j
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Penguins are very misunderstood!
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Post by j on Jan 28, 2014 11:11:00 GMT
This one will looks like it will probably close before or very close to auction going live. Nearly 80% pre-bids already, probably due to anticipated quick draw down. Will await credit report(hopefully soon) to make a final decision
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mikes1531
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Post by mikes1531 on Jan 28, 2014 19:14:56 GMT
This one will looks like it will probably close before or very close to auction going live. Nearly 80% pre-bids already, probably due to anticipated quick draw down. Will await credit report(hopefully soon) to make a final decision Pre-bids are now up to 87%, so not making one could mean missing out on this opportunity. Yet we're down to very little time left and still no full credit report available. AC are going to need to postpone the start of this auction to allow lenders a reasonable amount time to assess their positions in light of the full CR and the questions that have been raised in the Q&A that still are awaiting answers. IMHO, AC are not doing themselves any favours by waiting until the last minute before delaying auction start times. I'd feel a lot more comfortable with the pre-bidding process if I didn't have to worry about my pre-bids being turned into real bids and committing me to invest before I am ready to make a decision. It's putting extra pressure on lenders totally unnecessarily. As far as the prospect of "quick draw down" goes, I'm getting rather jaded by my experiences with previous AC auctions, and worry that AC are being led up the garden path by borrowers eager to have a commitment of funding from AC. Once they have that, the pressure is off, and they can let the conveyancers proceed at leisure. In this particular case, the seller is likely to be quite tolerable of any delay because the buyer is paying a premium for the property.
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Post by batchoy on Jan 28, 2014 19:50:13 GMT
IMHO, AC are not doing themselves any favours by waiting until the last minute before delaying auction start times. I'd feel a lot more comfortable with the pre-bidding process if I didn't have to worry about my pre-bids being turned into real bids and committing me to invest before I am ready to make a decision. It's putting extra pressure on lenders totally unnecessarily. Whilst I'm still in two minds over pre-bids, I'm not overly concerned about them being converted to real bids before I am ready. If I'm not happy I will simply delete them before the five minute bell as I did with the Kiddie auction. What I am doing is going back to a multiple bid strategy and pre-bidding up to what I would be prepared to bid if I was happy with the loan in a series of smaller bids, then deleting them off down to what I am happy with having done my DD. At the moment this seems to be the only effective strategy with pre-bidding to ensure that you get a bid in and it is for an amount that you are happy with.
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Post by mrclondon on Jan 28, 2014 20:00:11 GMT
What I am doing is going back to a multiple bid strategy and pre-bidding up to what I would be prepared to bid if I was happy with the loan in a series of smaller bids, then deleting them off down to what I am happy with having done my DD. At the moment this seems to be the only effective strategy with pre-bidding to ensure that you get a bid in and it is for an amount that you are happy with. Ditto I'm making 4 pre-bids of 50% / 20% / 20% / 10% of my "perfect loan" bid size
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j
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Penguins are very misunderstood!
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Post by j on Jan 28, 2014 20:09:19 GMT
What I am doing is going back to a multiple bid strategy and pre-bidding up to what I would be prepared to bid if I was happy with the loan in a series of smaller bids, then deleting them off down to what I am happy with having done my DD. At the moment this seems to be the only effective strategy with pre-bidding to ensure that you get a bid in and it is for an amount that you are happy with. Ditto I'm making 4 pre-bids of 50% / 20% / 20% / 10% of my "perfect loan" bid size same here too, incidentally!!
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Post by batchoy on Jan 28, 2014 20:25:36 GMT
Ditto I'm making 4 pre-bids of 50% / 20% / 20% / 10% of my "perfect loan" bid size same here too, incidentally!! 7 bids on a slightly different mix (nice round numbers which don't convert to nice percentages) 
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j
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Penguins are very misunderstood!
