Sell house at auction
If you’re thinking of selling your property quickly and with certainty, a good idea may be to sell your house at auction.
Your questions answered when selling a house at auction
✅ What expenses might I have to pay when selling my home via an auction?
When you sell your home using an auction, you will be expected to pay commission to the auctioneer. This covers their costs in marketing your property listing and also for hosting the actual auction. However, you should check to see whether you can pass some of the charges to the winning bidder using special conditions of sale.
✅ If my home sells at an auction, how long will to take the complete the sale?
The exact timeline can vary, but most auction houses require that if someone successfully buys your property through an auction then they must finalise the entire purchase process within 28 days. But you should always check with specific auctioneers to ask what deadline they set, because some companies give buyers more or less time to complete buying a home.
✅ Is it possible to sell all types of properties through an auction?
The answer depends on which auction company you are trying to use for selling your property. Some specialise only in selling residential houses and flats, whilst others only sell commercial properties such as pubs and hotels. Do some research online to find out whether specific auction companies have experience with selling the type of property that you want to sell.
✅ What happens if nobody bids on my property during an auction?
If you list your house or flat for sale at an auction and nobody places a qualifying bid to buy it, the home will be deemed to have not sold. If that happens, you’ll have to decide whether to enter the property into the same auction again, try another auction, or use another method for selling the property. The good news is that even if your home receives just one bid, that’s an enforceable agreement to purchase the property.
✅ What's the best way to decide which auction company to use for my home sale?
Spend some time researching auction houses online, because this will help to alert you to any negative news stories or reviews from past customers that might highlight concerns about specific companies. You should also call around several auctioneers rather than picking the first one you talk to, and use all of this information for a more-informed decision about selling.
✅ What are the alternative options to selling a property using an auction?
Instead of using an auction to sell your home, you might want to consider asking an estate agent to find a buyer for your property. However, this can be a lengthy process and you will also have to pay the estate agent commission. Another alternative is selling your home to a quick property buyer like LDN Properties, which can be completed often within weeks and you won’t have to pay any fees.
✅ Does every method of selling my home require me to pay commission?
No. Auctioneers and estate agents will make you pay commission for their efforts to find a buyer for your property, and you’ll have to subtract these fees from the net profit that you can predict to make from selling your home. However, fast buyers such as LDN Properties will never charge you fees for buying a house or flat, which means you will get to keep all of the sale proceeds.
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