Property Auction Fees Calculator for UK
Published by Property Saviour
The UK's No.1 Fast House Sale Company
January 16, 2020 - Read time: 3 minutes
So how much do auctioneers charge to sell a house? It depends. Here are the real costs you can expect to pay and tips for avoiding the set fees.
We’re afraid it’s bad news. Auction fees for selling a property start at £2000+. But when selling a house at auction vs a discrete sale, there’s a lot more to consider than just the initial auction fees.
These are the five “nevers” – the golden pieces of selling the property at auction advice you absolutely need to know!
The Never-Ending Auction Fees!
Property auction can be expensive, so it’s worth weighing up the options in order to get the best deal.
When looking at the pros and cons of selling -auction homes, you need to know what to expect from auctioneers’ fees and importantly, what is fair.
You will be charged additionally for the legal pack and searches. This could be a sum of £1,500- £2000.
And that’s not all. There’s also the auction house commission rate too. This is set at about 2.5% of the deposit, plus VAT.
So, how much does it cost to have an auction? Many auctioneers are shy of telling you this upfront.
The set fees from estate agents are also known for being notoriously high, with admin fees and marketing costs adding up to a high price.
However, when you sell privately, not through an auction house or an estate agent, you have none of these upfront set costs.
Property Saviour will pay your legal fees and there is absolutely no charge for asking us for a quote. Many estate agents and auction houses charge just for a briefing, whereas we offer an honest, free, professional valuation.
By now you might be asking yourself exactly how much does it cost to auction an estate and wondering if it is worth selling a house at auction versus a discrete sale at all.
Unfortunately, the commission percentage the auctioneer will receive is just a tiny fraction of the total cost of selling at auction – just one of the tips worth considering prior to going ahead.
Another of the disadvantages of an auction is that the auctioneer gets their cut before you get a penny!
Can you really afford to lose a chunk from your deposit?
At Property Saviour, we’re professionals, and we don’t think this is fair, which is why we don’t charge a penny in upfront charges from our clients – you can rest assured you’re in good company with us.
And if you don’t sell during the auction process?
You guessed it – you can still expect to pay those additional auction fees!
So is auctioning a house a really still such a good idea, or is a method to miss?
The Never-Ending Wait For Auction!
How long does selling a house at auction vs a discrete sale take?
The truth is, selling the property at an auction is not a quick service. One of the best tips for anyone using house auctions is suggesting they expect to wait an additional amount of time.
With two or three months between auctions, the whole process can drag on for months – or even years!
Also, when you sell a house at auction, you will only get a set ten percent of the sale initially. For the rest, you must wait a month.
If a 28-day wait for your money seems an awfully long time, then there is another way.
With a discrete sale to Property Saviour, the money is in your account in under a fortnight – which would you prefer – 14 or 28 days?
The ‘Never Never’ Auction Buyer
When it comes to the financial status of the buyer there is no contest between selling a house at auction vs a discrete sale.
Whatever the advantages of the auctions are, they’re not a fast and guaranteed sale.
For the purchaser, prior to buying a house at auction means needing to secure finance. And it takes an entire month – if it goes through.
But, in truth, it doesn’t always. Sales can fall through, leaving properties adrift.
Why sell a house at auction when it takes so long, and finance is not guaranteed?
Remember, with Property Saviour we can put the money in your account within ten days – or less!
The Never Selling House
When it comes to selling a house at auction vs a discrete sale, you are taking a chance. There are no guarantees that your property will sell at all on the auction market.
However, Property Saviour do guarantee to buy your property or properties from you.
And when totting up how much really do auctioneers charge prior to selling a house on their market, there are additional unpleasant surprises in store.
The Never Being Free
The method of selling a house at auction vs making a discrete sale locks you into a contract for up to three months with the auction house. They won’t tell you this in their auction advice though!
With a discrete sale to Property Saviour, expect no lock-in period and no obligations.
The main reasons people usually give for selling a house at auction vs a discrete sale is that they think that selling a property at auction will give them a better price.
But this is not always true. Some properties may not be right for an auction – whereas Property Saviour will buy your house whatever the circumstances.
A big problem with selling a house at auction, vs a discrete sale is that the auction limits the number of interested parties.
And, despite paying for marketing, your auctioneer will do very little to help your house sell. They won’t market it unless you pay staggering fees, and when they do market it, it will simply be in their marketing guides or a newsletter that isn’t advertised openly to potential bidders.
This method can lead to either no sale or an additional disappointing sale price. Plus, the uncertainty of never knowing if you will get what you wanted.
Selling a property at auction can be a stressful, fraught process and a bit like being in a casino. You never know what is going to happen.
On the other hand, a guaranteed discrete sale gives you peace of mind and puts you firmly in control of the situation.
Property Saviour To The Rescue – you can chat to us for free advice on the range of services we offer.
…So, is auctioning your house a good idea? Only you can decide that.
There is a lot you need to check out before making your decision to sell your house and deciding between an auction or private sale through an estate agent service on the property market.
It is a straight-up choice between uncertainty and waiting for buyers or a guaranteed quick sale in the fastest possible time from people who care.
Only Property Saviour can guarantee to buy your home and complete the paperwork within a couple of weeks – and pay the legal fees. You won’t have to market your home, and you won’t have to worry about anything.
News flash – You won’t get this from an auction house – just call us for a chat about the range of services we offer!
Located in North West England, we’re a Manchester-based firm and are a lot cheaper than house buying services in London offering the same range of services. So no matter where you live, chat with us to find out more about your rights and what to expect from our team of property experts. We could be the most suitable service, no matter where in the UK you live.
Prior to this, there’s no obligation. Why not simply call us for a chat about your current situation – it won’t cost anything and it’s a great opportunity to find out where you stand! You can also visit our blog where you’ll find more step by step property guides and the latest property news.