property auctions

donmax777

Can anyone advise please,
I have been trying to sell my property for a while now and like most people in the same position,had no joy.Is putting my property to auction a good option? i would say i would put on a reserve to ensure it does not sell for next to nothing.Can anyone let me know the fors and against's of auction selling please plus any advise anyone can give would be appreciated.Thankyou

princessamy86

It depends on how low you are willing to go with your guide price really. Pros: You get a really quick, guaranteed completion as contracts are exchanged as soon as the hammer falls and most auction sales are completed within a month. Your property will be exposed to serious buyers and you won't have to go through the whole "will my sale go through, can I find a buyer" rigmarole which can take ages and lead to all sorts of stress.

Cons: it might not sell. You'd really have to listen to what the auction valuer said it was worth, eg if they say guide price at £150,000 to £160,000 and you want to reserve it at £180,000 your probs not going to get a sale! The guide price is often much lower than you would accept on the open market, but if you want to move quickly it can be a really good way to secure a sale.

Which area are you in? I know some areas have better auctioneers than others, it's also worth considering a more local auction as if you're based in North West (for example) and your auctioneers are holding the auction in London it really restricts the number of people who may potentially want to bid.

Also something to consider and ask the valuer-is your house a suitable auction property? More and more larger, newer houses are appearing in auctions but it still seems to be the run-down, small properties which are selling.

I would get several quotes for fees from different auctioneers, find out how many regulars they have and what percentage they have sold at their last 2 or 3 auctions, make sure they give you full info on fees as you may have to pay a fee to put it in the auction and then a percentage of the sale price as well.

Lengthy! Sorry hope it helps a bit :rolleyes:

davidboon

It depends on the location where you want to sell your proper, quality and price.