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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.
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....
Sep 16, 2024 · Should I sell my house at auction? Selling your place at auction could appeal if you’re after a quick and secure exit. Once the hammer (or gavel) falls, the winning bidder is committed to buying your house.
In general, selling by auction is faster than selling with an estate agent, and you'll have a much higher chance of achieving a sale. Auction sales are much less likely to fall through too. However, auctions typically come with a compromise on the price you'll achieve, and the fees are higher.
- Auctions are a fast way to sell your house. The time to sell with auctions is much faster. It usually takes a couple of weeks to get ready to enter your property into the auction, and the auction then lasts 3-4 weeks.
- Auctions have a high success rate. One of the big advantages of selling your house at auction is the high success rate. Essential Information Group (EIG) are the industry standard for property auction information.
- Auctions are a more convenient way to sell. Simply put, auctions are just an easier and more convenient way to sell your house. Selling with an estate agent is notoriously stressful, difficult, and frustrating.
- You're in control of an auction sale. When you're selling through an estate agent everything is up in the air. There are no set timeframes and no one's really tied to doing anything.
Oct 25, 2023 · Auctions have their benefits, but so does selling via an estate agent, so which is better for your situation? If you’re wondering whether you should sell your home via auction vs an estate agent, here’s an overview of the pros and cons to help you decide.
Here at Clive Emson, we demystify the process of selling property or selling a house by auction so that you can assess whether it is the right choice for you. In this guide, we explore some of the common questions that potential sellers ask and document all you need to know about selling by auction.
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