How to Auction a House: The Ultimate Tips and Tricks
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How to Auction a House: The Ultimate Tips and Tricks

25 Feb 2020

How to Auction a House: The Ultimate Tips and Tricks

If you're looking to secure a speedy house sale, auctions are an option you may not have considered. Part of the appeal of housing auctions is that demand from multiple buyers can help to quickly drive up the selling price, especially when they're all in the same room! As long as there is enough interest and you've set a realistic price, your property is guaranteed to be sold at the end of the auction. 

Getting advice

Advice on selling your property at auction is available from an auctioneer. Simply send them an email or give them a call. You will have to supply the description and address of the property. Then the auctioneer will then put together a ‘no obligation' evaluation of whether or not your property is suitable for sale. Getting advice is always the best way to start if you are new to the house auction process.

Cost

Before you decide to auction your property, you may want to consider the cost of doing so. Auction fees can vary across the country. You will need to pay for both an entry fee and commission (typically around 2.5%). You will also need to pay for legal fees, which again can vary. This shows how the costs can escalate quickly, so consider this before you settle on auctioning your house. However, do not worry that you will get less than you want from the sale. At the point of instruction, you will arrange a guide price, which is the minimum the property will sell for. This will provide you with security and you can have peace of mind that your property will not go for less than you have agreed. 

Consider which auctioneer to use

There are a huge number of auctioneers available, some are auction houses and others within an estate agent. Always be sure to look at their sold auction properties and the prices they have sold at. It is a sensible idea to look at properties similar to yours, and request a valuation. 

Marketing

In order to receive the highest price for your sale, be sure to target a wide range of professionals and private buyers. Auctioneers will create a set of details which will be published in an auction catalogue and on their website. This will happen after your house has been inspected, and the information will be distributed nationally via both email and post.

Speed

An auction is definitely the quickest way to sell your property. Properties will be entered into auction 4-6 weeks before the actual auction day, exchange occurring at the sale, and then full legal completion should happen 4 weeks later. The more marketing time a property has before the auction will increase chances of a sale, however, most auction teams will accept late entries (sometimes even 2 weeks before the auction). 

Security

When selling your house at auction, you can be assured that the sale will be safe and secure. It is important to know that when the gavel falls on a bid, the buyer is then committed to the sale. Then, you can then expect to receive the money within just a few weeks of sale. Sometimes the completion date agreed can be as little as 4 weeks.

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