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Selling a house at auction: is it a good idea?

If you are considering selling property at auction, you will want to know more about the sort of fees charged, the home auction process, the different possible outcomes of home auctions, and if you will really get good value when selling your home at auction vs a private sale.

The pros and cons of auctioning your home

Putting your house up for auction is often considered to be a fast and efficient way to sell your property. However, there are many potential pitfalls to an auction sale that have not been widely publicised. Selling a house at auction can actually leave people in a worse situation that when they set out to sell their house. You might want to ask yourself a few things before selling at auction, such as how much does it cost to sell a house at auction? to ensure you will be getting the results you want.

The disadvantages of selling a house at auction include:

  • A sale is never guaranteed: If a bid does not meet the "reserve price", then your house will not be sold. The main issue is that reserve prices are typically set far too high which can make a sale a dim prospect. Even so, sale or no sale, you will still have to pay the auction fees.
  • Having to pay auction fees upfront: Most auction houses will demand their fee before your house is even sold. Therefore, you could find yourself out of pocket without even selling your property at auction. The fact that auctioneers demand a fee in advance can also affect their motivation, with the result that you don't get the high-quality service you deserve.
  • Breach of privacy: An auction house will bring people in to view your property, some of whom might not be true bidders. This can result in a major invasion of your privacy, as well as a lack of transparency from home auction companies.
  • Low offers: People buy homes from auctions for one reason: to find a bargain. Properties sold at auction houses, therefore, almost always go for significantly less than they are actually worth.
  • Time: Selling your home at an auction can take up to three months to complete, leaving you hanging on for a sale, despite receiving less money and having to fork out excessive auction house fees.

Instead of selling your home at auction, consider contacting Fast Sale Homes for a free, no obligation offer and avoid the hassle that auction houses bring. We guarantee: a quick sale in as little as four weeks, that your privacy will remain intact, and no fees. Moreover, once we agree a sale, you can rest assured with the knowledge that the sale will definitely go through.

Interested in hearing more? Contact Fast Sale Homes now!

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