The Auction of my House
 

OK, I need some positive wishes here.

I know I'm sure a lot of you know a bit of my story. My house is going up for auction on Wednesday. It was the only way out of repossession. That house tied me to the ex, I feel when its gone the shackles will be gone also.

The auction company reckoned we could get a sale for a reasonable amount. This amount would pay off the mortgage and while we would still be left with a few minor debts, those we could manage.

Well she called today to say we have an early offer. An early offer of £25,000 LESS than what we are asking for, of what we need.

Whats worrying me is that will all the other offers be this low? I'm so scared.

Or is this how auctions go? People throw in a ridiculously small offer just in case they get lucky?

I don't know anything about auctions, but am sending you hugs and prayers that it goes okay.

Amy

Thank you.

I'm just so scared it doesn't sell for enough, then we'll have trouble with the bank and ughh.

Thank you

I have no idea how aution sales of houses go in the US let alone over there. You have my thoughts and prayers.

Have you talked to the mortgage company about what happens if you sell it for less than is owed? The mortgage holder may have the right to stop the sale if you don't get enough to pay it off. They sometimes do this in the US.

Yep that is what happens here in the states all the time. I would imagine its no different where you are.

Hang in there, bidding will start low, it always does, but you will probably get close to what you are hoping for.

Take some real deep slow breathes. It will help to keep you calm. Do that as many times a day as needed.

Remember................................HP is watching over you.

Love and hugs,

Perhaps that initial bid becomes the "opening bid"? I don't know much about auctioning a house. But if that will be the opening bid then it can only go up from there! In the antique auctions I've attended, the bidding can start extremely low and go up dramatically from that initial bid.

My thoughts are with you. There is no need to worry though because whatever the outcome......it is out of your control. It is a waste of energy to worry about something that you have no control over. So breathe......in out slowly.

gentle hugs

My girlfriend is a realtor and just had to do this with one of two homes she owns-And Laurie is correct on all the bidding etc....

My girlfriend is lucky she made a clean break and got what she owed on the mortgage..so that is the positive!

Putting positive vibes out to you Sugar :hug: hang in there

I bid on an auction for our current house (it was in foreclosure). There were definitely bids for less than this house was worth, but I actually bid slightly over so that I could get the house. I think I ended up being about $1,000 higher than the other bidder and $50 over the "house worth". It's a first bid. I think it's a good sign you got an offer. There will be more!

There needs to a "reserve" set. In this manner the bidding opens with what you absolutely HAVE to have. I took auctioneering so I know a reserve can and should be set. This is your only way of getting what is owed on the home hun.....call the auction house and tell them that you want to set a reserve and hopefully it is not too late to do so.

Good Luck
Janitw

Hi Sugar i'm sure that everything will be fine. Think positive, just imagine after Wednesday YOUR FREE and that's priceless.

Sending positive vibes your way

Mair xx

Go back and say thank you for your offer and we would be happy to sell it to you at such and such price and see what they come back with.....you might be surprised......

I also agree that its a good sign that an offer (even though lower than you hoped for) has been made prior to auction.

Although not a huge mind of information on auctions I have bought and sold quite a few houses over the last few years both in Australia and the UK when buying I always go lower than I am prepared to pay on a first offer......when selling I never accept the first offer and will negotiate the sale price till both parties are happy.....this has always worked for me....so I am sending you positive vibes...

I wish you the best of luck and really hope you get a good price my friend.

Do your own research too and know what is a fair price for that type of property in that area (is it good to have your own knowledge and not just totally rely on the agent if you are using one.....and don't let potential buyers know you have to sell as often in cases such as seperation buyers know that it is imperative the sellers have to let it go and will sometimes offer ridiculous prices to test the water).....look forward to hearing how its goes. hope this makes sense and helps you in some way too.....
All the best Phiz :0)

I second setting a reserve price. You can set it at the level of money you need to break even with the bank. If the house doesn't reach this price at auction it will not be sold. This may be better though than selling your only asset and still being left with a debt to the bank that you have no immediate way of paying off.

Lily xxxxxxxxxxxxxxx

Thank you for all the responses. and especially KindEyes, the part I bolded is what I need to remind myself. I am a worrier at heart, I obsess and obsess over the tiniest thing and I DO need to remind myself that no matter how much I worry, it won't change a thing.


Regarding the reserve, I agree. We do have one. Didn't know whether to go into figures but it doesn't matter I guess. The Auctioneer lady took a good look around the house and even though it has been stripped and gutted the fact is its in a fabulous area. A quiet lovely area. She suggested a reserve price of £125,000. To get this would mean paying off the whole mortgage and maybe even a few smaller debts but not much else. I am praying on this happening.

She just called the other day to let me know that an offer had been made for £100,000. I can't accept that, not at all. So I was just kind of happy that there is interest for people to be bidding a week early, or feel dejected that "Is this all they think the house is worth?"

She had told me laughing that she had been called to the house quite a number of times for people to view it. So thats a positive right?

I just feel out of depth over the whole thing, of course I am doing it all alone. Ex has had nothing to deal with it only to sign his name on a paper to agree to it. Guess where I found him when I needed his signature? - The pub.

I actually find it amusing now - "throw your life away ex, I'm going to sort mine out, la la la la la!"

Thank you for the well wishes everyone, I will be in work on Wednesday, I could have gone to the auction but I think I would have cried.

*Keep Strong!*

Glad to hear you have a reserve set to cover your mortgage debt. Any bids higher will be frosting on the cake! If no bids meet or exceed your reserve, you will have good information on where the market is at the moment. In this country, sellers can arrange with their bank to complete was is known as a "short sale". In a short sale, a buyer pays less than what is owed to the bank, and the bank agrees to forgo the remainder of the loan. The seller has no debt remaining with the bank, but there may be some credit repercussions. Banks lose money on short sales, but they are starting to consider them more in this country, because it keeps them from having to foreclose and take on the headache of getting the property off their books. They are starting to realize that if they foreclose, they are likely to lose money anyway with the market being as down as it is over here. If no one meets your reserve, maybe you can arrange a short sale with the lowball offer you have received.

Thank you for all your positive wishes!!!

The house sold for the asking price!! (to be honest I can't believe someone paid that for that dump but hey hoo!!)

I will still have debts left but those I can manage.

Thank you for all your support!

That is great news SugarLily! Congratulations one getting rid of such a major source of stress!

WAHOOOOOOO!!!! So glad to hear that you didn't NEED to worry!!!!!! That's wonderful. You and Barbara both have had heavy heavy burdens taken off your shoulders today. This obstacle has been removed from your path and you can carry on! I did a little dance for Barbara in her post.....would you like to dance? Let's do it! (I'm thousands of miles away, in my ROBE, with wet hair--just got out of the shower--and I'm DANCING for YOU!!!!!! wahooooooooooooo!!! Get up and get those toes tapping girl!)

I would be feeling a lot of different emotions right now if I was in your shoes. Try to let joy be the overriding emotion today.

big hugs:Dance7:

I'm glad to hear the good news! Now you really can begin to move on, yipee for you Sugar!

Think I'm gonna dance too!

:slider3:

Lily xxxxxxxxxxxxxxxxx

FANTASTIC!!!!

I am SOOOOOOOOOOOO happy for you!

I would do the happy dance, but Elvis (my avatar) is on my lap:)

Hugs and prayers!

Amy

Awesome for you! :bounce:

Now keep moving forward sweets you have the power!