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Costs for selling by auction?

Asked on Jul 29 2013, Selling in Beccles | Report content

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  • If your selling then typically there’s an upfront catalogue entry fee ranging from £300 – 500, this is payable for registering the property for auction and is non-refundable should the property failed to sell in the auction room. Should the property fail to sell then generally you’ll find that most regional auctioneers will not charge for re-entry into the next auction. Sales commission rates vary from region to region and auction room to auction room but expect to pay between 2 – 3% of the sale price. If your buying expect to pay an administration charge of circa £200 plus check the special conditions of sale to see if you have to pay a buyer’s premium.

    Web reference: http://www.auctionhouse.uk.net

    Answered on Jul 29 2013, Report content
  • Hi, if you are looking to auction in our area then it would be 0%.

    Answered on Aug 23 2013, Report content
  • @PeterHeron, thanks for information, 0% for selling sounds too good to be true! I've been told that some auctions load all the costs onto the buyer in the form of a 'Buyers Premium', which I am told on the face of it seems great for the seller but the downside is the factors in the cost when bidding.....I guess as the saying goes 'there is no such thing as a free lunch!' :-)

    Answered on Aug 23 2013, Report content
  • Regarding Peter Herons point about the vendor paying 0% commission to sell at auction, he might be referring to the fact that the vendor can ask the buyer to pay their fees? Some vendors add a clause to the Special Conditions that states the buyer is responsible for the sellers auction and legal costs. Most prospective buyers will notice this clause and will adjust their bid accordingly. Whether the vendor or the buyer pays the auctioneers fees, they're typically in the region of 2.5% and only paid when the property successfully sells. So it's "no sale, no fee". Some auctioneers also charge an upfront "catalogue fee" of a few hundred pounds.

    Answered on Apr 7 2017, Report content

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