Residential property auctions?

I have heard of that before - therefore it must be correct :-)

Thanks, I'll look out for it. I may not have seen that one.

I sometimes get the impression that it's almost human nature to tend to over-estimate the value of one's own property... especially if it has some off-beat features.

Al D

SWMBO has it on every weekday.

The one I saw made the (to me) very obvious point that properties sell better at auction if they are local to where the action is. In the case in point a stone built building in Morecambe, in very good shape, divided into 6 flatlets in good order was sold at an auction in Rugby for £170k, (each flat potentially worth Ca. £70k) apparently because nobody in Rugby CBA to travel the 200 miles (?) just to look at it, when there were a plentiful supply of local properties on offer, and presumably the same distance considerations would apply to buy to letters who intended to manage the lettings themselves.

DG

It's not over estimating. It's simply trying to get an Estate Agent type price from an auction sale.

Very few house can achieve this. Many will sell for

30% below. If you are lucky it might only be 20% below.

tim

SWMBO?

Yes, I came to the same conclusion, and have only been looking for fairly local auctioneers.

Al D

I see what you mean.

Hmm... those are useful ballpark figures - thanks.

Al D

I expect different auctioneers have different terms, no?

Al D

Probably. Here's a useful link:

What are the disadvantages?

Your home may not reach the price you want or need. If you have set a reserve price, you won't have to sell for less than a certain amount, but you will still have to pay the auctioneer and your solicitor (see below).

If you approach an Estate Agent in the morning you can have sold your property by the afternoon, and completed a week later, with no risk, 1% commission (as opposed to 2.5% auctioneer's commission), and the chance to pull out right up until the last minute.

Any property in Poole is immensely desirable, and people will be falling over themselves to take it off your hands :)

Yes, that is true, actually, come to think of it... Thanks for pointing it out.

I agree. But they don't all get snapped up immediately...

Al D

Don't go to a local Estate Agent. You want one of the big commercial companies, Bairstow Eves sort of size. They typically charge you a flat rate for commercial transactions, but it is still "no sale no fee". Be careful though, because when you sign up you are tied to them for (typically) six weeks. If you sell elsewhere during that period you still owe them commission.

Why not post Yahoo Images and Multimap links to the actual property? You are beyond the "I'm a spammer" threshold, and it'd give me an excuse to post links to the land I'm selling in London ;)

In article , Al Deveron writes

Clive Emson covers that area.

She Who Must Be Obeyed.

;-)

DG

In message , Troy Steadman writes

Haha, I would say go to the local company where the staff are often actually involved in owning and running the company and therefore have more involvement and commitment. Also in my experience Countrywide tends to go for at least 16 weeks tie in. The local agent who has been doing it for years probably has a list of people ready to buy a half done up property.

I wouldn't call this a commercial transaction as its just a bit of 'tarting up'

Now you've added that complication then the auction seems a more plausible method.