Has anyone SOLD a house at auction and do you end up having to take a huge price cut?

[oliveoil]

Am thinking ahead for when we emigrate, we will need to sell vvvvvv quick

friend of dh's is a landlord type and he sold a property at auction, cost £350 with the estate agent, sold same day, the buyer has to hand over the money in a month

however this house needed work, ours is fine

will we have to accept loads less at auction than if it went on the normal market?

Generally, you may lose out by selling at auction. I was faced with a similar position and was advised by an auctioner that we could lose approximately £20-£30k off the value of our house if we sold at auction at £260k that is a lot of money!). Instead we got several valuations from local agents and priced our house competitively (it did not help that 2 of our neighbours decided to test the market the same week as us!) Anyway we had exchanged within 6 weeks of going on the market. We were realistic about the true market price and not greedy as too many people can be. We achieved £10k more than the lowest valuation as well so fairly pleased.

Good luck

thanks

that is what I was worried about, losing lots of money from the price

we got bored of having our house on the market and tried to sell by auction. The auctioneers wouldn't accept it or return my calls! Basically they want to get good percentages of the properties sold at each auction, so a normal family home priced slightly cheap won't attract typical auction buyers and won't sell. Hence the auctioneers are not interested EVEN THOUGH Phil and Kirsty had said our area was one of the top 10 to invest in the UK... If your house had obvious development potential (ie could be split into 2 flats, part of the garden could be sold off to build another house, was massively in need of repair) that might be different.

We changed agents, dropped the price. It still took a while to sell.