ChatterBank6 mins ago
Property auctions
6 Answers
Does anyone know in layman's terms how does selling a property at auction work?
If my house is not selling at current advertised price of 100k how much do I reasonably expect to make if I "send it" to auction? i.e. what fees etc. are involved and what do I have to do personally?
TIA
If my house is not selling at current advertised price of 100k how much do I reasonably expect to make if I "send it" to auction? i.e. what fees etc. are involved and what do I have to do personally?
TIA
Answers
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You really need to contact a few real estate agents to get some accurate info. There is some discretion as to fees. They are supposed to do everything. One can never guess with any accuracy what a property will bring at auction, but the agents will have a better idea then you. YOu can set a reserve so you don't sell below your minimum.
You'll be expected to keep the property in pristine condition when the clients are taken through to view prior to the auction.
You'll be expected to keep the property in pristine condition when the clients are taken through to view prior to the auction.
Wildwood, pristine condition you must be joking. I have seen some horrors.
Nialls you will probably be better off finding out why your house is not selling. Get the opinion of a few estate agents. If your house is not selling it is probably priced too high. I doubt you will make more at an auction. Has it been on the market long?
Nialls you will probably be better off finding out why your house is not selling. Get the opinion of a few estate agents. If your house is not selling it is probably priced too high. I doubt you will make more at an auction. Has it been on the market long?
-- answer removed --
I know ladybirder, but a messy house is likely to attract bargain hunters so it is to the vendor's advantage to show the property off to it's full potential. A well kept property is much more likely to attract better bids than messy ones.
Messy properties are often viewed as deceased estates that are sold for a bargain price.
Messy properties are often viewed as deceased estates that are sold for a bargain price.
I'm sure you've given this a lot of thought, Mama, but auction it only as a last resort.
In the current poor market, people with cash are trawling for cut-price property. If it has had no interest so far, then bidding is likely to be low......... to you, insultingly low :o(
Resorting to auction to "force" a sale just doesn't work in a lot of cases. If you set a reserve of, say, £90k .......... you'll probably get bids between 50 and 70, and you'll be stuck with a bill for the auction (unless there's some arrangement over no sale-no fee, which is unlikely)
In the current poor market, people with cash are trawling for cut-price property. If it has had no interest so far, then bidding is likely to be low......... to you, insultingly low :o(
Resorting to auction to "force" a sale just doesn't work in a lot of cases. If you set a reserve of, say, £90k .......... you'll probably get bids between 50 and 70, and you'll be stuck with a bill for the auction (unless there's some arrangement over no sale-no fee, which is unlikely)
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