Selling at auction

Road_Hog

Whilst I've read many threads about buying, I can't remember a selling thread - there may have been some, but I don't want the threat to get sidetracked on that issue.


I'm contemplating putting up a property for auction. Now, I know from hearsay, that people only tend to do this when they need money quickly.


I've got an ex-rental property in London, just a small two bed terrace in need of modernisation.


It's been a bit of a 'mare trying to sell it. It's been priced to sell - about £205K - £210K with properties in good nic going for £230k. All the agents have said, don't do it up, sell it as is.


As a LL, I'm obviously not in a chain and I've asked the EAs to get first time buyers not in a chain, as I want a quick sale. All 3 EAs said £210K easy, the first buyer hit the nail, only to go with a cheeky gazunder days before exchange. That was a 4 month process.


The current buyer having (supposedly) a 50% deposit and the survey okaying the buying price, hasn't had a mortgage offer sent through to the EA and after 7 weeks the surveys haven't even been completed.


So, my thoughts are, this is another sale going to fall through and I'm paying full council tax, utility bills and unoccupied (the full one at best part of £500pa) insurance.


So, I'm getting to the stage, that some time in late January, I'll hear there's a problem with the sale and once again I'll be having to remarket it. I'm seriously not impressed with EAs, they appear to be lazy, uninterested and have a real problem with understanding the communication process and keeping a customer in the loop.


So, who here has any experience of flogging a property at auction, hints & tips, dos and don't dos. What is the average commission and how to get the best price.