Blog Post

David Sandeman and Table of Twelve visit the auction room together for a dry run

Publish Date: 26 May 2016

By Beth Fox

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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."