Best property video I’ve watched. Been in the business 20 years plus attended & bought at auctions for clients & myself. Now have folio of half a dozen properties. Watched loads of ‘how to’ vids & lots are BS. This guy knows his stuff, communicates well & apparently backs up his words with his money. Listen to all he has to say! 👍
I bid a property in modern method of auction.The bidding is going to end in next 7 days.How to withdraw my bid without paying any penalties before completion the auction
Good evening James ive got found your you tube channel as my wife and i are starting to think about getting into property,via auction sites. We are both struggling to get too grips with the basics of auction purchase ,deposit ,fees,where does the money come from to renovate etc All the above if my wife and i only have £5000 to play with. We would really appreciate some advise or even some pointers. We are more than happy to watch you videos to learn as much as we can too,if you think this is a good place to start. Kind regards Stephen and kim
He Stephen and Kim thanks for watching appreciate it. To buy from auction you need roughly 25% deposit plus all the fees which vary between auctions. You would also need funds to renovate so £5000 would be tough. However what you should explore is finding partners to work with, family members friends who you could do a deal together with. Keep watching you will learn more.
@@propertyacceleratorI watched all your videos and forwarded them to my friends. I’m learning a lot from the videos. Thank you for spending time to create these. Much appreciated 👍
Sadly they recently went bust and nobody made a new one yet. When I find one will make a video on it as it was useful. In the meantime I would always recommend speaking to a solicitor.
I am looking at a property that is listed as a modern method auction property. I viewed it last week. It is a probate property, papers are all sorted out now, but the house surely needs a lot of refurbishment as it looks untouched since 1983 when it was first sold. It is in Hertfordshire in a Garden City and actually the guide price for this 3 bedroom decent size semi detached with a nice garden is 325k. The auction company charges 4.5% reservation fee, which is quite significant in this case. Especially if we assume that the seller set the reserve price to +10%. That takes it to a 373.6k, crazy. It is full of artex walls and ceiling, woodboarded kitchen, old style all over. Nice big garden and a brick build garage next to the house. Is it normal to have an auction spiking up so high, even with a single bid? 50k more compared to the guide price, which is already quite high. I was wondering how much a full walls and ceiling redecoration and new kitchen would cost these days? I hope you have some guide prices, relying on basic furniture and stuff from B&Q? I really like the layout of the property and the garden and the garage, but I fear that this 325k property would easily shoot above 400k after all the fees and renovation costs. I would buy it would roughly 15% deposit plus mortgage. What's your advice?
It could get to £400k pretty quickly. The most important thing is what is the houses on the street worth. You can check that on Zoopla, if you feel you can make 25% after costs it would be worth doing.
@@propertyaccelerator I am not buying it for investment but for living in it with my wife and the baby due in February. Do you have some guide number how you estimate renovation costs?
Take the price with a piece of salt. How much would you pay for the property based on what you have seen together with the reservation costs and deduct auction fees and legals from that. Good luck if you get it cheaper at auction but lately not. Check what similar ones have sold for in the last year within 1/4 mile. Are you doing the work yourself or have you found a builder/quantity surveyor? How long has the property been empty for? Over2 years then some councils will charge double council tax until you’re living in it! Can you get a mortgage or pay cash with 56 days? Can your solicitor handle it in time? How much for renovation depends on your spec. I’d say at a minimum 15k without rewire or new boiler. I’m looking at one now where the refurb will be over 120k for a listed building. Artex can be plastered over rather than removed reducing potential asbestos contamination… the only benefit of an auction is usually the paperwork has been done upfront and you can read it but still needs checking with a solicitor for £150 approx. and completion is within a fixed timescale. If you need a mortgage they will want a survey (cost) to make sure it’s a standard construction they lend on and there are no problems and the price is reasonable.
I have a question for you, I saw this in one of your videos but I couldn't find which one. For example, if you are based in the South of England and would like to buy a property in Doncaster or somewhere far from where I live, do you have an agency looking after your property with a "full managed package" ? I had tried this before and I had a negative experience with an agency, they didn't do too much and their fees were around 1 monthly rent, if not even more. If you can point me out to that video or provide me an answer that would be really appreciated. Thank you
You scared me when you said the EPC needs to be C by 2025...😅 just realised the video was recorded 2022. But good one! Hope the house you bought worked out well 😊
Please, if you are a cash buyer, can you ask them if you can pay up front, once you've viewed and are happy with the property, to prevent the property going on auction please?
Hi, I’m buying a property via iamsold auction. I have paid a deposit to reserve the property. We have 56 days to complete the sale. This is from the day my solicitor receives the contract from sellers solicitor. Can the seller change her mid half way through and cancel the sale? I don’t want to loose the house since the price is good. Many Thanks
If you have only paid the reservation fee for the seller to exclusively deal with you then that’s all it is. They can pull out or iamsold can decide your not working to there time scales and pull out. If you have also exchanged contracts and paid 10% then the seller is in contract to complete. For 28 day completion you usually pay reservation and exchange deposit, for 56 day first the reservation and within 28 days deposit.
