Selling a house at 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 an 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 this week 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.