House auctions and psychology of bidding

[houtslager]

well done - now don't forget to post PHOTOS !!!! 8)

 

[RogerS]

Here's a couple of photo's

Lot's of new windows to make!

 

[JFC]

Thats a gorgeous place !!!! I'm wondering what has been done to the right of the door , maybe taken a window out or the origional building has been extended ? Or have you been drawing lines over it to work out what it's costing per M2

 

[Newbie_Neil]

Hi Roger

Well done. That is a beautiful property.

Cheers
Neil

 

[andrewm]

Lot 5....bidding went a tad over the guide price but failed to meet the reserve and so was pulled.

This is what I have never understood about guide prices. To my mind a guide price should be the auctioneer saying 'this is what we think it will go for' so that people can make the necessary arrangements for surveys and the like if they can afford it. But to then set a reserve that is above the guide price - and it is not that unusual because I have seen it happen at auction as well - just seems plain silly.

It is more as if the guide price is just advertising and a way of drawing in punter who think that they might get a bargain. But that is really unfair if said punters have already paid out a couple of grand for a structural survey only to find that either they bid above the guide price but still don't get the property because it is below the reserve or watch as it goes way out of their reach.

Andrew

 

[RogerS]

Thats a gorgeous place !!!! I'm wondering what has been done to the right of the door , maybe taken a window out or the origional building has been extended ? Or have you been drawing lines over it to work out what it's costing per M2

My thinking is that it may have been two properties combined into one as there are two internal staircases which, for the size of property, is unusual. But there is no obvious join line. Alternatively they may have extended the original (left hand) property by bringing in another smaller 'kit' from elsewhere and then 'bolting' it on..this happens all the time.

(It's no different from our current house where, over the years, timbers were brought in from other properties (and even from boats) and put in place. Certainly looking at the various holes etc in the beams suggests that this is what might have happened in our current place.)

But then again, it's perhaps unusual to have the chimney part way down the building..it's usually at the end...and so maybe the left hand was extended further to the left.

A good looksie in the loft might shed some light but, again, if they put on a new roof at the time of the 'extensions' then that would scotch that line of investigation.

 

[andrewm]

It does look to me rather as if the roof may have been replaced at some point. It looks as if it was originally thatched and that the upstairs windows would have been dormer windows, probably with the roof finishing at the highest horizontal beam at the bottom of the window line.

Andrew

 

[Dave S]

Well done! Lovely house - hope you enjoy making it into a fabulous home

Dave (who would love to do the same, one day)

 

[Dave S]

This is what I have never understood about guide prices. To my mind a guide price should be the auctioneer saying 'this is what we think it will go for'

It is

so that people can make the necessary arrangements for surveys and the like if they can afford it. But to then set a reserve that is above the guide price - and it is not that unusual because I have seen it happen at auction as well - just seems plain silly.

The reserve is set by the vendor.

It is more as if the guide price is just advertising and a way of drawing in punter who think that they might get a bargain. But that is really unfair if said punters have already paid out a couple of grand for a structural survey only to find that either they bid above the guide price but still don't get the property because it is below the reserve or watch as it goes way out of their reach.

But if the highest bid was closer to the guide price, then in fact it is accurate and the vendor is really at fault for setting a reserve that's higher. On the other hand, the auction house could refuse to list the Lot with a reserve higher than the guide price.

I agree, since you cannot find out the reserve in advance, it is rather unfair on the prospective bidder for the reasons you describe.

Dave

 

[RogerS]

It does look to me rather as if the roof may have been replaced at some point. It looks as if it was originally thatched and that the upstairs windows would have been dormer windows, probably with the roof finishing at the highest horizontal beam at the bottom of the window line.

Andrew

Spot on, Andrew. Went there today for a really good ferret around and you can see where they raised the roof. Personally I like that as it gives much more light and headroom.

 

[DomValente]

Bootiful



Dom