House Auction

tabskitten

I have my house on the market.

Just wondering what the pros and cons of an auction would be. We are not looking to buy another property, want to sell up and rent a while before emigrating.

Anyone ever bought or sold via auction and how does one go about it should one decide to auction?

Questions questions........

tabskitten

Any opinions at all?

GDB2222

Selling at auction generally will get you less money than a normal sale. You can set a reserve, but if you make that too high you won't sell, and the auctioneers' fees are quite high even if you don't sell.

How long has the house been on the market? Are you getting lots of viewings?

olias

I would guess in the current market that most auction properties are re possesions, houses people are desperate to sell, or dilapidated properties aimed at developers or which can't get mortgages due to structural problems etc.

A 'normal' house will probably be only best sold at auction in a bouyant and/or rising market and if it is highly desirable and therefore likely to have multiple bids.

Pros are a confirmed sale at the fall of the hammer, and a quick completion (usually about 4 weeks)

Olias

Batchy

what is the possibility of buying at an auction, then being able to get a mortgage on it? if it has a problem... Damp, subsidence, etc... is it really unmortgagable? Could you be left with your pants pulled down? Is it therefore only suitable for cash buyers?

GDB2222

You have to get your mortgage offer in place, including the full survey, not just an offer in principle, plus all your legal work done before you go to the auction to bid. And then, of course, you may not be the winning bidder. That's why private buyers are at a disadvantage to professionals at these auctions.

The professionals have their finances already sorted, so they have the cash available. They may decide to dispense with a survey as they have a pretty good eye for what's going on, and they probably have experience looking through the docs or a solicitor who'll do a preliminary look cheaply.

tabskitten

GDB2222 wrote: »

Selling at auction generally will get you less money than a normal sale. You can set a reserve, but if you make that too high you won't sell, and the auctioneers' fees are quite high even if you don't sell.

How long has the house been on the market? Are you getting lots of viewings?

5 weeks and no........just reduced price £10K

GDB2222

Have you checked your price against recent sales on https://www.nethouseprices.co.uk ?

[Deleted User]

Have you done all the usual things like decorating bits that need sprucing up, keeping the place tidy, decluttering, cleaning carpets etc etc?

Because u'd likely get a lot less money at auction, I'd look at what I could do to increase the appeal of the house before I considered going to an auction.

U probably also need to go back to the Estate Agent and ask why the house isn't getting the viewings/offers u'd expected.., and keep asking until u get a straight answer. If necessary compare your houses with local houses up for sale in the area and see if your price point is correct and how they are presented.

tabskitten

B

deannatrois wrote: »

Have you done all the usual things like decorating bits that need sprucing up, keeping the place tidy, decluttering, cleaning carpets etc etc?

Because u'd likely get a lot less money at auction, I'd look at what I could do to increase the appeal of the house before I considered going to an auction.

U probably also need to go back to the Estate Agent and ask why the house isn't getting the viewings/offers u'd expected.., and keep asking until u get a straight answer. If necessary compare your houses with local houses up for sale in the area and see if your price point is correct and how they are presented.

Believe me have done all that and much more, speak to EA daily too! Price is absolute steal for the property it is new build and less than we paid for it a year ago, emigrating only reason for sale. Only had one viewer who loved it but then his wife decided she wants a garden- which we have not got.........so he pulled out,