House for a £ pound ? Imagine the interest that will create. This was the headline we spotted in the Daily Mail last week. But is it the best marketing plan for the selling client?
On closer inspection, the property was perfect for auction being run down, uninhabitable and needing considerable expenditure.
The selling agents Robinson’s manager Michael Hughes commented that the property belonged to someone who died several years ago.
All very good, but what the article failed to mention (apart from someone having the chance to buy a house for £1) was the huge buyer’s fee.
Sell By Auction have blogged about the modern auction method before and it is well known, and we don’t agree with it because you the seller looking to sell by your property by auction don’t want clever marketing mimics, but rather, you want your property sold at best possible price, for you.
House for a Pound Property Auction Fees
On top of the winning bid, the buyer will have to pay some £5000+ VAT, £6000 Inc which is an incredible fee on what is a low-value house, which realistically will sell for circa £20-30,000 in our opinion.
The buyer will simply work out their best bid, and subtract the £6000 at the expense of the seller who will have been sold the benefits of the auction, that its free to sell your house.
Sell By Auction
So how much would you actually be better off working with Sell By Auction team? On a lot like this, we would not charge an entry fee. Our fee would typically be £1500 + VAT and a buyers fee of a more sensible figure of circa £600.
When considering a sale by auction, free is not always the best way, and free certainly doesn’t work out to be free for your bottom-line, and £1 guide whose loss if it goes wrong, the agent? No, you the seller. That is why, at Sell By Auction we offer the best service at fairer fee structure and down to earth honest advice for the property owner “you”
To learn more about selling properties at UK Auctions, talk to our friendly team of experts who are waiting to discuss your specific requirements, simply call us on 0800 302 9441
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