sell your house at auction
Is it safe or risky to sell your house at auction. Selling your propery at auction can mean that you sell at a loss and don’t achieve the full market value. But it is a means of selling quickly. Is it worth loosing funds for a quick sale. How cheaply will it be sold for you. You need to think carefully before going down this route.
It really is true that the cheapest house in the UK could cost as little as a £1.00. This is a real scenario not fictional.
There are many properties throughout the United Kingdom , perhaps properties on run down housing estates , where no one wants to live anymore. Empty or other similar properties uncared for and difficult to sell that could end up at the auctioneers, to go under the hammer for a quick sale. The owners just require a quick sale . They don’t put a reserve on their property when selling under the hammer. They are quite happy to get any price for the property. Just to be clear of it.Some properties in prosperous and up market towns could sell fast but for a minimal price in the auctions.
At auction, just like on the television programme ‘under the hammer’ you might expect various parties trying to outbid each other, to purchase the property. In fact this does not happen. In reality there are no reserve . Then the property could be sold for as little as £1.00 The properties are not marketed by the auctioneers. To the auctioneers, it is just a job, selling properties listed. They are there to sell them at a highlighted time and to take their commission for doing their part in the proceedings.
The objective is to sell the house. But the owner, may not be impressed with the end result and cash sales. Unlike the new owner who will have got a great bargain. Well, let’s believe that a bargain sale could be made. It’s fair to believe that if no one else bidded more than a pound or even a few thousand something must be wrong with the property, not to have generated more interest. The property maybe cheap, but there coud be unforseen problems that need urgent attention. The purchased property may not have much going for it. A new roof maybe required, causing water water water damage throughout. The interior may need gutting and replacing. it could be situated in a run down area , where no one likes to live. But on the plus side, you must be optimistic, and it was a cheap buy. Even if it needs rebuilding, and a huge amount of money spent on it. In principal it was a cheap buy, and a bargain, coming with a few headaches.
Sales through an auctioneer can come with serious problems. it is a massive risk, one not to be taken lightly. It is a means for a fast sale. But there are other methods of successful selling. There have been many stories about house selling. One of which, tells how a homeowner raffled his house. He had sold tickets at £50.00 each. He pulled out a winning ticket, and the lucky person received a house worth £200,000 for fifty pounds.
No real work neede doing. Everyone was happy and it was done within a pre- determined time frame.
These are extreme examples of selling homes fast. But sales were achieved, and sellers were happy with the outcomes. These are extremes ways of selling not the norm. The normal way is to use an estate agent, or sell the property through a newspaper , or use a fast selling company. It all depends on which process you choose.
In the end, it depends how comfortable you are with your choice, and the timescale , how long you can wait for a sale. Differing factors influence which method of selling you use.
There is no right or wrong way of selling. You just need a result.