Selling at Auction

laura2506

Has anyone any experience of selling a house at auction?

How does it work in relation to fees etc ( no one seems to want to declare it online, or in adverts etc ).
We want to sell our property as quickly as possible. Houses in the area have been up for over a year, so we don't envisage selling ours quickly, so are looking at other options.

Any helpful advice would be appreciated.

Thanks
Laura

poppysarah

View the auctions previous results for an indication of what they've put as guide price and what things sell/don't sell at.

Two recent auctions have been dismal. Waiting for official adding up on the latest one but I reckon 7 things sold out of 23 lots.

Lower the price with an ea until someone bites.

Doozergirl

You pay a usual EA fee to an auction house of 1.5%-2%. Some auction houses split this with the buyer but bear in mind they'll be knocking that off their intended offer price anyway so you will ultimately pay.

In addition to the fee you pay an insertion fee which the last time I chacked with a local auctioneer was around £350 + VAT which is non-refundable and has to be paid for each auction the house enters - it's a motivator to you to set the reserve correctly and not too high.

I'd opt for a small local auctioneer over on of the nationals in general but why don't you post up your house and see what we think? If it were overpriced now, it won't sell for that at auction - it will more than likely sell for less than it would fetch on the open market so you might be better off dropping your current asking price to the reserve you'd set at auction - it will be cheaper for you and people who need mortages will be more likely to buy meaning you should get a better price.

timmyt

laura2506 wrote: »

Has anyone any experience of selling a house at auction?

How does it work in relation to fees etc ( no one seems to want to declare it online, or in adverts etc ).
We want to sell our property as quickly as possible. Houses in the area have been up for over a year, so we don't envisage selling ours quickly, so are looking at other options.

Any helpful advice would be appreciated.

Thanks
Laura

selling at auction can mean the agent is deparate to get your commission, and it may also mean you do not achieve best price

be wary of auction agents

jockosjungle

Go along to an auction and have a look see?

R

john_white

we were quoted £500 for a an auction pack - then if the property sold 3% commission plus vat. That was back end of last year. We opted for the usual selling route.

123robint

I sold my house recently at auction (south east) and got a good price. it was an older house 1911 end of terrace in need of improvement and i couldnt be bothered to diy - lost interest as i had bought my dream castle.

if you have a standard family house that is in good modernised condition and easily mortgageable then you wont get the full price at auction but if you need to sell quickly and take a cut then up to you. The auctioneer should tell you all this when he comes to assess your place

if you want to know more then google auctioneers in kent, you can get the last 6 auction catalogs and prices achieved on line :j