Selling A House at Auction

[chrissa1]

If I have to sell my house at auction would you recommend a local/regional auctioneer or a London based one for greater exposure?

[sherrardk]

Hi Chrissa, I have followed you recent post and wanted to say how sorry I was for your loss. With regards to the house auction, my father-in-law auctioned his house (and it was a nice house, in a pretty Cumbrian village and was regarded as desirable) and it went for less than 50% of what it was valued at. Just wanted to forewarn you.

[chrissa1]

Thanks for that sherrardk. Do you know if it was a regional or national auctioneer?

[Chickadee]

Hi Chrissa

sherrardk is correct. Auctions are great for quick sale, completion has to be done in 30 days, but prices paid are much lower than selling through estate agent.

I used to work for a property auctioneer and was always amazed at how cheaply property was sold for.

[4getmenot]

just sold my flat through auction

[sherrardk]

It was based in Newcastle but the house (bizarrely) also appeared on EBay (and there are quite a few on there). It was a large company but I can't remember the name of it. The house had been on the market for ages and he wanted his money out so he thought he would lose some of the value but it was a big surprise when it went for so little.

[sherrardk]

I don't know what sort of prices they pay, but have you considered one of those companies that buy 'any house, any condition' places? At least you would know exactly how much you were getting and could make an informed decision, rather than taking the risk at an auction.

[237SJ]

My mum sold her house a couple of years ago. It took 22 months to sell. Originally (when my dad died but before we got probate so we couldn`t actually do anything anyway) the estate agents was pushing for auction. It was a local estate agent. We went for private tender instead. Later on when mum said she would consider auction as she was desperate to go the agents said the market has changed now. Auctions seem to be for unique places that are difficult to price but as there is no market now for people buying, doing up and making huge profits, the auction market isn`t so buoyant. Our local agent (north devon) said he would show the house at London property shows anyway.

[chrissa1]

Yes, I agree that a lower price is possible but it only takes two or three bidders who really want it nad you could get lucky.
Do you think regional or national auctioneers though?

[chrissa1]

That's very interesting 237. So you think the London based one swung it?

[4getmenot]

I live in Norfolk someone in berkshire bought mine

[sherrardk]

Hard to say, is it an 'ordinary' house that would be desirable to local people or does it have lots of special things that would require a certain type of buyer (is it huge, in a very desirable place, is it expensive, etc). If it's the first, then a local auctioneer and if the latter, a national auctioneer (in my opinion).

[chrissa1]

It's both and properties in this part of the world don't come on the market often.

[sherrardk]

Then I suppose that people outside of the area would be interested - so a national auction house. But that's just my opinion, maybe a local estate agent would be able to guide you or you could ask friends/family what they think?

[chrissa1]

Thanks all. I'm leaning towards a London based on I think.

[237SJ]

As I mentioned, we didn`t go for auction in the end because the market had changed. If you are going to, I would go for a good local agent with a few offices scattered around the area. They will have more knowledge of your area and what you are likely to get for it (and what reserve price to set). Our estate agents advertised my mums house in London at property shows and if someone is interested in a certain area they will check out all the local agents via the internet anyway.

[chrissa1]

Point taken 237.

[sherrardk]

Whilst houses sold at auction have to complete within 30 days they sometimes only have auctions every two months so you would need to find out the next auction your property would be entered into.

[chrissa1]

The end of each month seems to be the norm which would suit me.

[flyingpig]

Perhaps you would be able to put a reserve on it so it wouldn't go at a ridiculously low price

[johnronaldo48]

you can get further information on selling house at auction at http://www.sellinghousesatauction.co.uk