Auction or stick a slow house sale out?

adamsy77

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

ReadySteadyPop

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

youth_leader

I wouldn't recommend any type of auction, I'd stick it out.  I sold my listed building at traditional auction, it was habitable.  I'd been on the market for eighteen months and the house needed work - the slate rooves especially.  It cost £795 to enter the 'catalogue', and £1200 for the solicitor to do the legal pack. I was lucky to find a rental nearby for £600 plus bills per month, I had to take it a month early when it became available.

I hadn't realised it would be like open house,  and was unhappy at the young person sent to do the viewings with sometimes 8+ viewers (someone broke the Aga handle off, must have used some force!).  I was also unhappy at the auction suddenly being on line because of Covid, and being unable to contact anyone after the auction.  I wasn't offered a discount for the auction being on line only, and on a sale of £275K,  paid a whopping £6,600 in commission. The buyer also had a mortgage and had to pass it in front of his 'underwriters - and he asked for eight weeks to completion.  I did agree, and was angry he waited until week 7 to refuse to buy my life sized bronze lions, he said that had to be removed before completion - luckily a local had a cherry picker and was able to take them off my hands.  He also refused to pay for the oil I'd had to buy as he'd asked for eight weeks.  A bad business for me.

adamsy77

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

But not sell at auction? 

RHemmings

Background: I bought a house that was on sale by Modern Method of Auction. But, I did so by making an offer contingent on it being sold by private treaty.

Personally I do not think Modern Method of Auction works for anybody. Before I bought mine, I watched a large number of auctions, and the majority finished with no bids at all. Including the house I'm in now, at least twice. 

My belief about MMoA is this: sellers who go for that option get conditioned down in expectations. Because when a house switches from standard sale to MMoA, it's typical that the starting bid is lower than it was previously being marketed for. Often by quite a bit. Then, quite often the houses get auctioned and get no bids. 

People say that buyers just discount their bids by the amount of the fees. But, speaking for myself, the worse aspect of the fees, the 'non-refundable reservation fee' for a buyer is that the buyer is committed and cannot back out without (most likely) losing that fee. So, if I was going to buy by MMoA, which to be honest I wouldn't, I'd want a discount from market value more than just the fee. Please note that I have bought a property from a major MMoA auction house, so I don't think my reluctance is just based on nothing. 

Personally, for the OP, I think there's a big risk that you will sign on for MMoA, including a lock in period where you will pay if you sell elsewhere (as far as I understand it). Then your property will have what looks like an encouraging starting bid, but it may then go through auctions repeatedly with no bids. So, you may even be more stuck in than you are now. 

While @ReadySteadyPop is a bit of a stuck clock with continual portrayal of the market as currently falling into an abyss, here I think that RSP has done the stuck clock thing of being right once in a while. If you want to sell the property, I think the best and easiest way to do so will be to stay on the open market, but drop the price. Assuming that there are no problems with the property that you can fix for a reasonable price and in a reasonable timeframe, personally I think that's the way to do it. Otherwise: traditional auction and be prepared for a low price. 

ReadySteadyPop

adamsy77 said:

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

But not sell at auction? 

Better to take your time, chat to people maybe do the viewings yourself, get feedback etc?

ReadySteadyPop

RHemmings said:

Background: I bought a house that was on sale by Modern Method of Auction. But, I did so by making an offer contingent on it being sold by private treaty.

Personally I do not think Modern Method of Auction works for anybody. Before I bought mine, I watched a large number of auctions, and the majority finished with no bids at all. Including the house I'm in now, at least twice. 

My belief about MMoA is this: sellers who go for that option get conditioned down in expectations. Because when a house switches from standard sale to MMoA, it's typical that the starting bid is lower than it was previously being marketed for. Often by quite a bit. Then, quite often the houses get auctioned and get no bids. 

People say that buyers just discount their bids by the amount of the fees. But, speaking for myself, the worse aspect of the fees, the 'non-refundable reservation fee' for a buyer is that the buyer is committed and cannot back out without (most likely) losing that fee. So, if I was going to buy by MMoA, which to be honest I wouldn't, I'd want a discount from market value more than just the fee. Please note that I have bought a property from a major MMoA auction house, so I don't think my reluctance is just based on nothing. 

Personally, for the OP, I think there's a big risk that you will sign on for MMoA, including a lock in period where you will pay if you sell elsewhere (as far as I understand it). Then your property will have what looks like an encouraging starting bid, but it may then go through auctions repeatedly with no bids. So, you may even be more stuck in than you are now. 

While @ReadySteadyPop is a bit of a stuck clock with continual portrayal of the market as currently falling into an abyss, here I think that RSP has done the stuck clock thing of being right once in a while. If you want to sell the property, I think the best and easiest way to do so will be to stay on the open market, but drop the price. Assuming that there are no problems with the property that you can fix for a reasonable price and in a reasonable timeframe, personally I think that's the way to do it. Otherwise: traditional auction and be prepared for a low price. 

Borrowing costs essentially run the market from the bottom up, when they change the market changes.

adamsy77

RHemmings said:

Background: I bought a house that was on sale by Modern Method of Auction. But, I did so by making an offer contingent on it being sold by private treaty.

Personally I do not think Modern Method of Auction works for anybody. Before I bought mine, I watched a large number of auctions, and the majority finished with no bids at all. Including the house I'm in now, at least twice. 

My belief about MMoA is this: sellers who go for that option get conditioned down in expectations. Because when a house switches from standard sale to MMoA, it's typical that the starting bid is lower than it was previously being marketed for. Often by quite a bit. Then, quite often the houses get auctioned and get no bids. 

