I Bid on a Property That Lost £15,000 at Auction

[@MattBrighton]

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[@MilesV8]

Great video Matt. I have been to auctions in person some time ago. But only to observe as I know I would have struggled to keep to my budget. Well done for sticking to your price limit. I actually think the online way of auctions is better than in person.

[@MattBrighton]

It's a really easy way! only problem is because it's so easy - a lot of people are bidding!

[@Jay-iq6yh]

I actually learned a lot in that 10 min .. Great job Matt !

[@Afrinaturality]

Gosh...this is tense. I'm thinking of buying at auction for a property to live in (first time buyer). Definitely need to bear in mind to READ THAT LEGAL PACK and not get carried away at bidding.

[@MattBrighton]

You can do it! Just defo have a look through, thankfully I spotted the buyers premium, it's a pretty greedy figure to be honest - killed off any deal I saw that day along with heated bidding hence everything selling at a loss. I've seen a few properties come back on the market that were sold for silly prices months ago - looks like they started the refurb then realised it was a no-go and they sell off mid-project.

[@Afrinaturality]

@@MattBrighton Thanks, Matt. ☺️

[@demosthenes1296]

Hi Matt, really interesting video to actually post the auction here. Many thanks.

[@MattBrighton]

Glad it was helpful!

[@qadeerhussain5751]

Thank you for your time and effort in making this video

[@CamsCampbell]

What a brilliant idea for a video Matt! You must have nerves of steel!

[@MattBrighton]

Thanks Cams - knowing the numbers is key so you know when to walk away!

[@JustinWilkins]

Love this kind of video Matt - great work and an interesting insight into Auctions :)

[@MattBrighton]

(re-replying due to comment issue on YT!) Thanks Justin! Everything is still selling hot but just waiting until a good deal doesn't over-sell!

[@NayarPervez]

Love all your stats in Notion! This was an exciting video 😛😛

[@MattBrighton]

Thanks Nayar! Next level notion with the amount of formulae in there!

[@kinzakhan9811]

Excellent video and eye opener prior to bidding for a property which I was interested in thanks 👍

[@MattBrighton]

Glad you found it useful!

[@kingofwebguru]

how many bedrooms are they? The price is 1 tenth of the average price in London.

[@qadeerhussain5751]

I sold a property via auction last month but now at time @ completion my solicitor has informed me the buyer has changed their minds & are no longer going to complete. The auctioneers have taken their commission & forwarded the remaining amount from the 10 % deposit taken @ time of exchange of contracts to my solicitor. The auctioneers after being paid are saying now its up to the solicitors to chase the buyer.

[@arfanmedni7294]

Just keep the remaining money and call it a day.

[@InvestwithDarren]

Great job on 1,000 subs! Keep it up

[@MattBrighton]

Thanks Darren, appreciate it! Has been a hard slog so far haha

[@ajp3349]

I love your calculator that you have created. Can you advise on how you’ve done it?

[@lijie2511]

This is, obviously a year ago. A few months ago I followed an auction with asking 320k, sold for 362k, came back to market at 300k. My question (replies appreciated): if you spot unfair conditions/terms in the legal pack, is it possible to negotiate with the seller’s solicitor? I found a legal pack says: at the time of exchanging the contract, the seller is no longer responsible of it before the completion, explicitly listed if the property is unlawfully occupied, squatted, it is the buyer’s responsibility. However, the buyer doesn’t even have the keys at the time of exchanging contract… Any solutions? Thank you,

[@MattBrighton]

At an auction, that in effect is the exchange of contracts based on those conditions. So the only way is a pre or post auction sale. Probably more luck in post auction as they failed to sell on the current terms

[@robbiegray958]

I did the same in Liverpool but wasn't even bidding and my heart was going haha

[@MattBrighton]

It's such a tense environment haha!

[@sunsingh6381]

Hi Matt, what tool are you using to calculate the property prices / ROI etc on the side? Looks fantastic!

[@MattBrighton]

Notion - I'm building my own tool and template at the moment on notion that I'll be realising onto my website soon

[@GASA90]

​@@MattBrighton hi matt have you released the tool yet?

[@Akta]

Are properties selling more than what they are worth or has a new normal been set since a property is worth what someone else is willing to pay? Great video and love the tension at the beginning. Another Brighton Banger!

[@MattBrighton]

The market is super hot at the moment - stamp duty tax breaks don't help!

[@truth.speaker]

New normal, mate. Trust me, I'm from the future

[@hallieshouse13]

People are also bidding to live in and rent out. I’m sure other people are capable of noticing the “hidden” £8000 premium.

