Auctioning a house

NinaM

Has anyone every auctioned a property? Is it expensive? What are the advantages over a bog-standard sale?

elliott-cardiff

I looked into the auction route to buy a house in the cardiff area and the 2 main companies are

http://www.paulfoshauctions.co.uk/
http://www.rhseel.co.uk/home/

I've got to admit I ended up buying from a local estate agent in the end as I was put off by the work needed on some properties that were being auctioned. If you need any info on the cardiff area then let me know as I spent a long time looking around the area.

dnwilliams

NinaM wrote:

Has anyone every auctioned a property? Is it expensive? What are the advantages over a bog-standard sale?

As a general rule using an auction house will cost you 3% of the sale price plus catalogue advert of about £300. There will also be a withdrawal fee of around £500 if you sell prior.

During the booming market 1998 to 2004 it wasn’t unusual for conventional properties to achive higher figures at auction than by private treaty as the auction houses were swamped with naive new age developers getting in on the act and paying way too much, but I suspect with the change in market that the old tradional rule will begin to apply again which is about 75% of the private treaty (Traditional estate agency sale) figure.

Lighteater

It's a myth to say that most proeprties sold at auction don't reach their market value, or are distressed sales. That's an old, old view of the auction world that no longer applies across the board, or even in the majority of cases.

I know a tame auctioneer in the Midlands who i'm sure would be happy to chat with you. I also know a guy who may be interested in buying the property from you direct - a developer type based in Wales.

Let me know if any of this would be useful.

Lighteater