People say that buyers just discount their bids by the amount of the fees. But, speaking for myself, the worse aspect of the fees, the 'non-refundable reservation fee' for a buyer is that the buyer is committed and cannot back out without (most likely) losing that fee. So, if I was going to buy by MMoA, which to be honest I wouldn't, I'd want a discount from market value more than just the fee. Please note that I have bought a property from a major MMoA auction house, so I don't think my reluctance is just based on nothing. 

Personally, for the OP, I think there's a big risk that you will sign on for MMoA, including a lock in period where you will pay if you sell elsewhere (as far as I understand it). Then your property will have what looks like an encouraging starting bid, but it may then go through auctions repeatedly with no bids. So, you may even be more stuck in than you are now. 

While @ReadySteadyPop is a bit of a stuck clock with continual portrayal of the market as currently falling into an abyss, here I think that RSP has done the stuck clock thing of being right once in a while. If you want to sell the property, I think the best and easiest way to do so will be to stay on the open market, but drop the price. Assuming that there are no problems with the property that you can fix for a reasonable price and in a reasonable timeframe, personally I think that's the way to do it. Otherwise: traditional auction and be prepared for a low price. 

Thanks for taking the time to reply. I'm back to thinkinng I'll keep it on the open market for now 

adamsy77

adamsy77 said:

RHemmings said:

Background: I bought a house that was on sale by Modern Method of Auction. But, I did so by making an offer contingent on it being sold by private treaty.

Personally I do not think Modern Method of Auction works for anybody. Before I bought mine, I watched a large number of auctions, and the majority finished with no bids at all. Including the house I'm in now, at least twice. 

My belief about MMoA is this: sellers who go for that option get conditioned down in expectations. Because when a house switches from standard sale to MMoA, it's typical that the starting bid is lower than it was previously being marketed for. Often by quite a bit. Then, quite often the houses get auctioned and get no bids. 

People say that buyers just discount their bids by the amount of the fees. But, speaking for myself, the worse aspect of the fees, the 'non-refundable reservation fee' for a buyer is that the buyer is committed and cannot back out without (most likely) losing that fee. So, if I was going to buy by MMoA, which to be honest I wouldn't, I'd want a discount from market value more than just the fee. Please note that I have bought a property from a major MMoA auction house, so I don't think my reluctance is just based on nothing. 

Personally, for the OP, I think there's a big risk that you will sign on for MMoA, including a lock in period where you will pay if you sell elsewhere (as far as I understand it). Then your property will have what looks like an encouraging starting bid, but it may then go through auctions repeatedly with no bids. So, you may even be more stuck in than you are now. 

While @ReadySteadyPop is a bit of a stuck clock with continual portrayal of the market as currently falling into an abyss, here I think that RSP has done the stuck clock thing of being right once in a while. If you want to sell the property, I think the best and easiest way to do so will be to stay on the open market, but drop the price. Assuming that there are no problems with the property that you can fix for a reasonable price and in a reasonable timeframe, personally I think that's the way to do it. Otherwise: traditional auction and be prepared for a low price. 

Thanks for taking the time to reply. I'm back to thinkinng I'll keep it on the open market for now 

I'm also wondering how much of an actual issue the single skin extension is going to be. The buyer whose sale fell through got as far as having an engineer's report done, which apparently didn't show up any issues (but then her buyer pulled out). Her mortgage lender had asked for a damp and timber report as the next step. 

adamsy77

ReadySteadyPop said:

adamsy77 said:

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

But not sell at auction? 

Better to take your time, chat to people maybe do the viewings yourself, get feedback etc?

ReadySteadyPop said:

adamsy77 said:

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

But not sell at auction? 

Better to take your time, chat to people maybe do the viewings yourself, get feedback etc?

ReadySteadyPop said:

adamsy77 said:

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

But not sell at auction? 

Better to take your time, chat to people maybe do the viewings yourself, get feedback etc?

I don't live there anymore unfortunately 

ReadySteadyPop

adamsy77 said:

ReadySteadyPop said:

adamsy77 said:

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

But not sell at auction? 

Better to take your time, chat to people maybe do the viewings yourself, get feedback etc?

ReadySteadyPop said:

adamsy77 said:

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

But not sell at auction? 

Better to take your time, chat to people maybe do the viewings yourself, get feedback etc?

ReadySteadyPop said:

adamsy77 said:

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

ReadySteadyPop said:

adamsy77 said:

I put my house up for sale early Nov last year and accepted an offer, but the buyer's mortgage was refused as the extension is single skin (I knew this when I bought it in 2014 but Santander didn't have an issue with giving me a mortgage then and I hear it's more difficult now to get a mortgage for properties with single skin walls). 

Now the house is empty as I've moved away, (I am renting in another city) and my tenant has moved out. 

I've done a lot of reading about auctioning the property. My estate agent says they only do modern method of auction. I know a lot of buyers don't like this but is it ok for sellers? I would lose around £20k I think. 

Am I better sticking it out for a buyer, or going ahead with an auction? I can't get another tenant as the new renters' bill will make it too difficult to then sell. 

What would you do? Thanks folks! 

Reduce the price to the point that cash buyers (probably landlords) are taking an interest.

But not sell at auction? 

Better to take your time, chat to people maybe do the viewings yourself, get feedback etc?

I don't live there anymore unfortunately 

Then let an agent do the viewings, but you set the price, and that is the most important element in whether a house sells or not.