I need to sell the house pretty quick now has my new house will be ready to move into in 5 weeks.so i am thinking about selling it at auction.My house is only 3 years old and in excellent condition,its only time that is not on my side.
cany anyone tell me more about it and cost etc?
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#1 by D R at May 2nd, 2009
you may be lucky i think that you can put a minimum asking price on the sale if it does not reach that price you do not sale but i do not now if you would have to pay the auctioneer if it is sold they take a commission out of the sale good luck
#2 by luludoodie at May 4th, 2009
The problem is you will only get a low price at an auction. That is why people go to auctions! Assume you will get 20-25% less than your asking price!
Can’t you defer/cancel the new house? How much would you lose if you did, would it be more or less than the the loss you will make on the auction?
As an alternative can you rent out the “old” house?
- How much is your mortgage,
- Assume you will have to pay a letting agent 15%
- Would rent be more than 120% of mortgage - if not forget it!
- You may not be able to get a “buy to let” mortgage unless your
mortgage is a very low percentage (say under 40%) of potential
selling price. If your equity is only 20% you won’t get a mortgage.
- Last resort - bank of Mum & Dad??????
#3 by Ruffletop at May 7th, 2009
Always sell by private treaty to obtain the best price. Buyers are the ones to benefit from the low prices that auctions realise. Be brave, advertise ‘for a quick sale the vendor will pay the stamp duty on the asking price’. Still be prepared to pay the stamp duty if you get a lower offer BUT be firm, it must be a marginally lower offer only; 1% perhaps at most!
And the best of luck. Be brave. Fortune favours the brave.
#4 by Cari at May 8th, 2009
Yes, I would. It’s true that auctions usually fetch lower prices but if you need to sell desperately, at least you know that it’s done and dusted. Otherwise what’s the alternative? Nothing is shifting in the current market so it’s likely that you’d have to take a bridging loan in the interim, and the associated costs here may end up being more than what you’d be losing out on the sale price.
Anyway, you can of course put a reserve price on the house so if that is not met, then you don’t sell.