The facts about selling your property at auction.....don't get caught out.
Estate Agent or Auction?
Selling your property?....private treaty or auction here are some facts that will save you money. Many estate agents will advertise your property for a short while before advising you to lower the price....the next stage will be to advise you to take it to auction. They will then arrange to pass it on to an auction house many of whom will pay the estate agent £1000 or more as a referral fee. Estate agents don't tell you this. The auction house has to recoup that money somehow and that's why the vendor is charged large sums of money as commission by the auction house when the property is sold. Secondly the purchaser is also charged high commission rates hence why some properties don't even sell at auction. We don't pay referral fees, this is how we keep our costs lower than any other property auctioneers. We pass the savings onto our clients and not to third parties or estate agents.
Online Auctions.
Many property auctioneers now hold online auctions. This works by advertising your house for auction on their website. Very often they don't give start or end times of the auction, it's up to you to call their office and find out. Some will charge the vendor around £1000 but beware of hidden charges (a potential client was recently sent an invoice for advertising for £1,250 even though the property remained unsold). Secondly anybody intending to bid should find out the buyers premium as very often they are extortionate, recently four local houses have been listed for online auction with different companies with buyers premiums of up to £8000. On at least two of them this wasn't stated in the advert, there was just a couple of lines on the bottom stating "There may be fees associated with the purchase of this property". None of these properties had any bids and are still on the market.
Property Auctions South Wales Ltd.
At Property Auctions South Wales Ltd we don't believe any of the above to be fair either to the vendor or purchaser and have addressed it. There are no hidden charges with us, our fees are the lowest of any property auctioneers that we know of, not just for the vendor but also the purchaser. If your property doesn't sell on the first auction we will continue to auction it until it does at no further cost to you. We conduct single as well as multiple property auctions to sell your property at the earliest possible date without you having to wait months for the next auction. We hold property auctions in the area local to the property being sold to generate more bidders.
For a no obligation chat call Steve on 07988 952673.
