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Traditional or Modern method of auction for this property
Tradtional or modern auction. What would you choose?
1. I'm selling a property on behalf of my mum. We have just wasted a year going back and forth with a traditional sale.
2. It is a peice of land (140m2) with a small hut (kitchenet + toilet probably 25m2 at most) on it in a popular seaside holiday village in Wales. Access is via a shared footpath with other cottages, it's 7 minutes walk to a lovely beach and pub.
3. The property pays council tax (need to reclaim 10+ years) but has no legal status as a dwelling under the town and country planning act.
4. The utilities were previously through another house but were cut off some years ago (foul drainage still intact).
5. The property is worth somewhere in between 50-100k (very much dependant on the buyers vision and planned use).
6. For tradtional auction I'm probably looking at 3k in solicitors and estate agent fees. Somewhere like iamsold might charge £500 for modern method.
I was tetering towards the modern method due to lower costs but I'm concerned it just gives the buyer more time to mull over the issues and pull out. With traditional it seems like it would all be done quickly but I'd be paying higher fees and potentially getting less for the property. What would you do? Its going towards care home fees and I'm hoping with traditional there is more chance of 2 people getting carried away and ramping the price up but its a risk.
Thanks for the help.
Thanks for the help.
P.s its not mortguagable.
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