Selling by auction

kinster_2

kamaran wrote:

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?

big loss? You can set a reserve you know

kinster_2

kamaran wrote:

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

erm, don't think so.

mummytofour

Shugster wrote:

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

I would at least find out, i cant see how you have anything to loose, by asking?
Good luck, i hope you sell quickly.... have you looked into renting the place out?
Vxx

Shugster

mummytofour wrote:

I would at least find out, i cant see how you have anything to loose, by asking?
Good luck, i hope you sell quickly.... have you looked into renting the place out?
Vxx

As I have a 90% mortgage this would cost me more than I would get from the rent, so sadly it needs to be sold, also my current mortgage is with halifax and they aren't they don't do buy-to-let mortgages directly, even the paperwork to apply works out at £75.

I worked out that for the £450 pcm month rent then a mortgage of about £60 - 70 k would give quite a good return each month.

Shugster

kinster wrote:

big loss? You can set a reserve you know

What sort of charges / fees would an auction house ask for if I set a reserve of £90 k and it wasn't reached?

kinster_2

Shugster wrote:

What sort of charges / fees would an auction house ask for if I set a reserve of £90 k and it wasn't reached?

It all depends on the auction house, but it's usually similar to an EA. Contact https://www.eddisons.com as they have an office in the North West. Also a book worth getting is Buying Bargains at Property Auctions. Tells you everything from selling to buying.

http://www.amazon.co.uk/exec/obidos/ASIN/1904053645/qid=1119481057/sr=2-1/ref=sr_2_11_1/202-7039291-1610249

BrokeBrokeBroke

Just a quick note on the National Homebuyers, there's an article on the Mirror website
http://www.mirror.co.uk/news/mirrorinvestigates/
I'd steer well clear!

Shugster

So on average, what per cent of the valuation do they offer? King and Newman refused to answer, saying the information was "commercially sensitive." How many people who pay for surveys actually sell to Home Buyers? Again, "commercially sensitive".

The person I spoke with also didn't want to say what a typical offer for a £100 k property would be, I'm awaiting a call back.

The whole pay for survey up front does make it sound like a scam, if they were serious the survey and valuation would be done then deducted from the offer should it be accepted.

terriermama

We're not in your part of the country but we tried selling my partner's place at auction to resolve debt problems quickly, but ended up worse off.

We paid several hundred pounds to enter it into an auction catalogue, had hassles arranging dates for viewings as people wanted to see the place outside the times we had pre-set, and wanted their own surveyors access etc, and in the the end, it didn't sell and the fee was non-refundable. I wouldn't recommend unless you know the price you are asking is a deal for buyers.

northantsandy

http://www.mirror.co.uk/news/mirrorinvestigates/tm_objectid=15636110%26method=full%26siteid=94762-name_page.html

Is the National Homebuyer's article at the Mirror.