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should i consider auciton to get quick sale?

(2 Posts)
cestlavielife Fri 12-Aug-11 14:59:08

need to sell BTL investment 3 bed flat in london close to tube - just vacated by tenants and now clean and tidy.

some isues over communal parts not yet been repainted which putting off buyers - i cant afford to wait (few months) til they completed. soem residents seeking change of manager which could delay the works.

had viewings and one offer which fell thru - now estate agent suggesting auciton to get quick sale - is that really bad move? would have reserve of 350,000 while offer i had was for 380,000 (withdrew as wanted to put in ensuite shower and realised layout not really suitable apparently)

feel as tho i may have no option but to go to auction as need the money (long story) - can it be successful?

lalalonglegs Fri 12-Aug-11 16:18:33

It depends if you can afford to "lose" £30k. I would be tempted to find a short-term let at, perhaps a reduced rent, who would be prepared to keep the place clean and tidy in return for cheap place to stay and would cover your outgoings. There's no guarantee it would sell at auction either.

I go to them quite often and some places really fly and others don't - since I don't visit all the properties on offer it's hard to tell what makes some of them really popular but I suspect unreaslistically low guide prices and potential. You will still be expected to include a legal pack so anyone who reads it will see that there are major works coming up and that could put them off. If you possibly can wait, I would until the common areas are looking lovely.

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