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Has anyone sold a house at auction?

(2 Posts)
DillyDally Wed 13-Apr-05 15:49:40

My house sale has gone wrong again due to mad buyer syndrome. I need to sell as the thought of holding more viewings with sticky fingered DD fills me with horror. Someone suggested using an auction? Does anyone have any experience of doing this?

Mirage Wed 13-Apr-05 16:02:15

No,but we considered doing it if we couldn't find a buyer for our house.I have attended property auctions before & the houses have always gone for well over their guide price.I understand that whoever buys your house has to pay a 10% deposit on day of sale & complete within 28 days,if not they lose their deposit.One week before the auction,you would need to set a reserve price,the minimum you would accept.This is kept confidential between you & the auctioneer.Just before the auction,tell the auctioneer the minimum you'll accept again.Auctioneers Comission is usually about 2.5% of the sale price & once the hammer has fallen,you are both legally committed to the sale.

The rics website has a useful bit about auctioning house on it.Try www.rics.org.uk
GOOD LUCK.

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