[@robski9354]

I attended a auction to buy land last week and watched the whole auction. Seems to be allot going for top money. Same with the car auctions at the moment. Seems smoke and mirrors just doesn't feel right that property is so expesive at auction in a false economy. Time to sell and wait a year until the big recession.and boy I feel it going to collapse like we never ever have witnessed.

[@MattBrighton]

Great time to sell! Auctions used to be great for deals but with so many bidders and the auction houses having ‘their most successful month yet’ every month. It seems they’re no longer good deals! Time to get creative

[@robski9354]

@@MattBrighton will be sending ours on the market soon and renting and waiting all the best matt

[@closethedoornow7538]

Well it’s been a year.

[@qadeerhussain5751]

Excellent video

[@qadeerhussain5751]

Many thanks

[@Stephanie-Bonnet]

That was really entertaining! Obv not for you as you want to buy something. It’ll happen

[@MattBrighton]

Thanks Stephanie! It'll happen soon enough - just waiting for the right deal to not over-sell!

[@akshayab6331]

Would you loose money let’s say you bid but someone bids higher- is there like a admin fee to bid 🤔🤔

[@kujouk]

I thought I'd put this before, but I viewed the one at Dinnington at the previous auction, I think you had a lucky escape even if you'd have bought it for 35k, previously it was a 10k start and I'm sure it went for mid 50s, there was a 3 bed for about £60k and a 2 bed for 50 something further down the same road which could have been rented out from day one.

[@MattBrighton]

Yep! Even my analysis on the deal was really slim pickings, but can't believe how much it sold for in the end! I keep seeing so many return properties to the auction market from buyers who bought too high

[@mogheesmir]

Great video Matt! Would love to see how you put the document with all the figures you're working with together in Notion!

[@MattBrighton]

I’m building it out as a product at the moment! If you sign up to my mailing list I’ll let you know when it’s ready on my website

[@mogheesmir]

@@MattBrighton would love that! Looks like a really useful tool. Thanks!

[@amalali504]

Great video. My nerves are tested on an Ebay Auction so I think a property one would ruin me! 🙂

[@Ramziskitchen]

Dear Matt Thanks for your wonderful Video , this is great I wounder if you have the spreed sheet and will you be able to share it ? Many Thanks

[@JasonChesters]

It will peak at some point this year and hopefully demand will drop back to a reasonable level to give us investors some better opportunities! I’ve started to see sales slow a little in my area so hopefully this is a sign

[@MattBrighton]

Hopefully! Intrigued to see how the stamp duty extension affects things this year! I'm still looking every month at fantastic deals but they're all overselling

[@stormsurge6765]

You investors are the issue with the housing market

[@truth.speaker]

@@stormsurge6765 don't be so certain, mate Investors make sure you have a place to rent and often do a great job of fixing up older properties

[@truth.speaker]

@@MattBrighton it kept going up. It isn't likely to stop any time soon 😕

[@td1297]

BWA don't have great reviews as an auctioneer when you look into them, apparently they are very sneaky with added fees etc

[@MattBrighton]

Noticed they had the highest buyers premium fees out of all auctioneers I've bid in

[@TwistedTavern]

Do you usually pay for a survey before bidding?

[@LackHapeLuis]

Its so dirty having hidden legal fees..

[@MattBrighton]

The big auction houses can be very, very sneeky.

[@LackHapeLuis]

@@MattBrighton Yes, and its especially hard trying to get a mortgage with an auctioned property isn't it? Im looking for my first home, but most around here are through auction..

[@MattBrighton]

@@LackHapeLuis Yep! They usually have 30 days terms so you'll usually need cash or a bridging loan to be able to do it in time without hitting any penalties or fees, meaning the purchase price needs to be bang on. All those properties overselling will be hard to refinance off the bridge onto a full mortgage.

[@Michael-hv4de]

Really interesting video. What was the calculation application you used?

[@MattBrighton]

Notion - I'm working on my own template at some point which will be available on my site

[@InsightHub-k5r]

You think someone is biddi g 54k and doesnt have 8k to add plus 2k at lwast on legal fees and the refurb... you just have to get to data analytics at this point is the last thingy you can do bro

[@aklol7384]

I should watch your video fast before I buy that plot now im ended up having cancelled the exchange 🙃 because didn't realise that hidden amount 🙃 is

[@MattBrighton]

I think lots fall for it!

[@arfanmedni7294]

It designed to be missed until the bill land on your door mat.

