Property Auction Houses

Advertise Your Property - Property Auction Houses

PROPERTY ADVICE BLOG - Advertise Your Property - Property Auction Houses

How it works? - The auction house will take photographs and put together details for a catalogue, which will appear three weeks before a sale, giving prospective buyers time to look round and arrange surveys. It will also value the house, giving a nonbinding guide price. Once the hammer has gone down, the sale is binding on both sides. The buyer pays a 10% deposit and the sale continues as it would through an agent.

What it costs? Not much less than an agent – auctioneers’ fees are usually about 1.5% of the property’s value, and there is a catalogue entry fee of £375-£700, depending on how much space you take. You will also need to pay a solicitor to complete the sale.

What are the benefits? - It can be a good way to get rid of a property that needs modernising. Auctions also make for a quick sale. The auction date gives everyone focus and sales are sometimes agreed prior to auction, which makes it even quicker. What to watch out for: Unless a property is unmodernised, it’s not always the best place to go as most auction buyers are looking for some kind of discount to attract them to it. If you receive an offer before auction, the contract must be signed before the date of the sale, otherwise it will be auctioned anyway.

Success rate: 7/10 – if your house isn’t in great nick.

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