Looking to sell your house at a property auction in Bristol? Think again!
There are many reasons why someone is selling a property. It could be they are looking to move to a bigger property, relocate, need to release money, or the property has been left as part of an inheritance.
Why use an auction house?
In some instances, the property is difficult to sell because it may have become run down, or the property is unconventional for example a house on a side of a cliff or main road or in a very remote area, or a quick sale may be needed if a house could be reprocessed by a bank or building society and the vendor needs to recover debts quickly.
It is for these reasons that people often approach an “Auction House“. An auction house can sell a property in much quicker time scales than a conventional estate agent. The process can take as little as 4 weeks so if you are living in the property, you need to ensure that you are able to vacant immediately. Once the hammer falls the buyer has to put down a 10% deposit and then has 28 days to pay the final 90%. Therefore property auctions are ideal for someone who needs to get their hands on cash quickly.
Alternative to selling a house at auction
At Bristol Property Buyers, we will buy any house, in any condition, in an location (in Bristol). Where as a house auction may get your house sold in a few weeks, we can buy your house TODAY – and you have the cash in the bank within a few days.
Why not to sell your home at auction
Property auctions have proved highly successful and in many cases, sellers can find that a property can achieve a higher price than expected. If a property is in demand, this can push the price up as buyers bid against each other. On the other hand, it should be noted that a property may sell for a price much lower than the market value, sometimes up to 40% less. Sellers can protect themselves from this loss by setting a reserve price. However sellers have to ensure that the reserve price is realistic as if its set too high, the seller risks the possibility of not selling their property at all.
Selling a house through an auction house can be one of the most expensive ways to sell a home. An auctioneer’s commission is usually 2-2.5% plus VAT of the property’s value, and if your property doesn’t sell then you are still liable to pay this fee. There will also be legal fees as you will need to ensure that your solicitor is present at the auction to answer any legal queries. Once the auctioneers hammer falls, the price has been agreed and cannot be negotiated as the sale is legally binding.
Selling a house at auction – what to consider
If you think that selling your property at an auction is right for you, there are several things that you need to consider before choosing an auction house. Does the auctioneer specialise in property auctions? Choose an auction house that has the relevant skills and knowledge selling the type of property you have. Ask for the success rate of selling property at auction. In the UK, a successful auction house sells in excess of 70%. 95% of people buy property with a 13 mile radius of their home. Therefore choose a local auction house. The auctioneer will have local knowledge and a better understanding of the market place. Finally check out how the auctioneer markets and promotes their properties to would be buyers. It’s no good selling at auction if would be buyers are unaware of the property auction.
Alternative to selling a house at auction in Bristol
Alternatively, secure the price you want for your house and sell your house without paying any fees, by selling to Bristol Property Buyers. We are a family run business, and once we have agreed a price for your property that we are both happy with – we can shake hands and make seal the deal.
For more information on how to sell your house fast visit “we buy any house – why choose us” or call today on 07747429809