Selling your house at auction is becoming a more popular way of trying to sell your home.
Home owners desperate to find a buyer have the impression that everything sells at auction. It is also assumed that a house auction will provide a quick house sale and a good cash price. However the reality in current market conditions is often very different.
If you are considering selling your house at an auction house sale, then reconsider: house buying companies is a viable alternative to selling a house at auction. To find out more about selling houses at auction and how a house buying company can assist those requiring a quick house sale please read on.
How does a house auction work?
Houses are offered as lots
Auctioneer starts bidding at guide price
Bids are taken from registered bidders
If the pre-set reserve is not met the property goes unsold
If a bidder is successful they are legally bound to buy and the vendor to sell
Deposit payable immediately (normally 10%) with completion within 28 days
Negatives of selling houses at auction:
Fee to join auction to cover valuation/listing
Auction fee of 1.5% to 3% is also payable if you sell your house
No guarantee your home will sell by auction. Recent auctions have seen 50%+ of lots going unsold
Buyers at auction are usually professional house buyers looking for a bargain.
Most auction sales are below market value. In current market conditions many houses are selling at up to 40% below market value
Fewer investors are looking to buy. Due to the credit crisis many cannot secure lending. Those with cash are buying less while they wait for the market to bottom out
Homes that don't sell may become blighted making them even harder to sell
Property type and value affects success at auction. Higher value homes with lower potential rental yield normally get less interest
House auctions generally cover a wide area. Property outside the main catchment may struggle to sell by auction
Your home should be listed well in advance of the auction. Potential buyers need time to visit your home and to undertake legal and survey checks. Insufficient time will lead to less interest on auction day
Luckily there is a way to guarantee a quick house sale: selling to a house buying company
The advantages over selling at auction:
Faster-We can purchase within 7 days if necessary.
Certainty-Many properties do not sell at auction. Quick Move will consider any residential, mortgageabale property on UK mainland.
Cost Savings-You can avoid usual sale costs. No auction fees, No HIP fee and No solicitors costs.
Cash-Many sales at auction are up to 60% of market value. Currently many house buyers are able to offer up to 85% of your homes value.
Quick Move Now are one of the leading house buying companies in the UK. They are specialist house buyers and will buy my house. They will buy your house for 90% of its value and can turn around in 7 days.
![[Valid RSS feed]](http://www.realestateproarticles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites