Emotions tend to take over as buyers are desperate not to miss out on the chance to purchase your property.
The auction room can be great if you’re finding it difficult to find buyers through traditional routes, such as estate agents.
Although, even if your property doesn’t sell, you will still be liable for some auctioneers fees and you will need to consider other costs such as advertising and solicitors fees.
Some auction houses specialise in certain types of property and you could do some research into which auctioneers have sold similar properties to the one you’re selling.
We also strongly suggest taking someone along with you with who is experienced in the property auction field.
Buyers at auction are often looking for a project or run down property that they can purchase as a “doer upper”.
Once the hammer falls the buyer has to put down a 10% deposit and they have a month to pay the remaining 90%.
When multiple buyers are interested in your property the price can quickly skyrocket.