Auctus Growth Share Discussion Threads

[maestrokn0bend] 04/7/2003 14:42

I can certainly meet that request Robin, I think, just advise how to change it and you can consider it done !

[maestrokn0bend] 04/7/2003 14:38

Soryy Robin I can only accept bids after 10pm GMT, though I shall certainly register it then.
I can hardly wait for the opening hammer.

lol

[robin george] 04/7/2003 14:22

LOL !

Robin

[maestrokn0bend] 04/7/2003 14:14

opthalmist, bog off spamming my thread. The biggest and most exciting auction in ADVFN history is about to occur, and you want to bore the pants off us ramping stock, now do one !

[opthalmist] 04/7/2003 11:50

Check out CST before the weekend.. Press coverage.. Big gains possible early next week...

[maestrokn0bend] 04/7/2003 11:43

Don't forget tonights auction folks, I can tell by the fevered buzzing around ADVFN that you can hardly wait.

Tally ho !

[bobstar02] 30/8/2002 00:38

sabeen,

I havn't thoughto f commercial propertry, i would definateley give it some thought.....do you any experience in commercial property ?????

[sinso] 29/8/2002 20:01

Bobstar....as Sabeen says go and visit one first. See how its done. One thing i have been advised in the past is to take your time when bidding. If you are up against anyone you don`t want them getting too excited. Give them time to think about what they are bidding for and if you are calm then you are more likely to make the right decision.

You must also be prepared to write off solicitors bills,surveyors bills, mortgage costs if your property bid fails.

[darias] 29/8/2002 17:00

Commercial property. Is probably where the money is. You can easily work out your return from the auctioneers details. Commercial property is usually let on a full repairing and insuring lease so you may have no overheads. The company is working for you and you carry little risk.

Obviously you cannot bleed the company dry but if there has been a recent negotiation of the rent and the purchaser agreed to it they you are on fairly safe ground.

I saw a rented business property in Hayes with a flat above on a short term lease to a Housing Association go with a 33% p.a return last year.

However commercial property is more exposed to the economic well being of the country. There are also tax advantages I understand but dont know them all.

Again commercial properties are not being snapped up as yet but will be when the word gets round.

[sabeen] 28/8/2002 19:05

Usually you can get the details of the property from the auctioneers prior to the auction, I think the onus is on the seller to provide a 'selling pack'(approx. £5.00 - £10.00 from the auctioneers) with searches etc for a prospective buyer to have their solicitors run through.

Many buyers are cash buyers or experienced landlords or builders with pre arranged facilities experienced at finding a bargain, but often as has already said, it just takes two interested parties to hike up the price.

I would advise you to go to one and see how it works before taking the plunge.

Have you ever thought of buying a commercial property at auction???

Regards

Sabeen

[darias] 28/8/2002 18:51

When the hammer goes down you have entered into a contract. (The equivalent of exchange of contracts in a normal deal). You have four weeks to complete. You tend not to be able to get a mortgage through the normal channels, as you say mortgage companys tend to want up to date searches valuations etc. The auctioneer will, usually, take a cheque on the day of the auction. (10% of sale price) and there are financial advisers at the auction offering quick loans however they will not make an offer if they consider you to be a man of straw.

Be sure that you have got the wherewithal to get it together. When I bought I had to have a bridging loan from the bank whilst the mortgage came through. Cost me a little more. All these things have to be thought about whilst you are bidding. It is no good bidding 300,000 or so when you only have an income of say 30,000 a year.

I now have an arrangement with my bank which fits the bill fully. Have to pay 2% above base rates but they tend to rely on my judgement.

[bobstar02] 28/8/2002 17:54

as i understand it a 10% deposit is required on the day of the auction (if you buy) and the remainder has to be available in the next 4 weeks or so question :

1. How do sort out the remainder in 4 weeks ! eg mortgage final offer, searches etc

... my brother is buying a house through an estate agent and it's taking a lot longer than 4 weeks to sort out


...or are there really quick deals out there that you pay extra for ????

[borodin] 28/8/2002 15:34

You have been given golden advice..it is so easy to be drawn into a bidding war...take a deep breath and say "do I really want this property that badly ?" and 99 times out of a hundred a little voice will say..NO !

Good luck !

[darias] 28/8/2002 15:22

Remember you are not out to WIN.

You are seeking to buy at a price that you think is reasonable. If it goes above that price do not bid higher. If you just enjoy the bidding you will not get a bargain.

You are not a looser if the person who get the house pays more than you think is reasonable.

[muchos wonga] 28/8/2002 15:02

I hear that auctions these days are full of private buyers looking for a bargain and bidding against each other, especially for something they can 'do up'. This is much to the consternation of the trade which is being starved of its raw material.

Anyway, stories are legion of people paying, say, £180K for a run down flat, when they could get a flat in the same block for £150K from the estate agents round the corner in perfect nick.

I guess the moral is, don't think you are the first to think of this; and, watch out that you are not bidding agains someone as green as yourself.

[daddyboy] 28/8/2002 14:59

Bob,

auction houses

Allsop - 0171 494 3686
Andrews Roberson - 0171 703 2662
Aspray's - 0171 702 8311
Athawes Son & Co - 0181 992 0056
Barnard Marcus - 0181 741 9990
Clive Emson - 01622 630033
Conrad Riblatt - 0171 935 4499
Dawsons - 01792 646060
Dedman Property Services - 01702 467000
Edwin Evans - 0171 228 5864
Fox and Sons - 01273 321300
Fox and Sons - 01703 338066
Longden & Cook Commercial - 0161 236 1114
General Accident Property Auctions - 0839 772205
General Accident Property Auctions - 01705 820702
Halifax Property Services - 01509 670 777
Harman Healy - 0171 405 3581
McHugh & Co - 0171 485 0112
Nelson Bakewell - 0171 491 2433
Roy Pugh & Co - 01772 883399
Wilmotts - 0181 748 6644

[fast player] 28/8/2002 14:58

Always have a price in mind. NEVER get into a bidding war.

[bobstar02] 28/8/2002 14:57

i'm thinking of buying a house at aution...somewhere in my area as i know the market well

whats it like ?

any do's and don'ts ?

[currypasty] 15/10/2001 09:29

Im looking at buying at auction too, so any info useful.
After Sept 11th, property market has slowed, and many investors are sitting on their money than continuing to buy to let. This seems an oportunity to go to auction as there will be less speculators there, and those left will be looking for cheaper prices to guard against any future falls in property prices.

[glennborthwick] 15/10/2001 09:29

Most High street lenders will do it but you ahve to get a survey etc done in advance of the purchase

[chipchap] 15/10/2001 09:22

i am an independent mortgage advisor by trade so yes there are numerous options.
Feel free to call me if you wish 01279 422422 Colin.