[@MrLeeJunFan1]

Any chance of doing a few more of these auction vlogs

[@qadeerhussain5751]

I've been involved in property for alot of years but this is the 1st time this auction issue has happened to me. My solicitor is saying its up to me if I want to sue the buyer but I need to keep in mind what if the buyer has no assets or money? Its like chasing losses but ill incur legal fee's but gain nothing @ the end.

[@MattBrighton]

Well, you have the deposit money to cover costs so I’d just start again and re-sell

[@aneesj34]

I've heard allot of negative feedback for BW auction I'm skeptical in bidding with them 🥴

[@MattBrighton]

It put me off after watching an entire day of their auctions. All oversold, hidden fees in the legals - properties selling for silly prices when you put the two together

[@Dondon-wp1ys]

Hi is that possible to join us filipinos in uk house auction.

[@mkasim4560]

No

[@bredatinaforever]

Respect, you have nerves made of steel!

[@MattBrighton]

Like a swan - kicking frantically underneath the water! Calm above water

[@liltay1988]

Matt what website is this for the auctions

[@MattBrighton]

This one was bond wolfe - quite a popular one so lots of overpriced properties on the auction I looked at due to lots of buyers

[@ChrisLivingInYork]

Great video Matt. What software are you using on your left hand screen?

[@ChrisLivingInYork]

@@MattBrighton it looked liked you were using notion. I wasn’t aware you could build a custom dashboard, but definitely interested if you release it as a product. Keep up with the great videos as they offer fantastic value

[@MattBrighton]

(recomment) I'm using Notion which is awesome as you can build your own calculator. I'm working on building a template for people to use on my website at some point soon :)

[@lauragold3255]

great vid, your refurb costs are sky high though! max on that is 15k

[@MattBrighton]

Increase in labour and materials at the moment - definitely making things harder!

[@kingofwebguru]

Hi Matt, how to get the true value of a property?

[@MattBrighton]

Sold comparables in the area

[@flyinghedgehog3833]

EPC is the elephant in the room.....MINIMUM C COMING.

[@MattBrighton]

Still in consultation at the moment so likely to be a few years away - IF it happens.

[@danielafilipoiu8293]

Do you pay a survey for every house you are bidding?

[@MattBrighton]

Definitely not! Some people also recommend getting a solicitor to check the legals - unless you can get them for free don't bother. Auctions can oversell super quickly so would be a waste of money. I always read through the legal pack to check for any obvious issues and trust my non-expert judgement on it (EG Finding hidden fees etc). In terms of survey - if you view the property you'll get a good feel for it and general issues, leaks, damp, cracks etc and then factor it into your refurb budget.

[@serenababe]

South Yorkshire? I was born in Sheffield. Great video too

[@MattBrighton]

Ahh awesome - I'm local to the area too!

[@serenababe]

@@MattBrighton I don’t live there now I’m not in Torquay but do try and visit the North when I can 😁

[@ShoppingwithRina]

Did u pay to be part of the auction

[@CharlesKerr]

Mission Impossible: Househunt

[@MattBrighton]

Definitely feels like mission impossible at the moment!

[@VM-xxx]

I really couldn’t understand why it’s sow overpriced?

[@VM-xxx]

@@MattBrighton only auctioneers wins )))

[@VM-xxx]

@@MattBrighton you should check for small actions. For example there was house at South Yorkshire, sold for 132, refub will be about 65-70, plus fees 10, total around 210-230. Might sell for 250-260?

[@VM-xxx]

@@MattBrighton I am trying to send you a link, but it’s deleted

[@VM-xxx]

@@MattBrighton I am trying to send you a link, but it’s deleted

[@MattBrighton]

It's a very hot market at the moment!

[@lifewithcats5446]

Hello Matt, did you actually view all the properties before you bid online?

[@MattBrighton]

Not these (which I wouldn't recommend!) This was filmed during lockdown so was a nightmare to view properties. But these days I'd always recommend going to see them as you learn so much more in person

[@lifewithcats5446]

@@MattBrighton yeah, it makes sense! Thank you!

[@LackHapeLuis]

Maybe they are buying it to live in...

[@MattBrighton]

Definitely possible hence high prices! Then again - they'd likely have to be cash buyers for it

[@samsami1155]

Urgent: please Please any one can give me a good convinacy solicitor who can deal with purchase a property from auction. I bought a property 1 week ago and solicitor he just called me he is personal issue outside ul and have to leave and no longer deal with my case i am stuck now and need to finilise the purchase in 4 weeks now or loose my 10% deposit and extra fees