Today, Sunday 4th February 2024, and Unique Property Bulletin have a “two-fer” you. That means you get TWO property-sleuthing methods to help find your ideal home. (1). Govt Seizures and (2). FTSAA. This stands for “Failed To Sell At Auction.” For 30 years we have been banging on about FTSAA. Why? Because our Unique Property plc group of friends couldn’t resist buying what is featured in the Bulletin via FTSAA. Many of the 34 Unique Property plc projects were FTSAA. Proving that FTSAA really works. It saves tens of thousands of pounds. FTSAA buildings tend to have what our American cousins call “motivated sellers.” This often means a good haggle after a room full of auction-attendees let the seller know (bluntly) that their building is worth a lot less than they thought. This places the buyer in a very healthy negotiating position.
The other property-sleuthing protocol relates to Govt Seizures. In the example we feature here, an amazing building and restoration mentions a sale figure of around £5 million. Then £3,000,000. After 2019 it was £2,800,000 and most recently went unsold at November: £2,500,000. Now at £2 million via Sevilla. If our group of unique property syndicates weren’t running 9 projects, our HNWs would (and in fact have) suggested putting in a £1,750, 000 cash bid. But we are supposed to be running what started out in 1987 as a hobby publication: Unique Property Bulletin! The analogy of volunteering to work at a strawberry picking farm and putting on a stone in weight is guy near the facts! So this one is over to our readers: Chalet and Boatyard, Hampton Court Road, East Molesey, Surrey, KT8 9BP…
^^^ Full article archived here ^^
^^ ALLSOPS ARCHIVED… ^^
building that an owner or over-enthusiastic estate agent, keen to get more properties on their books has over-valued and the market bluntly says, WRONG…. your guide price is too high and here is what the market says it is worth. When a room full of 100 to 500 buyers let you know your £500,000 semi can only manage £338,000 (as an example), then this helps you, as an FTSAA buyer, because the seller has just seen the penny drop. A cleaner way to sell is via an auctioneer. The bigger, the better. One of the best is Allsops. Our candidate unique property today is: Chalet and Boatyard, Hampton Court Road, East Molesey, Surrey, KT8 9BP. This is an FTSAA and we recon a price of £1,800,ooo may be closer to the guide of £2,jj500wm
It is a harsh thing to see. But we would apportion significant culpability on greedy estate gents overvaluing property just to get an owner to go with them. Many of us have seen it happen. An estate agent values a house at £600,000 to get the owner to go with them. Then 6 months and a miserable 2 viewings later, the estate agent phones the owner and recommends they drop their price by £375,000. Have you seen this? We would like to know as the “Estate Agents Act” of 1979 and sundry other relevant statutes are well overdue to be overhauled.