It’s a tough call, deciding between selling a house at auction vs a private sale. And one where many sellers get their fingers burned.
When it comes to auctioning a house, there are pros and cons.
Avoid becoming a casualty of selling at auction by following our tips on the pros and cons of selling your house in auction.
These are the five “nevers” – the golden pieces of selling property at auction advice you absolutely need to know!
The Never-Ending Selling At Auction Fees!
So how much do auctioneers charge to sell house? It depends.
Auction fees for selling a property start at £500-£1000. But when selling a house at auction vs a private sale, there’s a lot more to consider than just the initial selling at auction fees.
When looking at the pros and cons of buying – or selling -auction homes, you need to know about these auctioneers’ fees and importantly, what is fair.
You will be charged additionally for the legal pack and searches. This adds on in the region of £1500- £2000.
And that’s not all. There’s also the auction house commission rate too. This is 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.
However, when you sell privately, you have none of these upfront costs.
Property Saviour will pay your legal fees and there is absolutely no charge for asking us for a quote.
By now you might be asking yourself exactly how much does it cost to auction a house and wondering if it is worth selling a house at auction versus a private sale at all.
Unfortunately, the auctioneer commission percentage is just a tiny fraction of the total cost of selling at auction.
Another of the disadvantages of 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 don’t think this is fair, which is why we
don’t charge a penny in upfront charges from our clients.
And if you don’t sell?
You guessed it – you still pay selling at auction fees!
So is auctioning a house a really still such a good idea!
The Never-Ending Wait For Auction!
How long does selling a house at auction vs a private sale take?
The truth is, selling property at an auction is not quick. The best advice for anyone using house auctions is to be prepared to wait.
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 ten percent of the sale initially. For the rest, you must wait a month.
If a twenty-eight day wait for your money seems an awfully long time, then there is another way.
With a private sale to Property Saviour, the money is in your account in under a fortnight – which would you prefer?
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 private sale.
Whatever the advantages of auctions are, they’re not a fast and guaranteed sale.
For the purchaser, 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 you adrift.
Why sell a house at auction when it takes so long, and finance is not guaranteed?
Remember, when you sell to Property Saviour we have the cash already and 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 private sale, you are taking a chance. There are no guarantees that your property will sell at all.
However, Property Saviour do guarantee to buy your home from you.
And when totting up how much really do auctioneers charge to sell a house, there are more unpleasant surprises in store.
The Never Being Free
And selling a house at auction vs making a private sale locks you into a contract for up to three months with the auction house. They won’t tell you this in their selling at auction advice though!
With a private sale to Property Saviour, there is no lock in period and no obligations.
The main reasons people usually give for selling a house at auction vs a private 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 private 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.
This can lead to either no sale or a 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 private sale gives you peace of mind and puts you firmly in control of the situation.
Property Saviour To The Rescue!
…So, is auctioning your house a good idea? Only you can decide that.
There is a lot you need to know before making your decision to sell your house and deciding between an auction or private sale.
It is a straight up choice between uncertainty and waiting, or a guaranteed quick sale.
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 get this from an auction house!
Furthermore, there’s no obligation. Why not simply call us for a chat – it won’t cost anything to find out where you stand!