Buying or selling a house at auction
Auctions offer a way to avoid lengthy and uncertain selling processes involved in traditional home sales whether you are buying or selling. Often the type of houses included in auction sales are a little off the beaten track, in the sense of being unique and characterful places. One thing many people forget it that the hammer going down is a binding contract, so they need to be sure they want to commit to the buy before going to their chosen price.
We have a look at some of the FAQs when choosing to buy or sell through an auction house.
How do I find an auctioneer?
Whether you are buying or selling, you will need to find a reputable auctioneer to search through. Allsop LLP are experienced auctioneers who can talk you through the process and let you know what to expect either way.
What advantages to selling at auction?
Getting a house sold through auction means that you will ensure a quicker sale, often with no chain. You will only encounter serious buyers, who have often carried out their research, since this is the quickest method to buying a new house.
What about buying?
Again, the quick sale can be an advantage, as can the type of property on sale. IF you like unusual places that are out of the more traditional housing circuit, then an auction might be the right place for you. Auctions have a reputation for being highly transparent so you always know where you stand.
What can you do pre auction?
If you are serious about selling your property, just as you would with a regular sale, you will need to get surveyors in to give you a rough price guise. You will also need to employ an auctioneer to take control of the actual bidding and here it is best to find someone reputable. After all, you want both parties to feel like it’s a fair sale.
IF you are buying, not selling, then you may also wish to get a decent surveyor in, although if the auctioneer is reputable, you will know that every care has been taken to ensure you get a fair price and true representation of the property/. Often, it’s the case that auctioned houses are in some state of disarray, so be sure to know what you are getting and how much repairs are likely to set you back
Both buyer and sellers should set themselves a limit and stick to it.