At this particular auction he had his sights set on a pre-determined property. Unfortunately he was out-bid; however, he had spotted another lot in the catalogue that piqued his interest. The property in question was severely fire-damaged and had a guide price of £40,000. Based on his experience the client estimated it would cost him around £15,000 to carry out the necessary refurbishments. At this stage he had no finance in place to acquire the property and was also unsure of what its value might be once the restoration work had been carried out.
From his prior dealings with Auction Finance the client was in no doubt as to the expertise of our staff. He came over to our stand to ask our opinion on the lot. Based on our market knowledge and the information we had available, we were able to run some checks and provide the client with a view as to how much the property might be worth when restored to a mortgageable condition. Once this figure had been determined we discussed what kind of sum might constitute a sensible maximum bid, given the client's intentions.
Taking our insights into account, the client decided that he would indeed attempt to acquire the lot. Because of our existing relationship we were able to offer him finance there and then, within 5 minutes of his approaching our stand, and he went on to secure the property.