Up To Late

Hi all,

Sorry if I've put this on the wrong forum.

Just wondering if anyone out there sold their UK house by auction? It is something we would consider if the house didn't sell.

Your experiences - good and bad would be gratefully received!

tony s

fab question we would love to no the answer as wellxx

Up To Late

I was just browsing online to find some info about the auction process and found this site listing all UK property auctions;

http://www.futureauctions.co.uk/

It may be of interest.

pumpkin blossom

We considered it, but I can't see really how you would get the money you want/need for your house if nobody has already made an offer at that price. People at auctions want a bargin, they are not going to pay more for it than it has already been advertised for.

Up To Late

Thanks for your reply PB.

We are willing to take a reduction in price achieved to guarantee a quick sale. We are also in a fairly unusual position. The house next to ours is the subject to a planning application to demolish and build a block of flats. If the application is granted a precedent would be set, (we should know on Wednesday) then our house is actually worth more as it would be considered by developers etc. The best way to attract builders etc is auction. We also have 2 rental properties which we could sell tenanted to landlords.

So if there is anybody on the site who could offer advice with the pros and cons of selling this way - we have no experience at all - it would be appreciated.

Thanks

LoneRanger

I've heard of people offering up their house as a raffle prize in the hope of generating massive ticket sales with tickets at £100 each! However the raffles had a reserve on them so the ticket sales had to reach a certain amount or the draw was off!

Up To Late

Might be a bit risky................ LOL.

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.

Up To Late

Thanks HJC!

One of things we were wondering about was how much we would have to pay if we didn't sell. We have asked for some info from local auctioneers but it hasn't arrived yet. So your information was particularly useful.

Glad to hear that you had a positive experience. As the market is very different today we would have to do lots more research but it definitely is an option.

Thanks again.

Up To Late

Just had some info from the local Auctioneers. They charge £250 + VAT for each property at auction. Non refundable. If the property sells they charge 2% + VAT.

So it may be worth it for the right sort of property!!

Phoenix

Sold mine by auction last year - best thing I ever did. Signed sealed done and dusted in 4 weeks start to finish.

Ok lost a few thousand but it was worth it for me.

Up To Late

Thanks Phoenix.

Where in the UK was your house and which auctioneer did you use?

Thanks!

Phoenix

Warwickshire and we used John Sanders from Worcestershire.

Up To Late

Thanks again!

We're a bit far from there - South Wales but it was worth asking if you found them to be good.

Glad to hear it all went well for you and you made the move successfully!

mike-Ju

Where in South Wales are you based?