The Sunday Times
Saturday May 25, 2019

Auction for quick sale?

I'm thinking about putting my unwanted buy to let property in auction to sell it quickly. Is this a good idea?

Asked on Sep 17 2016, Selling in Sunderland | Report content

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  • This will depend on a number of factors such as the type of property, the local market, the auction rates and your appetite for risk.

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    Answered on Sep 19 2016, Report content
  • It really boils down to the price you want to accept and how quickly you need to sell your property. Remember, going into auction doesn't guarantee that you will find a buyer.

    Answered on Sep 20 2016, Report content
  • I would recommend visiting a property auction first to get a feel for how the whole process works. As much as estate agencies can promote them, usually properties don't sell unless there is a massive discount. Just my opinion, but definitely go along to one, get the brochure and mark just how many do and don't sell. Then at the end of the evening you may be in for a shock. There are many options available for a quick sale, it just depends on your circumstances and how quickly you want to sell.

    Answered on Sep 20 2016, Report content
  • Hi Jacqui. Very tricky question. It really depends on your circumstances and how quickly you want to proceed with a sale. Although an auction does sound appealing to some, the reality is that many auctions simply don't get the quick sale as desired. We would always recommend attending an auction first before considering one just so you can get a better understanding how the whole process works.

    Answered on Sep 20 2016, Report content
  • Hi jacqui, It can be but it’s no guarantee of sale.

    Answered on Oct 4 2016, Report content
  • There are circumstances in which an auction is a great idea, which may include the property being in distress (not suitable for mortgage) or desperation for the vendor. If the property is likely to be pursued by many buyers this may also be a justification. However, you should never forget that the auction will generally preclude buyers who have something to sell or who need time to raise finance. Sale by auction is also relatively expensive to undertake and there may be many viable alternatives. There are many new models in the agency and sale market. Consider all routes.

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    Answered on Nov 18 2016, Report content
  • As suggested previously, it would really depend on how quickly you need to sell. Sometimes, it can be worth waiting until the tenants have moved out and then selling it to owner-occupier buyers (probably after a refurb). Here, you're more likely to get a higher price than you would with sitting tenants...

    Answered on Feb 3 2019, Report content

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