grahampaula

Hi all
Was just curious to know if anyone had used, or is intending to use an auction company to sell their property. If so what were your experiences?

scotty 71

Hiya Graham and Paula,

We would also like to know this.
You don't really hear of houses going to auction around where we live (in a small village) but in the bigger towns it is sometimes known for houses to go to auction, normally ones that have been repossessed or ones that need quite a bit of work doing to them.
We will be watching this thread with interest.

grahampaula

It is more or less the same for us. We live in a village just outside of Bingley and if I am honest I have not seen any up for auction in all the years that I have lived here.
Lets hope that we can set a trend. Good luck with yours.

scotty 71

You are not too far from us, I have family over that way,Yorkshire, (Wrong side of the border )

So are you thinking about putting your house up for auction then?

grahampaula

Spoke to a company yesterday who said that we would be looking at approximately 20% less than the asking price. :curse:
They tend to look for houses that need renovating or are going to be repossessed so an auction is not an option for us.

scotty 71

We have been told off an EA that houses are now worth 30% less than what they were this time last year and another one said to us they are worth 20% less, what nonsense, they haven't a clue about the market at this present time, I don't think anyone has to be honest, it's just so unpredictable at the moment. Best of luck anyway.

brendarover

To be honest, estate agents are going to say whatever puts the food on the table? I mean, in a rising market they tell you to add a few grand, so 2% of a few grand is a few more botex injections or a couple of £80.00 quid ago hair do's?

In a falling market, they start to dine at Greggs rather than the local silver service, so they will tell you that your place is far too expensive, and will not sell, its there job, to talk the talk, so to tell you how to sell your house, i mean it is rocket science is it not?

Too many p!ssing in the property market pot, the VI's just do whatever they have to do to make commision at your expense?

HCJ

We did it with one of our UK properties and it was very quick and easy - albeit in 2003 when the housing market was rampant and not dying on its arse like now.

It cost 2.5% commission plus the auctioneer's costs which were about 1,000 quid as far as I can remember. I think you'd still be in for the costs if it didn't meet the reserve.

You have to have your house open for a few days so people can view it. Contracts are exchanged on the day of the auction and the whole thing completes 28 days later. We had a couple of lunatics get in a bidding war and so got quite a good price in the end. I was cheering them on but Mrs. HCJ was mortified with embarrassment.

scotty 71

The highlighted line made me laugh, but there is truth in it, they are just a bunch of greedy leeches! I wonder where they will be dining this time next year? A soup kitchen if the housing market carries on it's present "trend".

scotty 71

Around about this time last year on the avenue we live on we had people putting their names and telephone numbers through our letter boxes asking us if we were thinking of selling our houses and to "please let them know first before we put it on the market." That is how much the housing market has changed. Our house wasn't finished at that time as we were in the process of extending it. How I wish it was up for sale then, we could have sold it 5 times over for a good price. Those were the days, unfortunately those days have gone and I think everyone including us need to be a bit more realistic about how much we can sell our houses for.

eddie007

I'm keeping my eye on my EA and what they have on th market.... very little at present, beginning to wonder how they stay in business when nothing is selling ...