Is auction a good way to sell a house?

Is auction a good way to sell a house?

If you’re looking for a speedy sale and certainty that a buyer won’t bail on you then auctions are a good way to go. As long as there is enough interest and you’ve set a realistic price your property should be sold by the end of the auction.

How much less do houses sell for at auction?

While it varies from auction house to auction house, as a rule of thumb try adding an extra 10% on to guide prices for a more realistic selling price.

Why would a house be sold at auction?

One of the main benefits of buying property at auction is the speed at which the whole process can be completed. Whereas buying through estate agents can take months, an auction purchase can be completed in just a few weeks. Auctions allow you to take advantage of a much more open and transparent buying process.

Can you get a mortgage to buy at auction?

Can I use a mortgage to buy an auction property? Technically, yes you can.

How do you pay for a house at auction?

There you will be asked for your two forms of ID and your method of payment (Credit Card, Debit Card or Cheque) for the 10% non-refundable deposit (sometimes the deposit amount can be higher, please check the legal pack or the addendum before bidding).

What do I need to know about buying a house at auction?

Here are 10 tips if you’re buying a home at an auction:

• No. 1: Prepare your finances.
• No. 2 Sign up for email alerts.
• No. 3: Get to know the market.
• No. 4: Register for a specific auction.
• No. 5: Inspect the property.
• No. 6: Save for the “buyers premium.
• No. 7: Determine how to bid.
• No. 8: Make your deposit.

Do you need unconditional approval to bid at auction?

You shouldn’t make an offer for or bid on a property without knowing exactly how you’re going to fund the purchase. If you’re the successful bidder at an auction you’ll usually have to sign an unconditional contract which means you must complete the sale or pay hefty penalties, such as forfeiting your deposit.