Removing house from modern auction to open market

wolvesgal61

Hello :-)

My mum passed away and we are trying to sell her 3 bed house.  After having some visits from estate agents we went via the modern method of auction to sell the house as we were advised that this could be a quick sale. The house has has little interest despite fab photos and a competitive price. I am thinking about now putting it on the open market ( once timings are complete for Modern auction), my question is: is it best to remove from the market completely and then relist after a period of time or best just to relist on the open market with no break? 
Ideally we need a quick sale before council tax bills start to kick in again 

Myci85

Chances are the property being for sale through MMoA has put people off that might otherwise be interested. When house buying I saw several properties I would have been interested in but absolutely was not going to go MMoA to buy them. Had they then come on the open market I would have definitely viewed. I don't think you'd need a break off the market myself. 

wolvesgal61

Myci85 said:

Chances are the property being for sale through MMoA has put people off that might otherwise be interested. When house buying I saw several properties I would have been interested in but absolutely was not going to go MMoA to buy them. Had they then come on the open market I would have definitely viewed. I don't think you'd need a break off the market myself. 

Thank you :-)

youth_leader

There's a local estate agent here that is starting to be known for pressurising people to go the MMoA route. I can't understand why anyone would pay £6K 'fee' with the risk of not winning the property?  Such a lot of money. 

Good luck on the open market ... which will be slow now with Christmas fast approaching.  

whizzywoo

We put our house up for sale using The Modern Method of Auction route.  Big mistake for various reasons not least the horrible behaviour and service given by IAmSold auction people.  
Gave them 4 weeks notice we were leaving as per the contract.

Lined up 3 Estate Agents to give us valuations etc for normal selling method.  Picked one of them and did the photos etc and were ready to put our house on the market the day after our 4 weeks notice expired.

One thing to point out is that if any would be purchasers via the Modern Method then offer and buy through the new estate agents you have to pay the fees to the Auction people as well as new estate agents.

We had a list of all who had shown an interest in it via Modern Method and none of these people expressed an interest via the new estate agents.

I don't think that there is much cross over between buyers searching for properties via Auction and via normal method.  Not in our experience anyway.

We were sold subject to contract within 10 days of the new agent.  It had been with the Auction people for 2 months with only ridiculously low offers.

However 8 months later we have not yet exchanged or completed!  
First buyer pulled out two weeks after we accepted his offer.
Second buyers pulled out just before exchange for unknown reasons.
Our third buyer is a cash buyer but is being incredibly slow and hopefully things will progress later this month.

I don't think there is a good way to sell quickly.

whizzywoo

youth_leader said:

There's a local estate agent here that is starting to be known for pressurising people to go the MMoA route. I can't understand why anyone would pay £6K 'fee' with the risk of not winning the property?  Such a lot of money. 

Good luck on the open market ... which will be slow now with Christmas fast approaching.  

It was my understanding that the £6,000 fee is only paid if you win the auction.  However from memory I think there is a £300 fee for the legal pack before you can bid.

eddddy

whizzywoo said:

youth_leader said:

There's a local estate agent here that is starting to be known for pressurising people to go the MMoA route. I can't understand why anyone would pay £6K 'fee' with the risk of not winning the property?  Such a lot of money. 

Good luck on the open market ... which will be slow now with Christmas fast approaching.  

It was my understanding that the £6,000 fee is only paid if you win the auction.  However from memory I think there is a £300 fee for the legal pack before you can bid.

Yep - you're correct.  You have to pay a reservation fee of at least £6k if you win the auction (which goes to the auctioneer, not the seller)


The problem is that the reservation fee isn't refunded if you don't complete the purchase. For example, if you can't get a mortgage, or if the survey or searches show up problems.

In the worst case, you might back out because you find out a problem that the seller knew about all along but didn't mention, or the seller might be obstructive because they've changed their mind about selling to you. But even though it's essentially the seller's fault, you still lose your £6k+.

wolvesgal61

whizzywoo said:

We put our house up for sale using The Modern Method of Auction route.  Big mistake for various reasons not least the horrible behaviour and service given by IAmSold auction people.  
Gave them 4 weeks notice we were leaving as per the contract.

Lined up 3 Estate Agents to give us valuations etc for normal selling method.  Picked one of them and did the photos etc and were ready to put our house on the market the day after our 4 weeks notice expired.

One thing to point out is that if any would be purchasers via the Modern Method then offer and buy through the new estate agents you have to pay the fees to the Auction people as well as new estate agents.

We had a list of all who had shown an interest in it via Modern Method and none of these people expressed an interest via the new estate agents.

I don't think that there is much cross over between buyers searching for properties via Auction and via normal method.  Not in our experience anyway.

We were sold subject to contract within 10 days of the new agent.  It had been with the Auction people for 2 months with only ridiculously low offers.

However 8 months later we have not yet exchanged or completed!  
First buyer pulled out two weeks after we accepted his offer.
Second buyers pulled out just before exchange for unknown reasons.
Our third buyer is a cash buyer but is being incredibly slow and hopefully things will progress later this month.

I don't think there is a good way to sell quickly.

ohh hopefully it works out for you and does not take too long to go through.