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How much less do you get at auction?

I am thinking about auctioning my property, with a reserve. But how much less are you likely to achieve compared to the open market? My house was valued at £240,000 by two estate agents, so I am thinking I would be looking at less than this price on the open market, so how much less at auction? I don't want to put a reserve which is too high.

Asked on Jan 19 2012, House Prices in North Tawton | Report content

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  • Well, its now not always a case of getting less, it can and often is a case of getting as much as you would via private treaty (residential sale through an estate agent). Depending on how quickly you want to sell, Auctions can often be an option, however if your property is well priced, you do have other routes.

    Answered on Jan 20 2012, Report content
  • You could just advertise with an agent at a good/appealing price. It really depends on what condition your property is in, whether it is the sort of property that is in demand, good rental potential, potential to make money on as a long term investment etc. You really need to speak to an agent who has experience with auctioning properties and get as much advice as possible before you go down this route.

    Answered on Jan 20 2012, Report content
  • Auction Houses typically look for a discount of 30% to list the property - the final price will depend on the amount of interest on the day. It doesn't cost anything to give them a call. You may want to check your house valuation using Zoopla's free tool to get another view on the value of your property. Also when talking to estate agents it's best to ask what price for a sale within 4-6weeks. This is probably a fair price for your property. If you want to sell quickly then the quick sale price would typically be around 75% of Market Value = at that price you can typically achieve a sale and avoid paying legals within 28 days

    Answered on Jan 22 2012, Report content
  • Hello, I know this answer is super late but it might help some others looking for information on the subject! Selling property at auction is beneficial for a seller as it is straight forward, with the upside of potentially selling your house for a higher price! It's all about supply and demand. Hope that helps. Jeff Djevdet.

    Answered on Jan 25 2016, Report content

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