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We will be selling up in a few years and our property is a bit of an oddity, not anything locally to compare it to, i've got this idea that it may do better at auction, what are the advantages/ disadvantages to auction sales.
The fees aren't cheap. I've just bought one at auction but would much prefer to have done it through the traditional route. Once your bid is accepted you're legally tied and no longer have a position to negotiate from if you uncover nasties in the property.
fyi - as an alternative
see: http://www.housesimple.co.uk/
(Other online estate agents are available) - I sold my house - sunny Berks for £195 + vat. ie it's at the worth a punt level of cost
auction - depends on who is there - if only 1 person wants it then unless you put a reserve on .................. - check out fees and vat first as well
if you uncover nasties in the property
surely that's fixed by surveying before bidding? Otherwise how would you decide what to bid up to?
I found myself in possession of a shabby sofa and bike frame which the surveyor did not see fit to include in the report. I don't think the vendor has any intention of removing them so it's an extra cost for me.
SOld a few back in 89/90. Pitfalls? Cash only deals so you have to count the £'s and Banks would be very suspicious about banking large sums of cash even back then, think now and you'll be carted away from thier door by the Cash Police.
Only main issues were signing deeds over, solicitors can be a right pain to deal with.
legend - Memberif you uncover nasties in the propertysurely that's fixed by surveying before bidding? Otherwise how would you decide what to bid up to?
Most people don't get a proper survey before bidding at an auction. I tried to buy one recently and was the only person that had. As it happens they sold it privately just before the auction was held. VERY annoying - had instructed solicitors & the survey was £700 - almost a grand wasted as we'd been told by the auction company that this property WOULD go the to room on the day.
As it happened, the survey found a multitude of problems so somebody will have caught a cold buying that without realising! We pulled out of the purchase thanks to the findings.
IME, auction properties are usually repos or have some problem precluding their sale normally.
Property auctions are like Ebay on Speed.
Don't think my heart has *ever* raced so much!
Holy thread resurrection, Batman!
Nice troll Micsten!
Aaaand, he's gone! 🙂