Sell House at Auction
If you are currently struggling to sell your home. You may be looking at all the diferent avenues to sell your home. Selling through auction is a obvious route if you wish to sell your home quickly. However there are many reasons as to why a auction may not be the best place if uyou are asking the question how do I sell my home.
The Auction House is full of Cash Buyers. An individual who has the power to make a cash offer for home is certainly in a powerful position and they know it. The reason why a auction is full of cash buyers is because you must complete on a sale within 3o days. At an auction the buyer who places the winning bid is required to pay a 10% deposit on the day. After that they have 30 days to fully purchase the house. For property investors who have the ability to only purchase with a mortgae it is far too risky to rely on a mortgage being approved and settled within this 30 day period and is it’s not they would loose their deposit. Many instead would purchase using a bridging loan which can be costly and also a great risk if the property cannot be mo9rtgaed once the house is bought using a bridging loan. Bottom line Cash buyers have the major advantage in this buyers market and in doing so they are looking to purchase at around a 40% discount in an auction. Unless your property is in London whereby the competitive nature of bidding may result in around a 25% discount.
When selling at auction you have to compete against repossessed houses. Currently the levels of repossessed homes are at an all time high. banks and lenders are quite often impartial to the home and just wish to recoup their losses with no thought for the original home owner who has face repossession. In fact if the bank cant recoup the amount that they are owed for the mortgage of the property they pass this deficit to the repossessed client. With lenders effectively dumping propertys at an auction it does not help in achieving a great price for your home.
Is It Good To Sell My House Through An Auction?
If your house needs major renovation then yes. For many who have inherited a derelict house or a property that is simply in disrepair this will be the only feasible route. The reason being it will probably currently be un-mortgageable. In today’s climate lenders are refusing to lend on a property even if it has a bit of damp, finding a cash buyer on the open market is near impossible, finding a quick sale company to buy a un-mortgaeable property is impossible. Finding a cash buyer at an auction who is actively looking for a renovation project is certainly attainable however they will want a huge discount.
Costs of selling through auction
Not only will you likely be selling at around 40% less then the market value for your home, you will be required to pay a fee ranging from £300 – £1000 for the privilege of getting a listing annd effectively advertising in the auction house catalogue. not only that the auction will typically take around 3% of the sale value to cover all of their fees and costs.
Sell House at Auction
We would advise you to speak to us first before you consider the option. When we agree to buy your house it is as good as sold. Our offer is far better than what you would receive in the auction house so is selling in auction is and option your considering we urge you to speak to us first.
Auction or YouSellQuick
Obviously our opinion will be biased…. However, we know that we can offer you a far greater and fairer quick sale deal than compared to anything that you will receive at an auction. Rather than giving 40% of your equity away when selling in a auction we will ensure that you actually receive the full market value for your home. we will never take any equity away or leave you in any loss. any remaining equity after receiving the majority of your property value in cash will still remain yours at the land registry. We believe that our offer for your home is the best quick sale offer, make sure you speak to one of advisors today or simply fill out the form to receive the best most ethical offer on the market.
“YouSellQuick gave me a very good deal and helped me through the whole process.”
“I got exactly what they offered in my bank account, nothing less, no extra fees or commissions.”
We can buy your house right now, please contact us
We can give you a preliminary offer over the phone
Final offer is subject to independent RICS valuation