In need of a quick house sale?
Selling your property at auction V selling to a professional property cash buying company
In theory both offer the immediate sale that many people are so keen to secure. In practice the results can be very different. The route chosen will depend on individual’s priorities and the circumstances necessitating a quick house sale. A quick summary of considerations are:
Sale price
An auction room is a volatile market place. Property will be sold at whatever price “the room” dictates on the day of the auction. There are no guarantees as to what price will be achieved or indeed if the property will actually sell. Reserve prices can be set. These are however difficult to determine in the current market and in any event the costs associated with entering a property auction have already been incurred.
A property cash buyer such as Molae Properties will guarantee a price. The price will generally be circa 20 -30% of the perceived market value of a property. However, the speed and guarantee of sale plus the no fees promise some companies offer will offset much of this discount.
The costs
In general there is an entry fee to an auction of a few hundred pounds which pays for admin costs and marketing of the property. Thereafter, expect to pay circa 2.5% on any sale price to the auctioneers. Plus you will need to pay a solicitor to draw up the contract ready for a sale and to attend an auction. Another hidden cost is timescale, you may have to wait weeks or a couple of months before there is an auction to sell at!
Molae Properties offers a no fee promise. No HIPS/valuation fees or legal fees (assuming one of our recommended solicitors are instructed). We also buy property in any state of repair so there are no upfront costs “preparing the property for a quick sale”.
Your convenience and privacy
Any prospective buyer via auction can and will visit your property. Plus the details of it are published in an auction catalogue for any interested party to view. This may not be a problem or inconvenience. However, you may not end up with a sale and this will amount to a lot of wasted effort and possible emotion on your behalf.
IF the house is sold at auction you must vacate it within 28 days of the auction. This is not long to organise your affairs the property is your home.
A cash buyer such as Molae Properties provides a confidential service. Information is not made available to a third party. We will visit your property to value it and any offer is made following that visit.Offers are guaranteed. Flexible completion dates are possible, these can range from 48 hours to several months. We also offer a sale and rent back service. In this scenario you don’t even have to leave home.
The current economic climate
The Guardian published data from the Liberal Democrat treasury spokesman showing that the average price of the 3,993 homes sold at a property auction between July 2008 and August 2008 was £130,400 which was down 23% in the same period a year ago. Auctions are at the cutting edge of the property market and are open to private individuals and property investors. The deals is struck in the room when the hammer comes down. There will inevitably be winners and losers.
It is a question of weighing up circumstances, what level of control you want to have over your house sale and what the priorities are as to which route to take. Either way it is advisable to explore both options.
Molae Properties are specialists in property cash buying. Our clients situations range from those simply looking for a quick house sale to those who are, relocating or facing repossession. We are able to buy your house quickly. Plus we can offer flexible terms to suit your needs such as delayed completion dates.Visit our testimonials page and the FAQ’s to see how our service works in practice.Alternatively please call freephone number 0800 634 5892 to discuss, without obligation.
