Rightmove
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Auction House Listing
Rightmove will advertise anything from AUCTION HOUSES without checking the accuracy of photos, description, valuation etc! Don't bother waisting your time, money & sanity on any auction house listing... as a pure example ..it will be stated in the description the house is situated on a residential area, when in fact this will be on a industrial estate. They will advertise vacant or vacant on possession and the property could be occupied by owners, tenants or even squatters! Misleading, misinforming, hiding the fact the buildings are Grade , I ,II, Grade 2a/2* listed which means you have to refurbish to the councils/conservation officers wishes & timelines etc, not to count the planning application costs. Buildings are derelict, inaccurate measurements, using historical/ archive pictures, no services such as electric, gas, water, internet to properties which are extremely costly to reinstate, pictures taken from best angles to make rooms, gardens etc bigger. Description/ location inaccurate, ie residential area and the house could be in the woods or on a industrial estate. Valued according to the highest properties in the area which again is extremely inaccurate. Title plans drawn incorrectly and boundaries not checked so you can easily end up in a boundary dispute with neighbouring properties. No information regarding existing services because they are non existent, just made to look that they are, unfunctional drainage/ will overflow a manhole in your garden because it hasn't been connected to a main sewer, strict covenants from neighbouring properties or businesses, legal fees to cover for the seller in letters not number, so be careful to read the fact that you will be paying 10k on top of the auction winning bidding price... Properties advertised way below the market to attract potential buyers/investors and having internal staff bidding up to the reserve price and over. their selling fees are premium, which again are covered by you. so if you think you are getting a bargain at these auctions you are absolutely wrong! speaking from experience, they are unregulated by RICS and Property Ombudsman that you will end up worse off by the time you make the property liveable. The same property could be going for several listing with different auction houses sometimes because there are so many issues with these houses. Honestly the only reason properties are being sold via an auction and not via an estate agent it is because there is definitely something wrong with them and it will either be a money pit, take a million years to bring to a decent standard and/or it will be so stressful. I cannot stress enough to do your research before you even engage a solicitor to go through the legal pack, GO SEE THE PROPERTY AS IT MAY BE OCCUPIED BY SQUATTERS as the auction house will not take any responsibility for it, check if there are live services such as electric, gas, water, internet as they will cost around 15k to 20k easy, chest the status of the property if listed or not (heritage) as this will dictate the refurbishment budget, timeline and your sanity! Read the legal pack for any extra payment you will have to cover outside of the premium fees and covenants. Finally research the auction house you are dealing/ registering with as they might be a franchise and literally trick/force you into a legal completion. I cannot stress enough - DO YOUR RESEARCH ON THE PROPERTY, GO SEE THE PROPERTY, SERVICES, MEASURE IT UP etc for your own due diligence as you most likely could be paying for a derelict property and it will be the worst experience of your life. Unfortunately, this doesn't apply just to this auction house, they all operate as such because they are so unregulated. I hope you find this useful and able to make a better decision when thinking you found a little gem at an auction house!