stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Feb 15, 2018 21:22:29 GMT
I noticed the high number of ex housing association properties in London, some occupied others empty, that were being auctioned today.
Has anyone any idea why housing associations would be selling off properties when demand, we are told, is very high?
One of the general terms used today, not housing association, indicates a disagreement between leaseholder and freeholder. The property was, surprisingly, purchased. The parties were in the room according to the auctioneer but no time for conferring nor caveats on the sale were stated. Is this not a huge risk?
This was my first viewed auction. Some very interesting data gathering about values in areas where properties are offered on p2p platforms.
Many were sold or withdrawn in today's auction before coming under the hammer. Seems mad to me that a buyer can get a property on the auction day whilst the auction is running. Is this common?
Thanks
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p2pclive
Blockchain specialist
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Post by p2pclive on Feb 15, 2018 22:01:28 GMT
I noticed the high number of ex housing association properties in London, some occupied others empty, that were being auctioned today. Has anyone any idea why housing associations would be selling off properties when demand, we are told, is very high? One of the general terms used today, not housing association, indicates a disagreement between leaseholder and freeholder. The property was, surprisingly, purchased. The parties were in the room according to the auctioneer but no time for conferring nor caveats on the sale were stated. Is this not a huge risk? This was my first viewed auction. Some very interesting data gathering about values in areas where properties are offered on p2p platforms. Many were sold or withdrawn in today's auction before coming under the hammer. Seems mad to me that a buyer can get a property on the auction day whilst the auction is running. Is this common? Thanks It's an open secret in the property world that the next recession isn't just around the corner, it's already started. Anybody smart is selling out while they still can, because in a couple of months, all hell is going to break loose. As my dad always used to say, The Cats and Dogs Are Playing Tennis without a helmet.
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Post by jevans4949 on Feb 16, 2018 14:22:06 GMT
Re freeholder/leaseholder dispute: maybe the freeholder was cash-poor, which was why he was selling the property anyway, and the purchaser had sufficient cash to meet the leaseholder's claim and still thought he had a bargain.
Housing association: Possibly they invested in some sub-standard properties to tide them over, and were disinvesting to finance a new-build. They don't have a completely bottomless pit of money. Alternatively, they were left properties in a will, or had taken over from another housing association in a merger, that didn't fit their portfolio. Maybe they had held onto the properties until a tenant left, maybe for a Better Place.
Pre-auction sales: perhaps on the day the buyer and seller agreed that they would make a better deal outside the auction. With an auction the final price can vary hugely depending on how many people are interested, and maybe with factors beyond the scope of the auction.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
Likes: 945
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Post by stub8535 on Feb 16, 2018 14:54:57 GMT
Re freeholder/leaseholder dispute: maybe the freeholder was cash-poor, which was why he was selling the property anyway, and the purchaser had sufficient cash to meet the leaseholder's claim and still thought he had a bargain. Housing association: Possibly they invested in some sub-standard properties to tide them over, and were disinvesting to finance a new-build. They don't have a completely bottomless pit of money. Alternatively, they were left properties in a will, or had taken over from another housing association in a merger, that didn't fit their portfolio. Maybe they had held onto the properties until a tenant left, maybe for a Better Place. Pre-auction sales: perhaps on the day the buyer and seller agreed that they would make a better deal outside the auction. With an auction the final price can vary hugely depending on how many people are interested, and maybe with factors beyond the scope of the auction. all this makes sense logically. The purchasing at auction before lot comes to platform I can see it could save lots in fees. Some were going 10 minutes b4 they were due on block. If I had made the effort to go to auction to bid on a property and it was sold within the auction time before rostrum time I would be very dissappointed. I can see why people in this situation may be tempted to bid for something later unseen, however unwise that is.
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Post by elephantrosie on Feb 16, 2018 21:00:22 GMT
I noticed the high number of ex housing association properties in London, some occupied others empty, that were being auctioned today. Has anyone any idea why housing associations would be selling off properties when demand, we are told, is very high? One of the general terms used today, not housing association, indicates a disagreement between leaseholder and freeholder. The property was, surprisingly, purchased. The parties were in the room according to the auctioneer but no time for conferring nor caveats on the sale were stated. Is this not a huge risk? This was my first viewed auction. Some very interesting data gathering about values in areas where properties are offered on p2p platforms. Many were sold or withdrawn in today's auction before coming under the hammer. Seems mad to me that a buyer can get a property on the auction day whilst the auction is running. Is this common? Thanks It's an open secret in the property world that the next recession isn't just around the corner, it's already started. Anybody smart is selling out while they still can, because in a couple of months, all hell is going to break loose. As my dad always used to say, The Cats and Dogs Are Playing Tennis without a helmet. i agree. the property prices is dropping and is just going to get worst. i middle last year i told my friend that if she wants to sell her house, that was the time to do it! but she did not...
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Post by jevans4949 on Feb 17, 2018 1:02:03 GMT
Re Housing Association properties: was the Housing Associaion the vendor, or were they houses on ex-council estates? Could have been sold by people who had exercised Right to Buy (or their executors after death).
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