If you are thinking of auctioning your house, it’s important to know what you are up against. It can be a viable opportunity for you as long as you understand auctioning a house pros and cons. If you are new to property auctions, it can be useful to have a few guidelines to help you get started and know what to expect.
Auctioning your house can be a solution for if you’re facing repossession, can’t wait on the market, or have to move quickly. You may be able to sell your house and make a profit if you are careful and know some of the basics about auctioning your house. Here are a few dos and don’ts.
Some of the Dos When Auctioning Your House
Find an Auctioneer
One of the first things you’ll need to do when auctioning your house is to find an auctioneer. There are many different auctioneer companies available to help you. You may do a quick online search, look in a phone book, or ask friends for a referral. Be sure to do your research and check out all your options including the option to auction a house online.
Read the Small Print
Always check the fees associated with auctioneer services so you are not surprised later. These fees can run very high and can be as much as 10% of the cost of the house. Be aware of the fees before you proceed so you will know how much profit you can expect to receive.
To Reserve or not to Reserve?
Choose the type of property auctions you want to run. Do you want to set a reserve at auction, or take the risk without one? At an auction without a reserve, there is not a lower limit your house has to earn in order to be auctioned. This simply means that the highest bidder will buy the property, no matter what their bid amount. Reserve auctions have a minimum limit and if the bids do not reach the lower limit, the house will not be sold.
You may need to decide which of these are the best for you. If you are wondering how to sell a house in auction fast, you may want to learn more about auctioning without a reserve. You may not get the price you wanted, but you are more likely to sell it. Auctions without a reserve tend to be more attractive to potential buyers. Think about your decision and choose what you prefer. Do you just want to sell your house quickly and be done with it? Or are you willing to wait it out?
Some of the Don’ts When Auctioning a House
If you want to sell a house in auction fast, there are also some “don’ts” you will want to think about. You may be saying, but I need to sell my house by auction fast! Avoiding these pitfalls will help ensure you sell your house faster whether you auction a house online or auction it offline.
Don’t Hide Information About the Property
As you prepare for auctioning your house, you’ll need to complete a description. When you work on the description be certain to be completely honest. Don’t try to hide anything you may perceive as negative. If you do not disclose faults, the purchaser can pursue you after the auction and make you pay for items that were not disclosed.
Don’t be Unrealistic
If you want to know how to sell a house in auction fast, you’ll have to start with being realistic. Start with a price you would like to receive from auctioning your house, but don’t be too disappointed if you do not get what you wanted.
Don’t Share the Property Value
There is no reason to share any values in ads or to bidders. Don’t share the appraised value or any reserve price. Not only does this help avoid confusion, but it can mean the difference in a sale or not. Let the bidders place their bids based on what they are willing to pay for the property and their estimate for what it is worth. Don’t set a high reserve either as it will limit how many bids you take, and potential buyers don’t like being told what to bid.
Don’t Complicate the Matter
Try to avoid situations and decisions that could make for a complicated sale. Make sure any tenants have moved out. Avoid selling your house according to a first refusal option.
Conclusion
These dos and don’ts are just a few of the things you should or should not do when getting ready to auction our home. You may also want to consider other options before moving toward auctioning as a final choice. You can put it on the market yourself or talk to a estate agent. There is also the option of selling to a cash buyer. This is often the easiest and fastest way to move property. It can be sold “as is” meaning you are not going to be out the cost of repairs because the cash buyer will take it no matter what shape it is in. They will look at the house and make you an offer based on what they see in the informal inspection. If you accept their offer, they will pay you cash and handle the sale process and all the paperwork. This can save you loads of time and money in the long run.
Sell Your House Without the Hassle
Don’t be caught up in the stress of selling a house. We’re here to help! We understand how stressful selling a house is. Auctioning it will only add more stress.
At K&G Lettings Limited we specialise in a quick sale so that you can get on with the more important things in life. We can take the stress and hassle out of selling your house. At K&G Lettings Limited, we specialise in buying houses quickly and without hassle. This removes the emotional and financial hassles that come with selling your property in Thorne.
Do you have a question about the house selling process? Do you want to get your no obligation cash offer for your property? If YES, fill out the form below.
Even if you don’t decide to sell, we’d love to answer any questions you might have. Give us a call today on 01482 961961.
The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.
