property auction prices

[sawman]

I have browsed a couple of properties in the West Mids recently, these will be going to auction in a couple of weeks and I was wondering how close final prices are to guides these days, I haven't been to an auction of a few years when i last dipped a toe properties seemed to be making 10 or 15% above guide.

[Si 330]

A semi in really poor condition near me has just been sold at auction. Guide price £170K went for £223K. It will need £75K spend to make it decent.

[B17NNS]

The guides are set low to attract interest. I've never seen one that hasn't gone well over guide.

[sawman]

thats interesting, when i last went to an auction it was just as things were starting to slow down.

cheers

s

[mk1fan]

Depends who's in the room, how well publicised the auction has been, how many idiots are in the room and what if any reserve is in place too.

Last year I saw a dilapidated house sell for just shy of the street ceiling price. I've also seen ready to move in places go for comparable peanuts.

[Dr_Gonzo]

B17NNS said:

The guides are set low to attract interest. I've never seen one that hasn't gone well over guide.

Yep. Ignore the guide price completely on most. A few minutes on the net should give you a much better idea of what it's worth.