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Impact of auctions on value

I am trying to sell a new build flat at the moment, however I am struggling and am thinking about auctioning the flat through http://www.iam-sold.co.uk/, a recent auction website. However I am concerned that if I put the property up for auction at lower than market value starting bid and this does not meet the reserve on the day, then afterwards the property value may decrease. Do you know if this will impact future offers? I also want to know if I had a remortgage valuation after the auction, would they consider this history and therefore give a lower valuation, or would they base it on the normal market value. Am I worrying too much about this? Would you suggest I have better chances with mortgages if I don't auction it first? Would auctioning the property have a permanent effect with Zoopla, etc.. i.e. does the history of marketing it at the starting bid show? Many Thanks, Kindest Regards, Nick

Asked on Jan 27 2016, House Prices in Sheffield | Report content

Answers (1)

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  • Hello Nick, Surveyors should value property based on real, sold values on the open market (registered at the Land Registry). If local property prices collectively decreased, then I would imagine that you could see potential down-valuation. Also, if your flat doesn't reach its reserve price the only people that will know are those who are monitoring auction prices (and the auction house itself). It will not be formally registered - like it would if sold - so I don't think you have too much to worry about. Thanks, Ruban

    Answered on Sep 15 2018, Report content

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