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Should you sell your property at auction?

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If you want to sell property auction can be a quick way to do it. To get the best out of your auction experience, it’s worth becoming familiar with the rules and customs of them first.

While selling at auction has a reputation for attracting bargain basement prices, this is certainly not the case across the board and often depends on the property itself, and less often about the market or even the bidders present at the auction. Still, if you’re happy to be flexible about the price you are willing to accept for your property, selling at auction is the ideal way to get a quick sale.

Any property can sell well at auction. It’s not just derelict or run down properties that sell, well kept family homes do just as well. The best thing about property auctions is that property often sell above the asking price and once the hammer is down, the sale is final. That means buyers can’t pull out at the last minute (if that’s ever happened to you, you’ll know the complete frustration and inconvenience this can cause.)

Things to consider when you sell property at auction (this is not an exhaustive list, but it is a sound starting):

1. Auctioneer’s commission – every auction house will charge commission on the sale of a property. This shouldn’t be anymore than around 3% of the total selling price (the average is around 2.5%) 2. Choose your auctioneer carefully – auction providers are either dedicated auction houses (normally dealing in a variety of sale types, or exclusively one type of auction, like property or antiques) or estate agents with an auction division. It’s considered a good idea to sell you property through a larger, reputable auction provider because these will usually have a bigger customer base. This means your property will have more exposure because more buyers look to the bigger property auctions, rather than much smaller ones. 3. Other costs – you will still have to pay for a solicitor to put the contracts together and pay for a Home Information Pack as you would do with any other type of house sale. You may also have to pay advertising costs prior to the auction.

Whatever type of property you want to sell property auction is a great way to achieve a timely sale. If you want to sell your house quickly, an auction can certainly help you achieve that. And if you’re selling at auction because you’ve had trouble selling your property through traditional methods, the nature of auctions, and a bit of luck, could see your property reach or even exceed its asking price.