It’s fast, furious and could be the future of property buying. Hundreds of houses went under the hammer in the region’s first property auction dedicated to selling repossessed homes and repossession properties.
Prospective buyers were hoping to pick up a bargain during bidding and hopefully turn their house into a home. Plush semi-detached homes which could have been expected to sell at £120,000 were sold at a fraction of their value.
The auction was being run by American organisation, REDC (Real Estate Disposition Corporation). Most properties are selling for around half the price at which they’ve been valued and advertised by estate agents for the last six months. A top table of lenders sits just below the auctioneer, giving each final bid the thumbs up or down.
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