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Don't be afraid to put your home under the hammer

by Paul R Taylor
21/ 7/2005

PROPERTY auctions used to be places where estate agents sent houses they couldn't sell and developers found bargains nobody else wanted to buy.

But auction rooms are no longer the preserve of the professional, with more and more amateur buyers and sellers ready to go under the hammer to escape the housing market merry-go-round.

The auctions, scores of which are held in Manchester every year, offer sellers a chance to trade without the usual problems of endless chains, delays and unequal valuations.

This means they can quickly off-load tricky properties or make thousands above the reserve if a bidding war develops.

Buyers can also cash-in by modernising a bargain basement property and then selling it on or letting it out, safe in the knowledge that there's no need to haggle and once the hammer falls the property belongs to them.

And it's not just the run-down and the repossessed under the auctioneer's gavel at the auctions.

Singer Russell Watson's Grade II listed detached cottage in Worsley and a three-storey Victorian building on Wardle Road in Sale are just two of the more prestigious properties up for auction this month.

Louise McDonald, director of auctions for estate agents Edward Mellor, said: "For the vendors, if the reserve is reached it's an instant sale without the hassle and if not they can get tenants in for 12 months while they consider what to do rather than just leaving it sitting on the market. If there are a few bidders the vendor might make more than they're expecting.

"For buyers it's about finding bargains and knowing that there's no way they can be gazumped at the last minute.

"First timers at auctions should get hold of a catalogue, study the guide to auctions in them and then always inspect the properties they are interested in internally or externally.

"When we started auctions in Manchester eight years ago it was very much for the trade but the last few years there's been a lot more on TV about developing and it's a mixed group now.

"There's a wide range of properties from terraces to halls. The cheapest lot I've seen sold went for £1,200; the most expensive lot was four semi-detached houses in the Heaton area of Stockport that went for more than a million.

"If there's a few bidders intent on buying a property then it can go for a lot more than the reserve.

"In 2002 we sold Slade Hall in Longsight, which is thought to be the oldest house in Manchester and possibly the oldest building. The reserve was £475,000. When the bidding reached £450,000 it slowed, but then it picked up quickly and finally reached £527,000."

Get your bid in

Edward Mellor estate agents will put 108 lots under the hammer on Tuesday, August 2, at Lancashire Cricket Club, Talbot Road, Old Trafford, from 1.30pm prompt.

Eddisons Chartered Surveyors will hold an auction in The County Suite of the Lancashire Cricket Club, Talbot Road, Old Trafford, on Thursday, September 1, from 2.30pm.

Preston-based Pugh & Company will put Manchester properties up for auction along with others from the North West on Wednesday, September 7, in the Atlantic Suite, Terminal 2, Manchester Airport, from 2.30pm prompt.

Cheadle-based Main & Main hold regular monthly auctions, usually on the last Wednesday or Thursday of the month in the early evening at The Village Hotel, Cheadle.

Meller Braggins estate agents will auction Manchester properties, including the singer Michael Ball's Grade II listed detached cottage in Worsley at the De Vere Daresbury Park, Chester Road, Daresbury, Warrington, on Thursday, July 28, at 3pm.

To do and not to do at auction

DO think ahead. Check property auction brochures, which are often released weeks in advance.
DO research what price the property is likely to fetch. There is usually a guide price to assist buyers.
DO make a bid prior to auction if you wish to. In some instances the seller may decide to sell before the auction.
DO plan ahead if you need help with your mortgage.
DO go and look around any property you are interested in before the auction.
DO take legal advice and remember that buying at auction has the same legal implications as a private purchase.
DO get a copy of the paperwork handed out at auctions, which may contain alterations and amendments.
DO organise your deposit before the auction.
DO make sure the auctioneer recognises your bid by clearly indicating your interest.
DON'T assume that all properties in the catalogue will be on sale. Some can be withdrawn or sold prior to auction.
DON'T panic. It is a pressured environment but auctioneers will be helpful to first time visitors and buyers.
DON'T lose track of the lot numbers.
DON'T arrive without ID.
DON'T give up if the lot you're bidding on fails to meet the reserve because you may find the seller accepts your bid later so leave your details.
DON'T expect the sale to take time - after the hammer falls you will sign the contract and receive a Memorandum of Sale on the spot.

Profile: Auctioneer Nick Green

CONFIDENCE and creating a rapport with bidders are essential skills for every good property auctioneer.

Auctioneer Nick Green has taken millions of pounds worth of bids in his 18 months in charge of the gavel at auctions in Manchester.

The 35-year-old, who lives in Stockport, stepped into provide cover when Edward Mellor estate agents' former auctioneer Howard Gooddie retired.

He then attended two courses run by the National Association of Estate Agents, which taught him how to run a successful auction, the legal implications and other essential skills before stepping up to the rostrum.

He began his career as an estate agent and still works as a commercial property valuer, but has now overseen about 10 auctions.

Nick said: "I was lucky because I worked with two of the most eminent property auctioneers in the country, Howard Goodie and Charles Smalies.

"At first I just stepped into help with the opening speeches but they spotted my potential so I attended the two courses. To be honest, I think most property auctioneers have a background in the industry.

"You need to be confident at the rostrum, quick, have a good memory for numbers, and be very personable as well.

"The conditions in the auction room dictate the pace but it's important to try to keep it moving, whether a property sells or not, so that the bidders don't get bored.

"I tend to concentrate on the two or three bidders involved at the time as we have between eight and 10 spotters around the room who sort out the purchase once the bidding ends."