Should I Sell My Property at Auction?

Property auctions are becoming an increasingly popular way for people to sell their homes. In most cases selling at an auction is fast, efficient and pain free.

Things can still go wrong at auctions though and they are not the best way for everybody to sell their home.

Your answers to these questions should help you decide whether selling your home at auction is the best move.

1) Is There A Rush To Sell your Property?

• A) Yes, I am facing repossession
• B) I have made an offer for another property and want to sell mine fast
• C) No rush, I’d just like it to be quick

2) What Is The Condition of Your Home?

• A) It is run-down and needs renovated
• B) It is slightly run-down
• C) It is in a good condition

3) Have You Already Tried To Sell your home?

• A) Yes, it was on the market but did not sell
• B) In the past I have tried but not recently
• C) No, I have not put it on the market yet

4) Why Do You Want To Sell Auction?

• A) To get a quick sale at whatever cost
• B) So the process is not dragged out
• C) To get a good price for the property

Mostly A – Going Under The Hammer May Be For You

You sound as though you need a quick sale for your property and are not too concerned as to what it might sell for. There are no guarantees at auctions, but if your home is up for the right price than it is likely it will sell. The whole auction process from start to finish can take less than 30 days so if you need to sell fast this is the place to go.

If your property is in slight disrepair it is more likely to attract a buyer at auction as oppose to being sold on the open market, as you may have experienced.

If you do plan to sell at an auction make sure you research the various auction houses in your area carefully and visit a live auction beforehand so you know what to expect.

Mostly B – You Should Keep Your Options Open

It sounds like you have not exhausted all of your options yet when it comes to selling your home. The housing market has a habit of going through bubbles, so even if you have tried in the past to sell your property on the open market but with little luck you should try again.

If your home is in a good location and you are offering a good price you may not need to take the risk of going to auction.

Mostly C- Try and Avoid Auctions

It sounds like you might be swept away with the idea of a quick sale and have not really thought about the drawbacks of selling your property at an auction. If there is no rush to sell the property you should test it out on the open market first before you even consider going to an auction.

The reputation auctions have gained can sometimes be misleading, while it is true that a lot of properties get sold for over the odds this is usually only a certain type of property. Your property sounds like it has a good chance of finding a buyer without having to go to auction.

Property auctions provide a great service for those wanting a hassle free sale, but if you put the wrong type of property up for sale it can backfire and you could get less than you originally wanted. Always test out your property on the open market first and don’t be rushed into a quick sale, unless you have no other option.