i am sold?

shouldiauctionit

I am very very keen to sell my property ASAP, I spoke to an estate agents recently that suggested i am sold (Property auction with a reserve price). Does anybody have any experience with this?

DUTR

shouldiauctionit wrote: »

I am very very keen to sell my property ASAP, I spoke to an estate agents recently that suggested i am sold (Property auction with a reserve price). Does anybody have any experience with this?

A sucessful house sale will depend on many factors, 'ordinary' houses on auction are often there because they are not great sales on the regular market, eg very short lease so not chargeable by mortgage.
So unless your property is on a multi million £ gated community, then an auction that you are promoting may be an unwise choice, a potential buyer just may not be at the auction with cash to buy it.

martindow

Is this one of the dodgy 'modern auction' companies? If so I would avoid it.

teddysmum

The houses on the estate where I live are quite popular and usually sell very quickly, but when an old lady died her family auctioned the house to get the money quickly.


The house needed decorating , a new kitchen and bathroom, but otherwise was fine. However, it fetched less than two thirds of the going price of five years ago (less auctioneers' fees etc); the people buying it moving in, doing the jobs needed and making a good profit from a non-auction sale. It wasn't on sale for long.

shouldiauctionit

Not going to lie, going through a severeish bout of depression and I'm very keen to get out of this burden of a house (As nice as it is, and I've love it as a rental but I'm just not in the right state of mind right now).

I am willing to lose any money/equity I have which I am hoping will make for a quick sale.

DUTR

shouldiauctionit wrote: »

Not going to lie, going through a severeish bout of depression and I'm very keen to get out of this burden of a house (As nice as it is, and I've love it as a rental but I'm just not in the right state of mind right now).

I am willing to lose any money/equity I have which I am hoping will make for a quick sale.

Then (a) don't make big descisions whilst your mind is not where it should be
(b) Put it through an EA at a lower than usual price, it doesn't have to be an auction.

krey

the ''modern auctions'' just suck to be honest, whenever i see that term being used I just close the listing asap

moneyistooshorttomention

As you've said you are "in a severe state of depression" - then perhaps it would help clarify whether its the right decision logically to sell this house in such a fast way (or even at all).

What are the reasons you are so keen to sell this house? (particularly as you said that you would love it as a rental).

eddddy

shouldiauctionit wrote: »

I am very very keen to sell my property ASAP, I spoke to an estate agents recently that suggested i am sold (Property auction with a reserve price). Does anybody have any experience with this?

If they are proposing their "modern auction method", the big drawback is the buyer has to pay the auctioneer a fee of £6,000.

So they are likely to offer £6000 less than they would otherwise.

Also, the fee will mean that some buyers who are close to their mortgage LTV limit cannot buy the property.