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Old 25th March 2019, 14:43   #11 (permalink)
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Re: House sale in a divorce .

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Originally Posted by Bramidan View Post
They sold at auction, surely that must be market value?
If people other than Turkish Nationals were able to bid they would only have to make one overbid.
Auctions are clearly not your strong suit.
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Old 25th March 2019, 17:10   #12 (permalink)
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Re: House sale in a divorce .

Firstly look at the definition of market value.
Then consider that the properties for auction are fully advertised.
The room is full of would be purchasers, the eventual sale price is common knowledge and provides a good comparable when valuing similar properties.
Don't you understand that if the property being auctioned was going for less than its market value speculators would be purchasing to immediately "turn" the property for a profit?
I have experienced "bids off the wall" when the auctioneer is trying to push the price up and on one occasion when an owner effectively purchased his own property at auction because although it reached the reserve price and thus was going to be sold he wanted more, he was quite happy to pay the auctioneers fees on the "sale".
One of the reasons banks and other financial institutions place properties at auction is that it is quick and it avoids any suspicions that the property was sold at less than market value, to a mate or brother in law.
Thanks Bashful for your helpful comment. Strangely enough I made an excellent living out of acting for clients, both purchasing at auction and recommending placing properties at auction with a reserve price. They all paid my, not inconsiderable, fees and nobody sued for professional negligence either!
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Old 25th March 2019, 18:09   #13 (permalink)
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Re: House sale in a divorce .

Go on..... Who would think it Brams !
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