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      01-16-2014, 09:02 AM   #1
misterS3
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Buying a Property at Auction

Does any one have an insight?

I have been asking around and this is what i have heard of Future Property Auctions:

a) by the time the property get to FPA it's been seen by all the usual crowd so is probably a real money pit
b) FPA employ shill bidders to push the prices up so that solicitors/banks etc keep using them

Basically i was told to steer clear. Anybody had any positive/negative experiences?
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      01-16-2014, 09:12 AM   #2
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"b) FPA employ shill bidders to push the prices up so that solicitors/banks etc keep using them"

Really?
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      01-16-2014, 09:24 AM   #3
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Quote:
Originally Posted by Ajerthan View Post
"b) FPA employ shill bidders to push the prices up so that solicitors/banks etc keep using them"

Really?
What i've been told is properties 'sell' for prices above asking/guide price and then appear again at the next auction.
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      01-16-2014, 10:10 AM   #4
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I'm normally a very cynical person but surely they would get rumbled if that was the case. Surely another reason.
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      01-16-2014, 10:13 AM   #5
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I'm normally a very cynical person but surely they would get rumbled if that was the case. Surely another reason.
I agree...hence my question here.
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      01-18-2014, 04:41 AM   #6
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I'd be a bit cautious here. You are accusing FPA of fraud on a public forum. Shill bidding is not "what you have heard" it is something you have brought up. Probably best to limit this to actual facts.
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      01-18-2014, 01:56 PM   #7
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Quote:
Originally Posted by MrPogle View Post
I'd be a bit cautious here. You are accusing FPA of fraud on a public forum. Shill bidding is not "what you have heard" it is something you have brought up. Probably best to limit this to actual facts.
This. You could possible end up a little trouble if you're accusing someone of doing that.

I'd be very surprised if they do that. They'd be found out almost instantly.
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      01-19-2014, 05:31 AM   #8
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bidding "against the wall" isnt illegal. auctioneers use it to get the price to up and around the reserve
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      01-20-2014, 04:39 AM   #9
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Quote:
Originally Posted by MrPogle View Post
I'd be a bit cautious here. You are accusing FPA of fraud on a public forum. Shill bidding is not "what you have heard" it is something you have brought up. Probably best to limit this to actual facts.


Exactly where am I accusing anyone of fraud?
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      01-20-2014, 04:41 AM   #10
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Quote:
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This. You could possible end up a little trouble if you're accusing someone of doing that.

I'd be very surprised if they do that. They'd be found out almost instantly.
Yes i COULD possibly end up in trouble IF i was accusing someone of something they weren't doing. I am aware of that.

Must be nice to walk around being surprised all the time.

FWIW - i posted this thread on a couple of other forums, FB and LinkedIN, and in Glasgow at least, i won't be buying a property at auction. That's not the say i won't be buying from FPA
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      01-20-2014, 04:52 AM   #11
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Originally Posted by jimmylimmy View Post
bidding "against the wall" isnt illegal. auctioneers use it to get the price to up and around the reserve
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      01-20-2014, 03:25 PM   #12
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Quote:
Originally Posted by misterS3 View Post
Yes i COULD possibly end up in trouble IF i was accusing someone of something they weren't doing. I am aware of that.

Must be nice to walk around being surprised all the time.

FWIW - i posted this thread on a couple of other forums, FB and LinkedIN, and in Glasgow at least, i won't be buying a property at auction. That's not the say i won't be buying from FPA
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      01-21-2014, 03:09 AM   #13
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i would say they are more likely to sell then appear at the next auction because whoever was trying to purchase was unable to complete the sale.

but lets face it, it really wouldn't surprise anyone if there were a few wonky bids here and there!
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      01-21-2014, 05:40 PM   #14
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Quote:
Originally Posted by jimmylimmy View Post
bidding "against the wall" isnt illegal. auctioneers use it to get the price to up and around the reserve
Bidding against the wall and shill bidding are different things. Shill bidding is illegal. Ask Paul Barrett about his ebay experience.
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      01-22-2014, 01:29 AM   #15
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Quote:
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Bidding against the wall and shill bidding are different things. Shill bidding is illegal. Ask Paul Barrett about his ebay experience.
I'd never heard of bidding against the wall before. That's actually worse when you think about it! Not saying shill bidding is much better!
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      01-22-2014, 04:02 AM   #16
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Generally speaking, the guide price is set low to intice people to bid. There are often properties that get won but due to the quick requirements to pay they sometimes fall through.

If your statement of "a) by the time the property get to FPA it's been seen by all the usual crowd so is probably a real money pit" is saying that they are pointless...here is a little example:

My old man bought a house from auction at £65,000, spent £12,000 and now the property has been valued at £120,000. There is money to be made if you know what you are doing.
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      01-22-2014, 01:59 PM   #17
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Hi there mate, along side my father I also invest in properties some which come from auctions

1) indeed some properties sell more than asking price / market price ( but some idiot always buys it)

2) it is true, some agencies do employ these dodgey bidders but you can sometimes spot there intentions as they bid to aggressively


Our rule of thumb is .... Do your homework, are you thinking of buying it for you're self or going down the "buy to let" route ?

Use sites such as RightMove and Zoopla to get info on what previous properties have sold for in that area to get a rough understanding to how much it's worth. Then set a budget that you won't cross no matter what as these auctioneers can squeeze £1000 slowly out of you through each bid

Hope I helped pal any more info let inbox me
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      01-23-2014, 04:38 AM   #18
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Quote:
Originally Posted by Kassim786 View Post
Hi there mate, along side my father I also invest in properties some which come from auctions

1) indeed some properties sell more than asking price / market price ( but some idiot always buys it)

2) it is true, some agencies do employ these dodgey bidders but you can sometimes spot there intentions as they bid to aggressively


Our rule of thumb is .... Do your homework, are you thinking of buying it for you're self or going down the "buy to let" route ?

Use sites such as RightMove and Zoopla to get info on what previous properties have sold for in that area to get a rough understanding to how much it's worth. Then set a budget that you won't cross no matter what as these auctioneers can squeeze £1000 slowly out of you through each bid

Hope I helped pal any more info let inbox me
Thanks mate

It's for BTL / my pension!

I try take a builder i know well along to view properties to get his price on getting it to rental standard and factor that into my offer. So far we've not been successful in getting a property because there's no point overpaying for something as there's always something else as you say.

Ta again.
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      01-23-2014, 06:58 PM   #19
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Quote:
Originally Posted by misterS3 View Post
Thanks mate

It's for BTL / my pension!

I try take a builder i know well along to view properties to get his price on getting it to rental standard and factor that into my offer. So far we've not been successful in getting a property because there's no point overpaying for something as there's always something else as you say.

Ta again.

Sounds good to me pal, I always take our trusty builder. Especially on auction properties as he gives me a rough estimate to how much the work will cost me to do ( if the building requires so) then obviously do my homework on the property's value + renovation costs

If you do win a property and need some top quality solicitors, I can push you on the right direction as well. After several years we've made good links and there's a company who can do all the paperwork and have the keys to you by 3-4 weeks max ( some solicitors take over 6-8 weeks)
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      01-28-2014, 08:46 AM   #20
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Quote:
Originally Posted by Kassim786 View Post
Sounds good to me pal, I always take our trusty builder. Especially on auction properties as he gives me a rough estimate to how much the work will cost me to do ( if the building requires so) then obviously do my homework on the property's value + renovation costs

If you do win a property and need some top quality solicitors, I can push you on the right direction as well. After several years we've made good links and there's a company who can do all the paperwork and have the keys to you by 3-4 weeks max ( some solicitors take over 6-8 weeks)
Cheers thanks for that.

Will see how i get on.

Ta again
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