Brilliant episode, thanks very much. I'm selling my house in September when the tenants leave, and I was wondering about putting it to auction, because I live abroad and worry about it hanging on into the winter. The obvious downside is that it would sell for less, and I read somewhere that auction fees are higher than standard estate agents' fees (which wasn't mentioned here). It ought to sell quite easily - 2-bed terrace house with small garden on the edge of Southampton, built 1988, well maintained, it's the house I used to live in. So maybe I don't need the downsides of an auction, but I'll talk to some agents when the time comes.
I tried selling my property at auction and nobody even bid. I’ve had it on the market for 2 years now, on way below its paper/ market value. The bottom of the market has completely dropped out, successive governments have gone after landlords as a scapegoat for the cost of everything crisis (and driven them out the market) and then rates and uncertainty are making it really difficult for any actual potential buyers. If you look at the stats, we’ve had the biggest property market crash in the last few years since 2008 - quite possibly bigger - and nobody is talking about it… like the elephant in the room. It’s probably because many banks could go under. I literally can’t sell my property at the moment for what is left on the mortgage, let alone what I paid for it in 2018. If that is widespread, then that is the banks problem - as they aren’t sufficiently collateralised in the event people default on their mortgages. I’m going to have to rent my property out now, it’s been sitting empty for 2 years. I know I’m not the only person in this position - I’m renting myself now (in addition to paying the mortgage on my property). I had to relocate for work, and the person I am renting off is in the same position and has been trying to sell for way over a year with no luck. When the Government talks of reforming the rental market, it needs to understand that there are many reluctant landlords in this position who are just ordinary working people trying to make ends meet. By all means go after the large corporate landlords, but don’t hurt ordinary working people in the crossfire.
I've sold through auction because of necessity. it wasn't a great experience but it did get sold. I do think the auction process is more 'honest' but with the best will in the world there is a natural conflict of interest for any agent/auctioneer. In reality they both work for the buyer. There is only one pot of money so the seller is always 'encouraged' to accept the buyers terms.
Out interest, did the house you sold require work or was it ready to move in. I ask because I’m considering selling my house at auction that has had a full refurbishment but struggling to sell it on the open market and just need to get rid of it.
I think they can’t be more than 10% apart from each other so for instance if you set your guide at 200, your reserve can’t be higher than 220 or lower than 180
That would be the reserve price and if the reserve price isn’t achieved, no it’s not sold but people that bid in the auction could reach out to seller to reach an agreement on price post auction
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Brilliant episode, thanks very much. I'm selling my house in September when the tenants leave, and I was wondering about putting it to auction, because I live abroad and worry about it hanging on into the winter. The obvious downside is that it would sell for less, and I read somewhere that auction fees are higher than standard estate agents' fees (which wasn't mentioned here). It ought to sell quite easily - 2-bed terrace house with small garden on the edge of Southampton, built 1988, well maintained, it's the house I used to live in. So maybe I don't need the downsides of an auction, but I'll talk to some agents when the time comes.
I tried selling my property at auction and nobody even bid. I’ve had it on the market for 2 years now, on way below its paper/ market value.
The bottom of the market has completely dropped out, successive governments have gone after landlords as a scapegoat for the cost of everything crisis (and driven them out the market) and then rates and uncertainty are making it really difficult for any actual potential buyers.
If you look at the stats, we’ve had the biggest property market crash in the last few years since 2008 - quite possibly
bigger - and nobody is talking about it… like the elephant in the room.
It’s probably because many banks could go under. I literally can’t sell my property at the moment for what is left on the mortgage, let alone what I paid for it in 2018. If that is widespread, then that is the banks problem - as they aren’t sufficiently collateralised in the event people default on their mortgages.
I’m going to have to rent my property out now, it’s been sitting empty for 2 years. I know I’m not the only person in this position - I’m renting myself now (in addition to paying the mortgage on my property). I had to relocate for work, and the person I am renting off is in the same position and has been trying to sell for way over a year with no luck.
When the Government talks of reforming the rental market, it needs to understand that there are many reluctant landlords in this position who are just ordinary working people trying to make ends meet. By all means go after the large corporate landlords, but don’t hurt ordinary working people in the crossfire.
Great episode, thankyou ❤
I've sold through auction because of necessity. it wasn't a great experience but it did get sold. I do think the auction process is more 'honest' but with the best will in the world there is a natural conflict of interest for any agent/auctioneer. In reality they both work for the buyer. There is only one pot of money so the seller is always 'encouraged' to accept the buyers terms.
Thanks for sharing
Out interest, did the house you sold require work or was it ready to move in. I ask because I’m considering selling my house at auction that has had a full refurbishment but struggling to sell it on the open market and just need to get rid of it.
It needed significant work. TBH having done it the process isn’t THAT different on reality
@@MiniEggs1999 thanks
Who did you use. I went to auction recently and nobody event bid. It was on for less than I paid for the property in 2018.
Is there any correlation between the guide price and the reserve?
I think they can’t be more than 10% apart from each other so for instance if you set your guide at 200, your reserve can’t be higher than 220 or lower than 180
Hi, what happens if the price the seller would like to achieve isn't met? Is it still sold?
I presume you can set a reserve price line you do cars?
That would be the reserve price and if the reserve price isn’t achieved, no it’s not sold but people that bid in the auction could reach out to seller to reach an agreement on price post auction
I was told I had to pay for professional photos and this would be a few hundred.
My house has been on the market since February, i am thinking on taking this route next.
Good luck if you wanted to discuss an online auction then we can assist with that www.moveiq.co.uk/tools/selling/online-property-auctions/
All the best. I’ve been trying to sell for 2 years. I went to auction recently and nobody even bid.