Well first of all what are property auctions?
A property auction is the process through which people try to get the best price on their property by offering it in a public forum and taking the highest bidder. It sounds great and free of hassle but it might not be.
First of all as I found out is hard to get your property into auction. Many Auctioneers will only accept properties with potential.
So if your property is immaculate then the auctioneer will not think it is appealing to their core audience, which are normally property investors and developers.
A property auction will rarely be able help you if you want to sell and rent the property back either. Most people who go to auction wish for the property to be vacant when sold. Another problem is the timescales. If you are moving house and have sold your property at auction, yes you have a buyer who must complete on a set date but so must you. If the house you are moving to is then held up you must leave your house and find temporary accommodation.
Many people also see property auctions as less hassle than a normal sale. This may not be true. Property auctioneers still need to come round, take the pictures, and advertise your property. They then normally have open viewings where anybody can turn up at your property to have a look round whether they are interested or not. This can happen three or four times leading up to the auction. Once you go to auction both you and your solicitor must be present. And the worst
thing about all this is that the sale may not even go through so you
may have to go through the process again.
Another downside to a property auction is that the fees are generally higher than an estate agents, and they are high! You also get a lot of upfront costs to put together things like the Home information pack, legal pack and any other relevant documents.
So auctions may be the way to sell your house but they are not without there downsides.
Get advice before you go down this route.
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