Hi James thanks for the video. Can you pls send the name of that company that you paid £120 to view the legal pack? I’d like to do options and use service like this. Many thanks in advance
Appreciate your reply. It's quite decent. To be fair I thought that the property niche would have a higher value, but eh... Still must be generating quite a few rental incomes. :) Keep up the good work!@@propertyaccelerator
Correct you have to know what you are doing, and that is the opportunity. If you know what to look for and get a good solicitor you can get very big discounts.
Get your ducks in a row and do not get sucked in when the excitement kicks in . I started with a pound as a kid and yes it did escalate to houses and land .
Regarding 95 Staveley Street, Doncaster. Modern method of auction is an absolute joke! The estate agent milks both the buyer and especially the seller. I explained to an owner selling by this method that I would have to deduct £6,000 from any offer I may have made before their estate agent (Purplebricks) offered it on the open market. It also makes it more difficult to finance due to time constraints (typically 28 days to complete), so a cash buyer is more likely, paying even less due to less competition amongst buyers. The owner just looked at me like I had horns growing out of my head. They either didn't understand or didn't care. Sellers need to wake up and realise they're being done up like a kipper!
🔥 Get Access to the Property Accelerator Course HERE: property-accelerator.co.uk/join/
James the link is not working.
Best property video I’ve watched. Been in the business 20 years plus attended & bought at auctions for clients & myself. Now have folio of half a dozen properties. Watched loads of ‘how to’ vids & lots are BS. This guy knows his stuff, communicates well & apparently backs up his words with his money. Listen to all he has to say! 👍
Thanks so much.
Hi, we watch you here in Australia,as we are planning to move to UK in the near future. Thank you for some great advise
Awesome bring some nice weather with you when you move here! 🙂
great fun thanks for sharing and the tips, i had butterflies too!
Thanks for watching!
Really interesting & I enjoyed watching Derek from Reading
Thanks Derek.
Thanks for taking your time to do this 💯
No problem 👍
I bid a property in modern method of auction.The bidding is going to end in next 7 days.How to withdraw my bid without paying any penalties before completion the auction
I dont know how you can do that you need to speak to auction house.
Good evening James ive got found your you tube channel as my wife and i are starting to think about getting into property,via auction sites.
We are both struggling to get too grips with the basics of auction purchase ,deposit ,fees,where does the money come from to renovate etc
All the above if my wife and i only have £5000 to play with.
We would really appreciate some advise or even some pointers.
We are more than happy to watch you videos to learn as much as we can too,if you think this is a good place to start.
Kind regards Stephen and kim
He Stephen and Kim thanks for watching appreciate it. To buy from auction you need roughly 25% deposit plus all the fees which vary between auctions. You would also need funds to renovate so £5000 would be tough. However what you should explore is finding partners to work with, family members friends who you could do a deal together with. Keep watching you will learn more.
Very helpful. Thank you
Glad it was helpful!
@@propertyacceleratorI watched all your videos and forwarded them to my friends. I’m learning a lot from the videos. Thank you for spending time to create these. Much appreciated 👍
Cool
👍
Congratulations 😊
Thank you!! 😊
What was the first website you used? Any others you recommend?
Sadly they recently went bust and nobody made a new one yet. When I find one will make a video on it as it was useful. In the meantime I would always recommend speaking to a solicitor.
I am looking at a property that is listed as a modern method auction property. I viewed it last week. It is a probate property, papers are all sorted out now, but the house surely needs a lot of refurbishment as it looks untouched since 1983 when it was first sold. It is in Hertfordshire in a Garden City and actually the guide price for this 3 bedroom decent size semi detached with a nice garden is 325k. The auction company charges 4.5% reservation fee, which is quite significant in this case. Especially if we assume that the seller set the reserve price to +10%. That takes it to a 373.6k, crazy. It is full of artex walls and ceiling, woodboarded kitchen, old style all over. Nice big garden and a brick build garage next to the house.
Is it normal to have an auction spiking up so high, even with a single bid? 50k more compared to the guide price, which is already quite high.
I was wondering how much a full walls and ceiling redecoration and new kitchen would cost these days? I hope you have some guide prices, relying on basic furniture and stuff from B&Q?
I really like the layout of the property and the garden and the garage, but I fear that this 325k property would easily shoot above 400k after all the fees and renovation costs.
I would buy it would roughly 15% deposit plus mortgage. What's your advice?
It could get to £400k pretty quickly. The most important thing is what is the houses on the street worth. You can check that on Zoopla, if you feel you can make 25% after costs it would be worth doing.
@@propertyaccelerator I am not buying it for investment but for living in it with my wife and the baby due in February. Do you have some guide number how you estimate renovation costs?
Did you end up buying the property?
@@barmy_irooni no the auction has not yet started
Take the price with a piece of salt. How much would you pay for the property based on what you have seen together with the reservation costs and deduct auction fees and legals from that. Good luck if you get it cheaper at auction but lately not. Check what similar ones have sold for in the last year within 1/4 mile. Are you doing the work yourself or have you found a builder/quantity surveyor? How long has the property been empty for? Over2 years then some councils will charge double council tax until you’re living in it! Can you get a mortgage or pay cash with 56 days? Can your solicitor handle it in time? How much for renovation depends on your spec. I’d say at a minimum 15k without rewire or new boiler. I’m looking at one now where the refurb will be over 120k for a listed building. Artex can be plastered over rather than removed reducing potential asbestos contamination… the only benefit of an auction is usually the paperwork has been done upfront and you can read it but still needs checking with a solicitor for £150 approx. and completion is within a fixed timescale. If you need a mortgage they will want a survey (cost) to make sure it’s a standard construction they lend on and there are no problems and the price is reasonable.
I have a question for you, I saw this in one of your videos but I couldn't find which one. For example, if you are based in the South of England and would like to buy a property in Doncaster or somewhere far from where I live, do you have an agency looking after your property with a "full managed package" ? I had tried this before and I had a negative experience with an agency, they didn't do too much and their fees were around 1 monthly rent, if not even more. If you can point me out to that video or provide me an answer that would be really appreciated. Thank you
Hey yes I use a local agent to manage it for me. In Doncaster I use Moss Properties.
@@propertyaccelerator Thank you for the answer James, if you remember the video I'm referring to please let me know.
You scared me when you said the EPC needs to be C by 2025...😅 just realised the video was recorded 2022. But good one! Hope the house you bought worked out well 😊
Yeah we dodged that one.
Please, if you are a cash buyer, can you ask them if you can pay up front, once you've viewed and are happy with the property, to prevent the property going on auction please?
You can try to agree that yes.
@@propertyaccelerator thank you, I'll do so. It's my mum who'll help me buy the property
Hi, what was the website/company called that looks through the legal pack and changes £100
Sadly they closed down and Ive not found another since. Shame as it was a good service.
So do you get a solicitor to look through the legal pack?
Hi, I’m buying a property via iamsold auction. I have paid a deposit to reserve the property. We have 56 days to complete the sale. This is from the day my solicitor receives the contract from sellers solicitor. Can the seller change her mid half way through and cancel the sale? I don’t want to loose the house since the price is good. Many Thanks
Ive never used Iamsold, but I think its the same as other auctions they can't pull out.
If you have only paid the reservation fee for the seller to exclusively deal with you then that’s all it is. They can pull out or iamsold can decide your not working to there time scales and pull out. If you have also exchanged contracts and paid 10% then the seller is in contract to complete. For 28 day completion you usually pay reservation and exchange deposit, for 56 day first the reservation and within 28 days deposit.
Aucspace is closed down? So how are you using their services?
This video was a replay as Ive been ill all weekend.
Good. Is auction only for cash buyers ? Thanks
You can buy using something called a bridging loan as well.
Hi James thanks for the video. Can you pls send the name of that company that you paid £120 to view the legal pack? I’d like to do options and use service like this. Many thanks in advance
Sadly they recently went bust, Ive rent to find a replacement yet. Going forward you can ask your solicitor to check it over.
oh they went bust. Thanks for answering
I know this is a bit of a cheeky question, but what is your average RPM, CPM on youtube? Just curious :)
This month its £6.65 RPM, I thought it would be more as its was £7.65 in Sept.
Appreciate your reply. It's quite decent. To be fair I thought that the property niche would have a higher value, but eh... Still must be generating quite a few rental incomes. :) Keep up the good work!@@propertyaccelerator
There's a myriad of pitfalls buying auction properties. I step away if seller is not offering Guaranteed Freehold, on the contract.
Correct you have to know what you are doing, and that is the opportunity. If you know what to look for and get a good solicitor you can get very big discounts.
70 👍
🙌
Get your ducks in a row and do not get sucked in when the excitement kicks in . I started with a pound as a kid and yes it did escalate to houses and land .
Nice work Jon.
❤❤❤❤
❤️❤️❤️❤️❤️
72
🙌
❤
❤️
just checked auc space after watching your video today . unfortunately au space has closed its business services. Any other alternative please?
Regarding 95 Staveley Street, Doncaster. Modern method of auction is an absolute joke! The estate agent milks both the buyer and especially the seller. I explained to an owner selling by this method that I would have to deduct £6,000 from any offer I may have made before their estate agent (Purplebricks) offered it on the open market. It also makes it more difficult to finance due to time constraints (typically 28 days to complete), so a cash buyer is more likely, paying even less due to less competition amongst buyers. The owner just looked at me like I had horns growing out of my head. They either didn't understand or didn't care. Sellers need to wake up and realise they're being done up like a kipper!
Yeah I see Modern Method as bad for the seller as it puts off a lot of buyers.
This video was filmed in 2022, the information here is wrong then
Why is the information wrong? Yes filmed in 2022 auctions and how I checked prices etc still very valid. In fact you might even buy cheaper today.
@@propertyaccelerator in regards to Aucspace, would have been good to use their services or something similar
👏👏
👍