Has anybody sold their house by auction?

cuddlymarm

Hi

Has anybody sold their house by auction?

How does it work?
How quick is it?
And the most important one is how much less money should you expect to get for your property as opposed to selling the old fashioned way?

manna777

My parents have just sold my Nanas house by auction and it seems to be staightforward and pretty quick - it went for over the minimum price they had agreed and completion is in 4 weeks from the auction - there was a £300 fee for putting it into the auction and brochure.

Will keep you posted

Debt_Free_Chick

If you are prepared to accept less, then have you considered marketing it with a lower asking price?

neil324

cashcard wrote: »

My parents have just sold my Nanas house by auction and it seems to be staightforward and pretty quick - it went for over the minimum price they had agreed and completion is in 4 weeks from the auction - there was a £300 fee for putting it into the auction and brochure.

Will keep you posted

What % of the purchase price is paid to the auction.
I sold a house in 2004, 250 to enter it into the auction, then 1.5% of the purchase price. Also you need to have in place and paid for the various searches on the property on the day of auction. Also you will need to arrange a solicitor present at the auction to exchange contracts i think i paid 500+vat ,i used 1 that was dealing with a few properties at the auction, ask the auctioneers for some contacts or view previous catalogs of the said auctions and the solicitors are named on each property. Completion was 28 days after the auction.Or i believe you can choose a completion date of your own, ie 14 days, this will then be shown in the catalog.

arkwright01

I'm auctioning my property at the end of the month but it's in a conditional auction. Slightly different in that when the hammer falls, the winning bidder pays a £2500 (non-refundable) deposit there and then and agrees to exchange in 28 days. This gives them time to get a survey, arrange a mortgage etc.

Cost to me is £500 (+VAT!) upfront and then 2% of the sale price on completion. Expensive, but when you've already tried the conventional route and had no luck worth a go.

You advertise a guide price in the catalogue but can set your own reserve so you don't have to sell it at a knock-down price if you don't want to.