See What You May Need to Do When Intending to Sell House at Auction
Building or buying a house is expensive, and no one would make such an investment and then sell the property at auction without some compelling reasons behind. You are free to sell the house at auction if you wish as long as you understand what is involved in the process and how it’s done. The house needs to be prepared six weeks ahead of the auction date and ensure it’s well prepared.
You are required to keep all the details of the house ready and make sure the searches are ready in good time before the auction date. If you find a good auctioneer, they will make you know how the viewing would be done and probably how the whole process will be. You would also benefit from the auctioneer is that they would make you understand more about the entry of your house and its closing date.
Involve the auctioneer in getting the guide price of the property and have some time to discuss it with the auctioneer. It’s good to understand that most of the prospective buyers would not know how much you want for the house if you don’t give them the guide price. Now that you don’t know how the market conditions would be tomorrow, you need to have a reverse price set in good time so that you can withhold your property if these conditions don’t seem to favor you.
The only two people who should access the reverse price and know more about it is the house seller and auctioneer, but not the public members. You need to engage the solicitor immediately after setting the reserve price so that the next step can be easier for you. Most people know that having a solicitor in the process makes the process get quicker and make it safer also.
Most people are unable to proceed with the auction process when some of the lease agreements and probably the title deeds go missing, and that’s why it’s crucial to involve the solicitor to avoid such problems. Don’t forget that some of the interested buyers may want some of the house information disclosed before the auction day and the solicitor would know how this would be done.
The auctioneer may ask the people to come and view the property in groups or on certain open days especially if the property is vacant. You need to know that about 10 percent of the buying price would go to the auctioneer and they would also ensure they sign the contract on your behalf. Selling a house at auction is faster, and that’s why many people prefer it.