How do you sell a property at auction?

[Lauriefairycake]

Since the market is a bit dead I'm attracted by the 30 day completion but am worried about upfront costs.

Also it you put a reserve on and it doesn't reach it - do you still have to pay?

I had my house on last year and its a very good deal even in this climate at the price I want for it but I got really hacked off last year by people being unable to complete (3 lots of people pulled out, but one really seriously pulled out just before exchange because their buyer had)so I eventually had to take it off at the beginning of winter.

Anyone any experience of this??

bumping in hopefulness

You have to accept if you auction a house, that you might not get as much as selling it through an estate agency the usual way. That said, if you're keen for a quick completion then you set a reserve - which the auctioneer has to agree otherwise, if he feels it is too high, it will be pointless offering it - and arrange a few slots when the public can view (usually in 30min-60min windows - the auctioneers will arrange to be there to let them in etc).

You may have to pay a few hundred pounds to be listed in the brochure, have the catalogue photo taken etc but, as far as I am aware, that is the only upfront cost - and a HIP which I imagine you already have. Like any house sale, it is no sale, no fee regarding commission.

What you will definitely need is a very good solicitor who can get all the relevant paperwork together in time for the auction as when the hammer drops, contracts are effectively exchanged.

I've bought at auction (during boom when sale prices far exceeded guide) - it was very stressful for us during the bidding but very simple thereafter. And it means you don't have to deal with estate agents except very, very briefly , ecstatic .

Hope that helps.

Bit late joining this thread, but what a great idea!! We are having trouble selling our lovely home (well i would say it's lovely but it really is) and so would be really interested to know if you do sell yours and how close to the estate agents figure you came with it. Fingers crossed for you x

Interested in this as I am planning to sell a flat soon, and thinking auction might be better route, as do not want to dither about with people in chains etc - any other experiences of auctions?