David Sandeman and Table of Twelve visit the auction room together for a dry run
Publish Date: 26 May 2016
By Beth Fox
Further reading
David Sandeman explains live on LBC Radio about the recent Stamp Duty changes
EIG invited to present at the Progressive Property Conference - May 2016
David Sandeman met up with the Table of Twelve mentorship group at the Barnard Marcus sale room.
17th May 2016 - Grand Connaught Rooms, London
Visiting the auction was a dry run for the group. On the day, the group watched some of the lots they had examined & appraised in detail at the evening session to see how they performed and what they’d make in the room.
It was interesting for the group to see how Lot 2 performed, which had a guide price of £350,00 plus.
In the workshop, David and the group had taken a close look at Lot 2 (a house in Tooting guided at £350,000 plus).
Research on the historic auction price database (EIG) showed similar properties selling for north of £500k plus, and so no surprises to the group when it sold for £505,000.
Table of Twelve host, Trevor Cutmore commented:
"When we went to auction everyone felt very comfortable and confident, although they didn't make any offers on that day because there wasn't something that suited them. However, I've got a friend who I'm going into business with fairly soon and one of those strategies is to buy through auction. So very much what I've learnt & what my friend has learnt has given us the confidence to go forward and buy at auctions to flip some property."
Essential Information Group - News and Information
Keep up to date with our latest news, case studies and what's going on in the property auction industry on our blog.
Buying at auction
14/11/2024
Making Your First Move on the Property Ladder with UK Property Auctions
One approach that many first-time buyers overlook is purchasing a property at auction, which can provide significant opportunities for those looking to make their first move.
Buying at auction
21/10/2024
Unique Property Investment
Unique Property Investment: Former Public Toilets with Stunning Coastal Views Listed for Auction
Buying at auction
30/10/2024
Buying a Lot with Planning Permission: A Smart Investment Opportunity
When it comes to purchasing property, whether for personal use or as part of an investment strategy, buying a lot that already has planning permission offers several advantages.