Selling by auction

Shugster

Hi

I'm wanting to sell my house quickly (I've moved in with 7 month pregnant gf and don't want 2 mortages to pay) so as the market is going so slow I'm thinking about selling via auction.

What advice can people offer on going about this, and I live in the North West, so what auction houses can people recommend?

Shugster

Having done some looking I have found that Main & Main do auctions for property in my area, does anyone have any experience with this company?

kamaran

Have you tried putting it on the open market with a reduced asking price?

Arent you opening yourself up to a big loss by auction?

Shugster

Basically it comes down to the fact that I don't want to have 2 mortgages and a new born baby, so taking a hit on the equity will be worth while in terms of cash flow. Typically how much less do auctions go for vs. normal sales methods.

p.s. If anyone knows of property investors looking to expand their portfolio in the macclesfield area please let me know, the other flat in the development was on the market for 9 months, but was rented within a week of going on the market. If I had the equity and time I would be doing this myself.

master_blaster_2

try approaching a few estate agents as they usually have investors on thier book who may be looking for a property.
i was going to sell my house last year and one estate agent even had someone look at it and i wasnt signed up with them ( they made an offer but i decided not to sell)

mummytofour

Hiya,
It might be worth giving these people a call??
http://www.nationalhomebuyers.co.uk/

Vxx

deemy2004

Auctions are pot shot

Sometimes you get significantly less, sometimes if some nutters get into a bidding war you get significantly more.

Under current market conditions you would probably get less.

Shugster

mummytofour wrote:

Hiya,
It might be worth giving these people a call??
http://www.nationalhomebuyers.co.uk/

Vxx

Being involved with a lot of internet marketing I find this site to be a bit wooly and fluffy, too good to be true. I'm sure there must be a catch, so does someone want to spell out the small print to me.

ioscorpio

It does not say what percentage they reduce your house value by in which they base they offer on??? I noticed that they pay 1% of the value to their affiliated partners

kamaran

They will probably pay you around 50-60% of the market value

Shugster

Disclaimer: National Homebuyers assess every property in most cases externally using a qualified independent valuer. National Homebuyers advise that any offer made will be lower than the current market value. National Homebuyers reserve the right to withdraw any offer at any time. In most cases survey / valuation fees are non refundable prior to completion of purchase. I hereby agree to your terms and conditions.

Looks like that's the catch, I'll need to phone up and what they typically knock off the market value