Fellow LL
Just wondering if anyone on here has either bought or sold.property using modern auction process…if so what would be your advice to anyone else considering doing so or any potfalls/benefits ?
Thank you
I will NEVER buy a place when they say it is the modern method of auction . To place the whole (and more) fee upon the buyer is a rip off . More secure? A set time to convey? Never I always avoid and just buy elsewhere
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I will also always avoid buying properties which are modern auction.
Why take the unnecessary risk?
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If you put in an offer and it is “accepted” You then pay a none refundable fee 5% plus VAT ? If it falls thru Money Lost.
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I would also avoid. Fee structure is a rip off for buyer and will often have hidden problems.
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Thank you folks…I am actually going to be selling …not buying.
So have these Auction people told you that you pay no fee ?
Yes…apart from solicitor legal fees…
Why not sell on the regular market? Auction properties typically go for less.
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Need a quick sale …have tried regular route since November …time sensitive sadly…as me about to retire and concerned that any remortgage due in Dec …will not be affordable at a crazy rate so would rather sell now tbh
Here is what happened to me I had a viewing on such an auction property . The agent, when I said I will have to find 5%, said to me Well think of your best offer for the property and take the 5% off it. !! Now that means the client is not saving estate agents really, because the offer from a buyer is less. Have I explained o k.? Little did the auction place know that I was just"testing the water" and had no intention of buying
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so go to a regular auction with modest fees. You have stacks of time
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Property currently unoccupied and if I relet it I have to give a min 12 months notice to tenants to sell…better to get out now whilst I still can…and take a cut in price tbh…being a LL here in Wales with everything we have to do now, and the risks …rather stick my equity money where I can get at it readily if I need to
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I cannot see things improving for small private LLs like me …and I try to be a good fair LL.
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understood I used to live in Wales But not rented there as the devolved gov. has too many laws.
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Move over to commercial like I am doing Selling some of mine also
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once you are signed up you cannot get out Buyers will offer 5% less. Estate agents can sell for you at 1% I sold my home in Wales at 1% including VAT
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We sold mother in law’s house by modern auction after the estate agent had failed to sell for 4 months. I think it is a means to sell low quality properties that have issues. Seems to be a lot of downside for the buyer except that once they have had their offer accepted, the seller is obliged to sell to them and can’t accept another offer or otherwise back out.
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Thank you very much Colin
I sold via this method. They like to advertise less 10% of the valued place then you have a set date, offers come in very low jnless you are lucky enough to get a few after the same property. What ever you want to sell at think 25% less and any improvement is a plus.
You have a substantial form yo fill in make sure you don’t hang yourself with the info provided
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