Could Selling Your House at Auction be Better Than a Estate agent
The auction house is once again becoming a popular place to be. With the current state of the property market being way beyond just green shoots and buyers once again scrambling to get on the property ladder in fear of missing out.
Previously only Cash Buyers could Buy
It was only a few years ago that even the auction houses became a difficult place to sell your home, mainly because of two reasons, Firstly, when prices were falling many feared that they would keep falling and were unsure of where the bottom of the market was, that was obviously a big fear that kept many house buyers away. Secondly, it became almost impossible to get a mortgage for a normal house purchase, let alone within a 30 day time period that you have when buying at auction. So only the cash buyers prevailed and these were few and far between compared to the amount of houses needed to be disposed of from repossessions and struggling home sellers.
Auctions are Becoming more Popular
It’s amazing how quickly times a have now started to change. You can forget about watching old repeats of Homes under the hammer that we got during the recession! The shows presenters careers have been revived and we are now getting a new series! All joking aside, recent reports from the largest UK auction house EIG have reported an increase in the amount of property lots being sold in the North and the story even speculates how sold prices may even achieve a higher amount than from a auction compared to a estate agent due to the fact that there may be 10 buyers bidding on each property. There is also a similar story for Ireland where a record number of properties are coming up for sale at the auction carried out by Allsop.
There are Lots of Property Selling Options Available
Another benefit of selling you house at Auction is the time it takes to complete and your buyer is legally obliged to complete within 30 days or they can forfeit their deposit which is often 10%, however not everyone is lucky enough to achieve a satisfactory price. When selling to a estate agent you do have more control over the price you achieve but it may still be difficult to get a buyer and if they need to use a mortgage then the process will usually take a few months. There are off course other ways to achieve a fast sale and if you are considering selling at auction then using a company like direct house buyer can enable to achieve a greater price. For free quote from one of our property advisors you can fill out the form and contact us today.