Pros and cons of selling a house via traditional auction.

[flashbac]

Need a quick-ish sale as don't want it to drag on. Is traditional auction worth it? What are the risks. Anyone recommend one in Yorkshire area?

The biggest con is that no one will buy it from you! Most average residential buyers don't want to engage with them.
Can you put it in a traditional auction instead?

@Blahdyblahbla

The biggest con is that no one will buy it from you! Most average residential buyers don't want to engage with them. Can you put it in a traditional auction instead?

That's what I'm asking about. Traditional auction. Wouldn't dream of using the modern method!

Sorry, completely misread your post

Just did this. Pro, money in within a month, con mainly builders so would expect knock down price. However market v buoyant at mo and we got more than expected, so much that we accepted an offer before auction ( all goes through auction house so they still make their cut but took out uncertainty for us on day.)

The only downside is auction buyers will only be cash buyers I believe so you would be excluding normal mortgage buyers who may or may not be the highest bidder.

It's only a good idea if you don't need the maximal amount of money from the sale. You'd only get cash buyers and people would assume there was something wrong with it that you wouldn't be selling in the normal way.

@Walkley18

Just did this. Pro, money in within a month, con mainly builders so would expect knock down price. However market v buoyant at mo and we got more than expected, so much that we accepted an offer before auction ( all goes through auction house so they still make their cut but took out uncertainty for us on day.)

There's a lot of cash buyers round here and the house is relatively cheap (under 150k). Were you able the set a reserve? How much did it cost?

Yes we set a reserve but the first person who offered met that. As people looked round their offers kept going up. We were worried if we went to auction some of them might have moved on to other properties and we couldn't change the reserve by then, so when one made a great offer we took it. I think the cost was £3500 on a 150k offer. The house needs alot of work (inherited) and we were astounded with the offers.

I've bought at auction and you get a range of properties being sold that way for many reasons. They usually do need a considerable amount of work, but some only cosmetic. Doesn't hurt to meet with your local auctioneer and hear what they have to say.

I buy and also occasionally sell at auction. The last one I sold completes this month. I sold this one at auction for the certainty of the sale and to realise the funds more quickly than the current market would otherwise allow and my business model is reliant on efficient use of funds. Reserves have to be within 10% of the guide price. Most buyers know the difference between a house with significant issues - legal etc and just a great property they can also own quickly for renovation/rent/ownership. I used auction house who have a good coverage nationally but are a franchise operation. They do load buyers with fees tho so consider other local and National houses. The good auction houses monitor potential buyers who have downloaded the pack before the sale and IME do work hard for their fee (more than most EA’s). Good luck!