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When you sell your house at auction, you can sell your home quickly and ensure a guaranteed sale. But you need to know what you're doing, how to set the reserve price and how to make sure the auctioneer doesn't take advantage. Here's how to sell your house at auction and what to be careful of.
Sep 16, 2024 · How to sell a house at auction. Thinking of putting your home under the hammer? Selling your house at auction could help you shift it quickly. Let’s take a look at how auctions work, the pros and cons, and if it could be right for you.
You can sell as-is and they’re a great fit for problem properties. The main downside is price, as you’ll typically get less selling by auction. There is also a risk the property might not sell. In this article, we cover the top 10 pros and cons of selling your house at auction in detail.
- Property Auctions have many benefits including speed, greater certainty, and convenience. You can sell as-is and they’re a great fit for problem pr...
- One of the main pros of selling your house by auction is speed. You can sell your house in as little as 10-12 weeks, depending on the type of aucti...
- Auctions offer a much greater level of certainty than selling with an estate agent. Less than 1% of traditional auction sales fall through. With mo...
- You are almost always guaranteed a chain-free buyer if you sell by auction. Being “chain-free” means the buyer isn’t dependent on selling their own...
- Auction can be a great option if your property needs major renovation work or a full refurbishment. Auction buyers are often looking for ways to ad...
- Traditional auctions can be a great selling option for problem properties. Problem properties will often achieve a higher sale price through auctio...
- The main disadvantage of selling by auction is the compromise you make on price. Properties in auction tend to sell for around 85-90% of what they...
- The fees charged by auction houses range widely but tend to be higher than estate agent fees. Auction fees are made up of the commission (payable o...
- Another risk of selling at auction is your property might not sell. The average success rate at auction for residential properties in 2023 is 70%....
- Auctions aren’t really an option if you have an onward purchase. Auction sales tend to take around 8-10 weeks on average and are held on set dates....
Bidding works by the interested parties making successive offers to buy, each next offer being higher than the previous. The process ends when no one is willing to pay more than, or outbid, the last bid made. A lot of people in the UK opt to sell their homes at auction. In 2023 alone, more than 19,000 homes were sold via this method.
Here you can learn how auctions work, how much it costs, how to get an instant valuation and the pros and cons of selling your house at auction.
In this guide we set out everything you need to know about selling a house at auction. This includes why you might want to sell your house at auction, the different types of house selling auctions, setting the reserve price and guide price, the pros and cons of selling at an auction, as well as the full process of selling a property through ...
Apr 11, 2024 · Between 2-3% of UK properties are sold at auction each year, making this a niche and specialist process. We crafted this ‘UK Ultimate Guide’, drawing on our hands-on experience to cut through the noise and provide clear, expert advice.
