Online Property Auctions- anyone have experience?

(6 Posts)
SilverLiningSearching Sun 25-Oct-20 13:04:24

A property I like has been recently listed on RM- it is priced at £185,000, would that be the reserve price? I understand a fee has to be paid if bidding on the online auction.
It is unusual to have online auctions in our area.
Any MN wisdom on these sorts of sales?

OP’s posts: |
Salome61 Sun 25-Oct-20 17:22:12

I sold my house at auction through Pattinson's in March, and it was on-line because of Covid.

The £185k is the guide price, the price above this that the buyer wants ie the 'reserve price' is only known to them and the auctioneer. Saying that, my bids didn't even reach the guide price and I decided to sell for less the day after the auction.

Do read the legal pack. As a seller I paid £800 to enter my house into the auction, and 2% plus VAT on the final sale price, as well as £1300 to my solicitor. There was an option where I could have got the buyer to pay some of these fees, it should be in the legal pack.

lastqueenofscotland Sun 25-Oct-20 17:44:18

They vary company to company. Which agent is it with?

SilverLiningSearching Mon 26-Oct-20 00:35:39

It’s with a small local estate agent, they are not disclosing which auction company it is with I will have to enquire.

Thanks for the tip about the legal pack @Salome61.

OP’s posts: |
Salome61 Mon 26-Oct-20 08:27:58

There are 'modern auctions' now where the buyer has to pay a non refundable 'reserve' fee, a promise to buy, which can be thousands. This payment is shared between the estate agent and auction house, and isn't part of your bid. Peculiar they won't share which auction company it is? Let us know how you get on.

Salome61 Mon 26-Oct-20 08:32:22

When I went to auction I found this site very useful. I wouldn't recommend ever selling at auction, cost me a ridiculous £9K in the end sad

www.moneysavingexpert.com/mortgages/house-auctions/

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