Top questions and answers when selling your Homerton home via a property auction
One option for selling your Homerton home is to use a property auction, at which you will agree to a minimum reserve price for selling your home. If anyone places a bid at that amount then this is deemed a legally binding agreement to buy your property. The goal is to have several people interested in your home so that they try to outbid each other, which will push the final sale price up.
But there is no promise that this will happen, so you have to be prepared to sell at the reserve price even if that’s a lower value than you could get selling by other methods.
There might be some delays involved with selling this way, including having to potentially wait a few weeks after you list your home for sale until the auction occurs. Further delays may happen after a successful sale whilst the required legal documents for the sale are completed.
And you will also have to pay an auctioneer commission for the work that they do in marketing your home and auctioning it, which will reduce your total profit from the sale.
Should you wish to use a property auction, call around several auctioneers in your area to ask them various questions that can help you properly plan the sale. We have provided some sample queries as well as our suggested answers below that could help inform your decision as to whether a particular auctioneer is a suitable choice for selling your home.
Some property auctioneers might not have any experience with knowing how to sell your specific type of home; for example a dilapidated property or a house located in a noisy area such as under an airport flight path. If that’s the case then they might not be able to successfully attract any interest in your property from bidders, and the home might fail to sell.
This is connected to the above question because the auctioneer’s answer to this will tell you the steps that they plan to take when advertising your home ahead of the auction. If an auctioneer cannot give you a detailed response on their strategy for getting the maximum possible interest in your home from buyers, you might want to consider other options for selling your home.
Auctioneers will charge you commission for the work that they do in advertising your home and hosting the sale, so you should ask them for their specific fees so that you can more effectively plan your budget for moving home. In certain circumstances you might be able to have the winning high bidder pay your fees, so you should ask the auctioneer if that is an option.
