anyone sold property via an auction ?

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This topic contains 9 replies, has 7 voices, and was last updated by Profile photo of Inez Inez 9 years, 5 months ago.

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  • #52985
    Profile photo of Anonymous
    Anonymous
    Participant

    I was wondering whether anyone has had any experience in selling their property via an auction house either in spain or the UK.If so, can you recommend any ?

  • #73205
    Profile photo of Anonymous
    Anonymous
    Participant

    I would recommend contacting Inez Rix: http://www.direct-auctions.com

    Inez is a regular contributor to this forum, and despite her being ‘in the property business’, have always found her contributions to be unbiased and honest – even when it means having to be negatively blunt about the reality of the Spanish property market.

    Feel she would give you an honest appraisal of the current situation and sound advice on when and how best to sell your property.

    Good luck.

  • #73206
    Profile photo of Anonymous
    Anonymous
    Participant

    thanks charlie appreciate your help

  • #73207
    Profile photo of katy
    katy
    Spectator

    An auction is only any good if there are people bidding and as Inez was shown on the Trevor McDonald show there just seemed to be lots of time-wasters. Remember that you also have to pay some cash upfront also!

  • #73209
    Profile photo of Anonymous
    Anonymous
    Participant

    Katy, what do you class as “time-wasters”.?
    Is that someone with funds, looking for a cheap acquisition from a vendor who may have over stretched?

  • #73212
    Profile photo of katy
    katy
    Spectator

    Because the reserve prices are on the website before the auction. There may be odd bargains (haven’t seen one yet!) but in some cases the sellers are asking 50,000 more than the price when completed last year. Most developments are on sale at most estate agents for the same price.

    Don’t know if I posted on here but BBVA bank had an ad’ in Diario Sur last week selling foreclosures. This is where you get the real bargains (if the bank’s staff don’t jump in first!)

  • #73223
    Profile photo of Anonymous
    Anonymous
    Participant

    Davkar:
    I would agree with charlie, I have used Inez, auction house and have recommended to people.

    At the end of the day the price is what one is willing to pay/accept, you demand or reserve what you like.

    Like any auction houses, cars, cattle etc,etc. The seller will be advised what the market can take but if the vendors wants to keep a higher reserver than its their choice.

    No auction house likes their items to be unsold its bad for their cash flow and reputation and would like to value the property at a price that can be sold.

    The cost that Katy talks about is to produce the catalouge. It is small in comparison to the value of the properties.

  • #73224
    Profile photo of katy
    katy
    Spectator

    I can only speak for the CDS but if you can find a bargain (ie. advertised for less than a normal agent) on the website I will eat humble pie or my sombrero 🙂

  • #73230
    Profile photo of Anonymous
    Anonymous
    Participant

    Direct auctions last rendition of an ‘auction’ was staged purely for the tv cameras as was confirmed on there web site, they were suspending auctions till further notice given the situation. However I do belive the room full of people were genuine buyers but equally they were bailing out at some 20% less of reserve price, sensible if you ask me.

  • #73463
    Profile photo of Inez
    Inez
    Participant

    Hi all,

    Didnt realize I was the subject of hot conversation until a google alert came in!

    I would like to add a couple of comments in reply, firstly thanks to the supporters, its nice to know you appreciate my comments – I do try to be as honest as I can without being too brutal!

    Re T mcD – yes I organized an auction for this but all the people in the audience had replied to a newsletter I sent out a few days prior and luckily attended!

    Hardly any bids but one property was snapped up before the auction (normal) and a further 2 sold afterwards, so I was happy to say the least.

    The prices on the website are NOT the reserves – what would be the point in that? They are GUIDE prices. The reason is this – in the run up to an auction, clients request info and view. If a property has numerous viewers, then it is a sure sign of serious interest and therefore the owner may decide to raise the reserve price. If a property has no or few vewings, then the reserve may be lowered.

    I speak to owners on the eve and sometimes the day of the auction to finalize the reserve price.

    As for the prices being the same as other agents, I would not agree – firstly we are only 2.5% and so ensure we are that much cheaper, also I work a bank valuation and then use a reserve of between 70-80% of that Otherwise I do not enter it into auction.

    However we do list properties on our non auction site to offer a choice whilst trying to strike a good deal

    The Rhinds featured on the TmcD show who lost 50K by selling Costa Galera at 190,000 euros was my sale. The bank valuation on that came in at 360K

    From recent events, more and more people are open to dropping their price drastically as the penny has dropped about the market here.

    The smart buyers are coming into the maketplace with hard nosed offers and getting great deals.

    Bank repos are not so fab as banks as yet will not go below their mortgage on the property and so far I am turning them down. However I expect in around a years time things will be different.

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