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Selling using the modern method auction

Imnoexpert_2
Imnoexpert_2 Posts: 350 Forumite
Part of the Furniture 100 Posts Combo Breaker
in House buying, renting & selling
I’m selling a property. It isn’t selling and is a property which won’t have a wide appeal but will be valuable for the right person. It is currently commercial but could be converted back to residential at a cost.

I think in hindsight the agent overvalued it.

The agent has suggested trying the modern method auction method.

I’ve read up about it and don’t like the sound of it. It makes money for the agent though so they like it.

Just wondered if anyone had used this method to sell and what they thought of it. I have read from some buyers who don’t like it.

I’d like to hear thoughts and experiences.

Thanks

Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Why not just sell in a normal auction ? The so called "modern method" doesn't get many good reports here.
  • SG27
    SG27 Posts: 2,773 Forumite
    If the agent overvalued in the first place just reduce it and it will sell.

    I don't why any buyer in their right mind would buy a property through "modern auction"
  • Davesnave
    Davesnave Posts: 34,741 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Another one here that would see this as a disincentive to look, never mind buy.

    I notice it's what I would judge to be the sleazier agents that go in for it, along with the initial over-pricing and hyperbole.
  • Trixsie1989
    Trixsie1989 Posts: 489 Forumite
    Sorry to jump in OP but could someone explain what the difference is between normal auction and modern method please? Whenever I've seen properties listed on Rightmove up for modern auction I always assume it's because there's something wrong with them :/
    Debt free finally :j
    First house purchase ... 2018 :j
  • Davesnave
    Davesnave Posts: 34,741 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Why reinvent the wheel?


    http://www.fosters-solicitors.co.uk/news/property/modern-method-of-auction/662
  • t0rt0ise
    t0rt0ise Posts: 4,658 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    It's just an ebay type auction that lasts a few days instead of being done and finished there and then. It also gives you time to sort out a mortgage or so they say.
  • Trixsie1989
    Trixsie1989 Posts: 489 Forumite
    Thank you!
    Debt free finally :j
    First house purchase ... 2018 :j
  • Margot123
    Margot123 Posts: 1,116 Forumite
    Some agents are well-known for overvaluing properties with the intention of then talking the seller into this.
    They make more money doing this.

    Sack that agent and get a few more valuations from others. Go with the one that you feel most confident with, not necessarily the highest valuation.
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