Should I put my house up at auction?

ElleWoods

My house has been on the market for 3 months, in which time I've only had 2 viewings and no offers. I've dropped the price twice - from £119,950 to £114,950, then last week to £109,950. I don't have a lot of equity in the property so I'm keen to sell before house prices drop so much that I can't afford to move, or even worse, I'm in negative equity. As it's unlikely I'll be able to buy another property in my preferred area, I'm seriously considering renting. Anyway, that's just a bit of background, but the thing I want to ask about is auctions, as I'm thinking of auctioning my house just to get a sale.

Does anyone know anything about the auction process? What fees do you have to pay, and when (i.e. upfront? after the sale?). Can interested parties view the house or would it be sold as seen? How long after the auction takes place do you have to move out? It's just a consideration at the moment but if it meant I'd sell my house I'd be willing to go for it.

Just for info, my property can be found at the link below. I'm on no sale no fee, and only have to give 2 weeks notice to the estate agent:

http://www.rightmove.co.uk/viewdetails-22479005.rsp?pa_n=1&tr_t=buy

Thanks,
CC x

pawpurrs

I would ring your local auction house and see what sort of price they think they can achieve. It isnt really a typical auction property, so think you would be suprised at how little it will proberbly achieve.
You are proberbley better to slash the price more to get a tradtional sale, is it cheaper than the competion?
You normally have to pay advertising costs for it to be in the auction catalouge, yes people will view before the bid, and then if it sells you have to pay a % price, normally about 2.5%
Auction sales should complete in 28 days, so in that way its a lot less stressfull, as they have to put a 10% deposit down when the hammer falls.

ElleWoods

Gosh 2.5% is quite high - didn't realise it would be that much! :eek: I've slashed the price twice already, and bearing in mind any offer will be roughly 5-10% below asking price, I can't really afford to drop it much more. Not sure what I should do next for the best. Maybe I could put it on for a fixed price, say £102,000? Or even £100,000? I've seen those in the local property guide - what do you think to that?

CC x

Mutton_Geoff

You'd still be better off reducing it to a price to attract a private buyer rather than auction. You only cut the price 4% after it had been on the market for two months then again by another 4.3% just 3 days ago. I think the cuts need to be deeper and your patience longer to see any result from this action.

How does the price compare to 2005 levels for your house/road?

poppysarah

You will find a buyer at the right price. You just might not like the price.