Reply To: anyone sold property via an auction ?



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.