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The alternatives to selling your property at auction

Need quick house sale help

The alternatives to selling your property at auction depend slightly on who you are and why you're thinking of selling through a property auction in the first place.

Historically, the majority of properties sold at auction were sold by companies. In recent years the balance has been changing with more individuals taking the plunge.

You may even be thinking  just now

as you read this that there are no reasonable alternatives to selling your property at auction.

Most likely you are:

a landlord or investor

selling property under probate

in some financial difficulty

hoping to avoid repossession

selling through personal circumstances

Pros and cons You may not have thought about the alternatives to selling your property at auction because you believe that an auction offers you a certain sale (more or less). And that you can sell quickly at auction for a good price.

This much is true, but it comes with some powerful caveats. Don't underestimate them if you need a guaranteed cash property sale.

First let's take price. Going into the auction you only know the minimum price for which your property will sell. You don't know the final price.

There are alternatives to selling your property at auction which omit this major headache.

A second risk to consider is that your property may not sell at all. This underscores the importance of your pricing strategy. You need to have the courage to set your reserve price at an appropriate level.

 

Price your property to sell or you're in dead water.

Before we go on to consider the alternatives to selling your property at auction there are other considerations worth mentioning.

Third, there are some significant fees in involved - both entry fees and sales commission if your property sells. You entry fees are non-refundable if your property does not sell.

Fourth, the timeframe may not suit everyone who needs a quick property sale. The timeframe can be two to three months in total (although auction houses often quote six to eight weeks). You need to allow time to get the property into the auction catalogue and then there's a period of up to 28 days after the sale before you get your cash.

However, when all is said and done, if you set your reserve price at the correct level your property should sell. Bear in mind too that the reserve will be far below the open market value of the property. This is because the guide price still needs to look appealing to buyers.

But auctions can do strange things to people..

A consideration which may sway you to try the property auction route is that many professional and non-professional buyers get caught up in the heat of the moment and pay over the odds for property at auction. But it is a gamble. You have to play the odds. If you think they stack up in your favour - go for it!

The alternatives to selling your property at auction

If you're having doubts, read on. There are alternatives to selling your property at auction which you may not have considered.

Firstly, you can try going for a private sale if you want to keep your costs down. But you must get your marketing and pricing right and qualify potential buyers with care. You'll find more on selling privately elsewhere on our site.

Another option is to try to find a cash buyer similar to Sell Your House Quick Help. The investors and landlords among you will already know about cash property buyers. It's not a secret. But if you're unfamiliar with this option browse our guide to cash buyers. And of course you're welcome to speak to us on 0800 043 0669.

Both selling privately and cash buyers are realistic alternatives to selling your property at auction. The down-side of selling privately is that it may take more time to sell than you have available.  With cash buyers you do get a quick guaranteed "no questions asked" sale, but you won't get full market value for your property.

And what about estate agents? The estate agent route shouldn't be considered among the alternatives to selling your property at auction unless you use an agent with links to cash buyers or is part of an auction group.



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