Selling house by auction

[Meg888]

Has anyone ever done it? What do think the chances are in this current climate? I've been up for sale for over 1 yr and slipping into negative equity - got to get out fast! Any advice would be gratefully received.

[jack daniels]

for what reason have you not sold?
area?
decor?
clutter?

a year is quite a long time can you see a reason? have you had viewings? what feedback have you had? ask the estate agents

[Meg888]

Jack Daniels: I think it may have been overpriced in the first instance, and being a bit greedy I went with the highest agent offer. After a couple of months with no luck - I took out a secured loan and spent about �5k doing it up, as it was in need of updated decor. I've done the big stuff on it ie heating / glazing etc. i've since had to reduce it �10k to try and encourage some buyers with no luck. It's in a popular area, I've also listed with another agent. Now I've got to the stage where I dont want any profit, just enough to put down a deposit on a rented house. Unfortunately due to the amount owed in mortgage/sec loan + fees (once sold) I cannot reduce it anymore. OMG i'm depressed!

[flflflflflfl]

i have been 'scanning' rightmove etc for the past year or so and houses that were there months ago (with asking prices correct at that time) and are still unsold seem not to want to drop the original price, even though similar properties coming onto the market now are cheaper. if this applies to you i would avoid the auctions as people who go to these things usually have a good take on what things are currently worth,and you would have to pay the auctioneers anyway. have your house re-valued, maybe try different estate agents ? good luck whatever you do.

[flflflflflfl]

sorry meg 888-i must type faster!

[jack daniels]

The housing market is terrible at the moment anyway & with the credit crunch it difficult for buyers.
You could have the house with as many agents as possible. Advertise it in Loot paper, possibly in the post office/newsagent window etc...
like suggested, have the property re-valued and put it on at a reduced price.
You need to find out all the hidden costs of going through an auction - it may not be the right thing to do

good luck

[EverClean]

Change Estate Agents. Even in this market the good agents are shifting reasonable properties.

If you can afford the monthly mortgage payments then why do you need to get out? If you can stay put and ride the storm then long-term you should see an increase in value and a place to live.

[redcrx]

im considering auction for mine. 3 years, 2 different agents, neither getting good enough feedback, both wanting to reduce price within 2 weeks of getting it, property now �20k less than initial price.

Auction looks promising for me as Id like to get rid of the property as it is empty. It will cost about �600 to list, but once sold its a gaurenteed sale so buyer cant drop out.

how about asking your agent to offer it at a set price, no offers for a month and tell them you will then get another agent if it fails.

[Meg888]

Some valuable info & advice here. I will certainly be following some of it up. Thanks so much for taking the time to share it.

[johnronaldo48]

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