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Post by j on Jan 28, 2014 20:29:12 GMT
same here too, incidentally!! 7 bids on a slightly different mix (nice round numbers which don't convert to nice percentages) whatever tickles your fancy 
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bugs4me
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Post by bugs4me on Jan 28, 2014 22:54:35 GMT
This one will looks like it will probably close before or very close to auction going live. Nearly 80% pre-bids already, probably due to anticipated quick draw down. Will await credit report(hopefully soon) to make a final decision IMHO, AC are not doing themselves any favours by waiting until the last minute before delaying auction start times. I'd feel a lot more comfortable with the pre-bidding process if I didn't have to worry about my pre-bids being turned into real bids and committing me to invest before I am ready to make a decision. It's putting extra pressure on lenders totally unnecessarily. As far as the prospect of "quick draw down" goes, I'm getting rather jaded by my experiences with previous AC auctions, and worry that AC are being led up the garden path by borrowers eager to have a commitment of funding from AC. Once they have that, the pressure is off, and they can let the conveyancers proceed at leisure. In this particular case, the seller is likely to be quite tolerable of any delay because the buyer is paying a premium for the property. Agree 100% with your comments. It is rather frustrating waiting until the full documentation is uploaded and seems to be with just a few hours remaining before the auction goes live. This really doesn't allow enough time to carry out proper DD assuming you are around your PC/MAC when the full documentation becomes available. I like the concept of pre-bids but AC IMO needs to sort out the 'paperwork' on the site. Appreciate that Andrew mentioned drawdown delays being the 'bane of his life' but it doesn't help watching several completed auctions simply sitting there in the 'pending' tray. I'm not suggesting any deliberate ploy on the part of the borrowers to try and seek superior terms elsewhere, (but it has crossed my mind in all honesty), there does though need to be a timetable process disclosed prior to bidding so those participating at least have an albeit rough idea when completion will take place. This should be incorporated across the board rather than the odd 'we expect a fast drawdown' or words to that effect on the odd offer here and there. I'm finding myself more attracted to the aftermarket where at least everything is up and running.
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mikes1531
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Post by mikes1531 on Jan 29, 2014 4:04:25 GMT
Whilst I'm still in two minds over pre-bids, I'm not overly concerned about them being converted to real bids before I am ready. If I'm not happy I will simply delete them before the five minute bell as I did with ... One of the supposed advantages of pre-bidding was that it eliminated the need to be at your PC at the time the auction opened for bidding. But it isn't working that way because now you have to be at your PC at a certain time in order to be able to cancel any pre-bids that you don't want to become real bids. An alternative might be to make sure there are no available funds in your account until you're ready to commit to a loan. But that's not really an improvement because it still requires attendance at your PC as just the right moment. The Loan Information section of this listing says... - Summary credit report provided in Loan Documents section to give lenders an overview of the proposed loan.
- Full credit report will follow and be available at least 24 hours from auction start.
The full report wasn't available at the close of business Monday, so why wasn't the auction re-scheduled at that time? The situation is no better for the Ha***ey loan. That 'full' credit report seems to have appeared around midnight, and yet the loan is stll scheduled to go live at 1100. I'm pretty sure there had been a promise that the credit report would be available 24 hours before the auction started for this loan as well but, if there was, it disappeared when the words were changed to say that the credit report had become available. AC are doing a expert job of shooting themselves in the foot when their auctions go live so soon after the data becomes available -- and often before important questions in the Q&A section have been answered. They need to put a firm stop to this practice before they lose the support of their lenders.
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unmadem
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Post by unmadem on Jan 29, 2014 10:22:43 GMT
Whilst I'm still in two minds over pre-bids, I'm not overly concerned about them being converted to real bids before I am ready. If I'm not happy I will simply delete them before the five minute bell as I did with ... One of the supposed advantages of pre-bidding was that it eliminated the need to be at your PC at the time the auction opened for bidding. But it isn't working that way because now you have to be at your PC at a certain time in order to be able to cancel any pre-bids that you don't want to become real bids. An alternative might be to make sure there are no available funds in your account until you're ready to commit to a loan. But that's not really an improvement because it still requires attendance at your PC as just the right moment. The Loan Information section of this listing says... - Summary credit report provided in Loan Documents section to give lenders an overview of the proposed loan.
