would usually deal with. I think settling with a lawyer would be more efficient and save a lot of grief.
Good luck. Also, I think this would go best in the business and finance section.
It's worth what you're willing to pay for it. I'm thinking you'll probably end up getting it in the $1,000. range, give or take.
assume that the bank knows at least as much as you do about the condition of the local market. They hire advisors for exactly that sort of information.
that doesn't mean that they won't let you make a profit on the property, and they want their provable amounts due, including costs and interest, if they can get them.
**
Sometimes if you let them take it at the seizure sale, you can make a deal afterward with their manager of Other Real Estate Owned. It'll probably take him or her a few weeks though to get the information ready on their end.
=)
They shudda let it get withdrawn, found out the reserve and neogiated a more realistic price and if that couldnt be done, MOVED ON, cus it is supposed to be an investment at the end of the day.
So funny! They don’t have a clue what’s going on! More money than brains…
Think I would have quite fun at an overseas auction!
only seriously bid on what u want, but drive her up on the stuff u know she wants
I remember this it was so funny. “Financial suicide”
If anyones into auction properties you should have a look at our channel we constantly view auction properties and post them on our channel.
Some very intresting viewing sessions.
They put that message up when THEY think you might want to increase your bid, usually if it is close to the next lower bid. They are trying to avoid you getting outbid at the last minute.
What a shit bid caller