Selling property at auction

[darktone]

Something ive never done so after the general gist from peoples with experience. The property in question is in sw2, currently a 3bed with potential to turn it into a 5 bed with garage and loft conversion (following other like properties in the area).
I would think that being in london with the scope for extension would make it desirable for the multi letters / developers you might find at auction. Which should make it liquid. But I know zip!
Its in an average to s**t state inside cosmetically but structurally sound. Built around 40 years ago.
The owner (close family to me) just wants out asap at sensible money.

So the questions:
1) Is it reasonable to expect a sensible price?
2) Approx fees for the auction? (approx value 450k ish)
3) What are the pitfalls for a newbie seller?
4) Approx turnaround time from first contact to settlement.

Cheers folks
D

 

[Liquid validity]

Set a reserve - the guide price.
No bids make it there its pulled, they phone you, tell you highest bid,
do you want to work out a deal.
If not, back in next auction.

Put it on with 1 or 2 of best local agents as well, chances are auctioneer is
an estate agent as well, they usually are, and will add it to their normal agency books.
Get a few agents valuations, and check against similar on Zoopla
to see if price looks good.

http://www.auction.co.uk/residential/docs/ResiSellersGuide.pdf
You have entry fee - whether or not its sold and commission - both depend on auctioneer.

 

[Purple Brain]

Re: Rose & Crown Streatham Hill - it was just a joke.

darktone - sold my place in Clapham a few months back and London prices are top end - they 't really haven taken any hit.

Even if your friends place is a rat hole sell it through an agent. Buyers are greedy and developers even more so. London and the entire south-east is major des.res land - regardless of condition. Open market is still by far the best option.

 

[darktone]

cheers for the input fellas, points taken.

 

[NVP]

Read Paul Ribbons .....you will see the 2 way sword that Selling at Auction brings ....and he is to say the least a charasmatic and imformative read about flipping property generally !

you may do better selling though an agent and avoiding the significantly higher Auction Fees entail.....get them down to a decent fee (1%) ....give them 2 weeks to orchestrate an open house frenzy and another 2 weeks to manage/close out the offers that should entail

The only benefit Auction brings is a fast sale with exchange/completion within about 10 days normally......but you may not get price wanted and it can still fall though
just think before you go immediately to Auction

N

 

[darktone]

Read Paul Ribbons .....you will see the 2 way sword that Selling at Auction brings ....and he is to say the least a charasmatic and imformative read about flipping property generally !

you may do better selling though an agent and avoiding the significantly higher Auction Fees entail.....get them down to a decent fee (1%) ....give them 2 weeks to orchestrate an open house frenzy and another 2 weeks to manage/close out the offers that should entail

The only benefit Auction brings is a fast sale with exchange/completion within about 10 days normally......but you may not get price wanted and it can still fall though
just think before you go immediately to Auction

N

Its not my house. Im just trying to help out. The owner doesnt like the idea of an auction "cos it will go for f all!".
IIRC Dexters want 2% on what they see as a 475k house.I think thats a little high tbh. Not sure yet they want 2% of the estimate or final price. They did say they have a 0% commission offer atm, then the contract came through for 11k+ commision if they sell it!
Will have to do some more research.

Cheers
D