How to Sell House at Auction

Using an auction to sell your property can sometimes be a gamble, with plenty of uncertainty including the final sale price for the home and even whether it will be able to sell.

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Your top questions when selling a home at auction

✅ What are the steps involved with selling my home at an auction?

The auctioneer will create a listing for your property that describes it and features photographs of it, and you might have to agree to viewings where people interested in the home get to tour the inside and outside. Next, the auctioneer will host the actual auction and, if your house or flat sells, they will also oversee the final steps necessary to formally complete the transaction.

✅ How do I know what reserve price to set for my home in an auction?

The auctioneer will work with you to select a reasonable reserve price but you check property sales websites and other sources to see how much homes like yours are currently selling for. Make sure that when you set your reserve price you do it at a value that should still generate some profit for you from the sale, even after you have paid the auctioneer their commission.

✅ What is the typical timeline to sell a property at an auction?

Expect it to take several months at least to sell your home through an auction, starting with a long wait of many weeks or more between when you choose this selling method and when the auction happens. Should your home sell at the auction, the buyer will then have a further 28 days to finish their tasks to complete the purchase, such as signing various legal documents.

✅ Will I need to pay commission when selling my home via an auction?

Yes, auctioneers will charge you commission if they are able to sell your house or flat. The typical rate is 2.5 percent of a property’s final auction sale price, and this will be immediately deducted from the sale proceeds, which will add to your expenses. If you want to keep your costs low when selling your home then you may want to consider other ways to find a buyer.

✅ What are the other methods available for selling a property?

If you are not sure about selling your house or flat through an auction then you might want to consider three alternative approaches – you could enlist the help of an estate agent that will handle most of the tasks involved with finding a buyer, you may attempt to sell without any help and do all this work yourself, or you could sell to a quick home buyer such as LDN Properties.

✅ How fast are three alternative options to sell a flat or house?

Contacting a quick buyer is the swiftest of the three other strategies for selling your flat or house because the entire process should only take a handful of weeks, and this covers the time needed for exchanging contracts and paying you the proceeds. If you choose to sell without any assistance or sell via an estate agent then it could be a year before you find a serious buyer.

✅ Do the three other selling methods also require that I pay commission?

Selling with an estate agent is another method those does charge commission, typically between 1.15 percent and 1.40 percent of a property’s final sale price and this is deducted immediately from the sale proceeds. But the options of selling your home to a no-fee quick buyer like LDN Properties or selling on your own are two ways to avoid paying commission.

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