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Selling a house at auction

Selling your house at auction is was a popular method for a time.

Home owners desperate to find a buyer had the impression that everything entered for auction actually sold. They also assumed that a house auction would provide a quick house sale and a good cash price. However the reality was often very different.

If you are considering selling your house at an auction house sale, then reconsider: Quick Move Now is a viable alternative.

To find out more about selling houses at auction and how Quick Move can assist those requiring a quick house sale please read on. Alternatively if you would like to receive an indication of what Quick Move Now could offer, visit our online estimate form.

How does a house auction work?

  • Houses are offered as lots
  • Auctioneer starts bidding at guide price
  • Bids are taken from registered bidders
  • If the pre-set reserve is not met the property goes unsold
  • If a bidder is successful they are legally bound to buy and the vendor to sell
  • Deposit payable immediately (normally 10%) with completion within 28 days

Negatives of selling houses at auction:

  • Fee to join auction to cover valuation/listing
  • Auction fee of 1.5% to 3% is also payable if you sell your house
  • No guarantee your home will sell by auction. Recent auctions have seen 50%+ of lots going unsold
  • Buyers at auction are usually professional house buyers looking for a bargain
  • Most auction sales are below market value. In current market conditions many houses are selling at up to 40% below market value
  • Fewer investors are looking to buy. Due to the credit crisis many cannot secure lending. Those with cash are buying less while they wait for the market to bottom out
  • Homes that don't sell may become blighted making them even harder to sell
  • Property type and value affects success at auction. Higher value homes with lower potential rental yield normally get less interest
  • House auctions generally cover a wide area. Property outside the main catchment may struggle to sell by auction
  • Your home should be listed well in advance of the auction. Potential buyers need time to visit your home and to undertake legal and survey checks. Insufficient time will lead to less interest on auction day

Luckily there is a way to guarantee a quick house sale:

Quick Move Now is the UK's leading professional property purchasing company.
Operating independently since 1998, we have bought over 5,000 homes from clients needing a fast, secure and efficient house sale.

As cash buyers of property we can offer the speed and certainty you won't get from the open market or property auction.

If you wish to learn more about the company visit about us and read our ethical charter.

The advantages over selling at auction:

  • Faster - we can purchase within seven days if necessary.
  • Certainty - many properties do not sell at auction. Quick Move Now will consider any residential, mortgageabale property in England or Wales.
  • Cost savings - you can avoid the usual sale costs, meaning no auction fees or solicitor costs.
  • Cash - many sales at auction occur at less than 60% of the property’s market value.  Quick Move Now offers up to 85% of market value so you may get a lot more money for your house!

How to sell your house quickly:

If you are looking for a quick house sale, contact us on freephone 0800 068 3366.
You can also complete our simple on-line estimator - this provides an instant estimate of what our cash offer might be for your property or text 'SELL' to 60777.

Selling a house at auction? Learn from our experience.

A house auction is often viewed as a speedy, certain way of selling, whereas in actual fact, the vendor does not have control, the price can be driven down significantly and many lots pass through unsold. Buyers at a property auction must have cash or a mortgage offer in place; in the current climate, this kind of buyer is rare and often reluctant to pay the guide price, let alone the reserve. Many homeowners find that property needs to be priced very cheaply, bidding wars are non-existent and the next auction is a long time away. In reality, there is no certainty of selling.

At Quick Move Now, we speak to hundreds of vendors every day, all experiencing different problems and all selling for different reasons. There is no set formula which will suit every client which is why we tailor our service to suit each individual and offer a unique alternative to selling via auction. As it becomes more difficult to sell property, we are hearing many stories from clients about their experiences at house auctions.

A client rang Quick Move Now recently following an unsuccessful auction attempt. His property had been on the market with an estate agent for ten months (valued at £260,000 then reduced to £245,950) without interest so he decided to try selling it at auction. The auction house suggested a guide price of £205,000 and a reserve of £235,000, expecting a bidding war. Our client's property was advertised online for two months prior to the auction and the auctioneer advised him that there had been no interest in that time so they would need to drop the guide price to £195,000.

At the property auction, no bids came in. The homeowner was left without a buyer and his property had been advertised at low prices which had set the benchmark for any future marketing or offers. Precious time had been wasted and the vendor had to pay an auction insertion fee of £500 even though they had not secured a sale (fees would have been £500 plus 1.5% of the sale price if a buyer had been found). Quick Move Now made the client a formal offer within seven days, the client chose a timescale for completion and Quick Move Now purchased the property using cash funds on the date stipulated.

For an alternative to auction and open market uncertainty and a unique approach to selling a property, vendors can depend on Quick Move Now, the UK's leading home buyer. We purchase property directly from vendors without needing mortgage finance, investors or third parties. All offers are made at no cost and with no obligation and home sellers receive a guaranteed sale within the timescales needed. In order to find out more, call us on freephone 0800 068 3366 or read about us.

Why not take advantage of our FREE online estimate to find out how much we would pay for your property.

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