Five Useful Tips for Selling Your House at Auction

If you need to sell a house quickly and want to be assured that the buyer will not back out of the sale, you should consider selling your …

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If you need to sell a house quickly and want to be assured that the buyer will not back out of the sale, you should consider selling your property at an auction. You will have three options when auctioning a property: you can sell it at a live public auction, an online auction or a virtual auction. If you want to auction a property, here are five tips to use for selling your house.

Select an Agent Familiar with Auctions

You will want to select a real estate agent that is experienced at selling homes at auctions. Ask about their auction experiences and successes when looking for an agent, and compare the information you receive from agents you’re considering. Try to attend agent auctions to see how they are conducted and what you can expect from them.

Pick an Experienced Auction House

When you decide to sell at auction, you will want to choose an auction house that has different options for selling your property. Having options will allow you to select the best way to sell your house that meets your needs. There are many UK auction specialists that offer both public and online auctions, including the auction business iamsold.

Set a Good Reserve Price

The reserve price on your house is the lowest bid that you will accept. It is only known to you and the auction house. A real estate agent can help you set the reserve by looking at similar homes near the property is located and finding out for how much they were sold. If you tried selling your house previous to going to auction, examine the price to make sure it isn’t too high for the property before deciding on the reserve.

Stage Your House

If you decide to sell your house through an online or virtual auction, you will need to make your home as presentable as possible so it photographs well. Staging the house will allow buyers to imagine their possessions in it more easily than showing an empty house, and they can visualise how much space is in each room when it is staged with furniture. The house should also be staged for viewing prior to a public auction.

Discuss Commissions

You will need to discuss commission amounts with both the real estate agent and UK auction specialists. However, the commission may only apply to public or virtual auctions because many auction houses, such as iamsold, do not charge a commission for auctioning your home online. Decide what will happen if the reserve price on the house isn’t met, because this detail will be in the contract and the auction house will need to know exactly what to do with the property.

Auctioning your home is a quick way to sell it. If the sale is well promoted, the price can be driven up if there are multiple buyers interested in it. Discuss how your property will be promoted and do some promoting yourself online to get a better price.

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