Questions to consider asking an auctioneer when selling your Chase Cross home
Some homeowners like to try their luck with a property auction when selling, hoping that many people will be interested in the house or flat and will try to outbid each other with ever-increasing prices for the property that will result in a healthy profit. But there’s no guarantee you’ll get any bids, in which case your home will be unsold. Or you might only get one bid at the reserve price, which is the lowest value at which you are comfortable with your property selling.
There can also be some potential delays involved with selling via an auction, including a wait of at least several weeks between the date on which you list your property for sale and when the auction takes place. If your home sells, you can expect to wait an average of 28 days until the various paperwork required to process the sale is completed and you receive the proceeds.
And you will also have to pay the auctioneer commission for selling your home, which you’ll have to subtract from your final sale price to know what net profit you’ll make from the sale.
Should you be considering using this method of selling, review the sample questions and answers for auctioneers below. Asking these queries and hearing specific auction company’s responses will give you a better idea of whether this option is the right one for you.
The average commission is often based on a percentage of the home’s final sale price plus. However, some auctioneers might make you pay higher or lower rates, so it’s always worth asking around several companies to get the lowest possible fees.
If a home auctioneer has never sold your specific type of property before then it’s very possible that they could struggle to know how to market and find buyers for your house or flat. Asking this question will provide good insight into whether an auction is right for your home.
Related to the previous question, asking this will force the auctioneer to tell you where and how they will advertise your property listing to generate interest from potential buyers. If they fail to articulate a clear and decent plan, you should be wary about using them to sell your home.