Selling at house auctions

[TwoIfBySea]

Has anyone done this or can give any advice on it?

Since my dad died a few months ago my mum has quite literally left me to sort out everything. She wants to sell up and us all move in together but the house really needs gutted and developed (could have second floor put in adding two bedrooms etc.)

Anyway, she keeps making up these ideas about going to estate agents. I've never bought or sold a house, have always rented. So I'm completely clueless but - as it is more of a development opportunity than a move-in house would an auction be a better idea?

All advice very gratefully received as I am completely knackered, I've still got the assurances and everything to sort out.

well the advantage of an auction is that you can set a floor price and if it sells you know what the minimum amount you will get will be in quite a short period of time.

It really depends on how soon you want to have the money.

If you live in London you could try unmodlondon.co.uk to sell a house with development potential. Auctions typically sell at 15-20% below estate agency prices but, as womble says, if it does sell on the day, that's it, no flim-flam about gazundering or withdrawing at last moment.

I would call in a few estate agencies to give you a ballpark figure - many of them will, of course, have contacts with small developers who may be interested in your mother's house - and get an idea. The thing to do is to emphasise that you do want to sell and aren't interested in a vanity price. In the meantime, you could get a surveyor to draw up basic plans for second floor or whatever extension would work, put in a planning application and get consent for the work which will enhance value. nb: typically summer is not a great time to sell (although who knows in this market?) and you might attract more interest in the autumn.

If you don't want to wait that long then, based on what estate agents are telling you, go with an auctioneer.

Also look at whether it is on a large enough plot to be knocked down and, for example, 2 townhouses put in its place. Worth checking whether planning is likely. I think you can get more for a property with planning in place than without.