- Full credit report will follow and be available at least 24 hours from auction start.
The full report wasn't available at the close of business Monday, so why wasn't the auction re-scheduled at that time? The situation is no better for the Ha***ey loan. That 'full' credit report seems to have appeared around midnight, and yet the loan is stll scheduled to go live at 1100. I'm pretty sure there had been a promise that the credit report would be available 24 hours before the auction started for this loan as well but, if there was, it disappeared when the words were changed to say that the credit report had become available. AC are doing a expert job of shooting themselves in the foot when their auctions go live so soon after the data becomes available -- and often before important questions in the Q&A section have been answered. They need to put a firm stop to this practice before they lose the support of their lenders. Yes it is very disappointing. And so easy to solve !
Two of the 3 auctions today still don't have the full documentation/answers
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bugs4me
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Post by bugs4me on Jan 29, 2014 11:41:29 GMT
One of the supposed advantages of pre-bidding was that it eliminated the need to be at your PC at the time the auction opened for bidding. But it isn't working that way because now you have to be at your PC at a certain time in order to be able to cancel any pre-bids that you don't want to become real bids. An alternative might be to make sure there are no available funds in your account until you're ready to commit to a loan. But that's not really an improvement because it still requires attendance at your PC as just the right moment. The Loan Information section of this listing says... - Summary credit report provided in Loan Documents section to give lenders an overview of the proposed loan.
- Full credit report will follow and be available at least 24 hours from auction start.
The full report wasn't available at the close of business Monday, so why wasn't the auction re-scheduled at that time? The situation is no better for the Ha***ey loan. That 'full' credit report seems to have appeared around midnight, and yet the loan is stll scheduled to go live at 1100. I'm pretty sure there had been a promise that the credit report would be available 24 hours before the auction started for this loan as well but, if there was, it disappeared when the words were changed to say that the credit report had become available. AC are doing a expert job of shooting themselves in the foot when their auctions go live so soon after the data becomes available -- and often before important questions in the Q&A section have been answered. They need to put a firm stop to this practice before they lose the support of their lenders. Yes it is very disappointing. And so easy to solve !
Two of the 3 auctions today still don't have the full documentation/answers
Not sure if I would have left my pre-bid live but it's now pulled on the YLBL - no credit reports and I'm not going to be in front of a PC at 16:00. Happy to go with AC on most things but sorry guys, IMO you're letting yourselves down on the delayed documentation front.
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Post by chris on Jan 29, 2014 11:53:37 GMT
I've chased this up - the Hackney CR, being anonymous, didn't contain a huge amount of additional information so it wasn't deemed necessary to push the auction back. The other documentation will be up as soon as possible and the auction start times adjusted accordingly to give people time to read.
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Post by andrewholgate on Jan 29, 2014 12:10:08 GMT
Or we could let the auctions go live and have your money tied up for a long period with no return.
I did say there would be a few teething issues as we changed the processes. I can understand the frustration, please bear with us. I'd rather delay an auction start than tie your money up with no return.
Andrew
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pikestaff
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Post by pikestaff on Jan 29, 2014 12:14:24 GMT
That's fine Andrew, but please get it so that we do have a consistent 24h notice, otherwise we need to stand by our PCs all day. At the moment I'm having to log in much more frequently than I used to. It's no fun.
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Post by andrewholgate on Jan 29, 2014 12:21:07 GMT
That's fine Andrew, but please get it so that we do have a consistent 24h notice, otherwise we need to stand by our PCs all day. At the moment I'm having to log in much more frequently than I used to. It's no fun. OK. Understood. It will get slicker.
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