Is it really like Homes Under the Hammer? Read on to find out...
Property auctions may invoke memories of TV shows where people buy a derelict house for £1,000, only to find it’s even worse than they thought.
However, for most properties, that’s just not the case. Selling or buying a property at auction can be an effective way to sell. It does require some thought and perhaps a slightly different way of thinking to buying or selling a home the more ‘traditional’ way, but it’s often quicker, cheaper and more accessible.
The blog below is split into selling and buying - if you have any questions don’t hesitate to contact us at the end.
Selling your home through an auction
The auction process is fast-moving and takes slightly more preparation, however, after consulting with an expert, it can often feature the benefits of multi-agency, without the high fees.
Ben Nutley (Nested Putney) has worked with auction houses for a number of years. He comments that ‘the main draw for people is that they could complete in 28 days (sometimes even sooner) instead of waiting 3 months plus. Sellers also save on fees and the property sale becomes binding once the 10% deposit is paid, so fall throughs are extremely unlikely.’
He finishes by saying ‘I always tell clients it’s not as dramatic as how you see it on Homes Under the Hammer, it’s more like an eBay auction. Make sure you see the property, do your research and get your funds ready as it’ll likely move fast once the lot goes through.’
Buying your home through an auction
Things to note
If you have any questions about buying or selling at auction, please feel free to reach out to us below.