Selling Property At Auction

[DarceyK123]

Friend needs to sell her flat quite quickly so is thinking of putting it in the auction. She realises that she will probably get less for it but are there any other negatives?

Also has anyone had any experience with the 'we buy any house' type people? Many thanks.

[barry1010]

If the flat is mortgageable, I strongly suggest she gets two estate agents to value the flat and advise on anything that needs doing before putting it on the market.  The agents should have an idea of how quickly it should sell and explain their fees in full.

She might strike lucky and find the estate agent has a buyer on his books looking for that sort of property.

When she has the guide price, she can invite the 'we buy any house' outfits to see what they offer.  She should be prepared for high pressure tactics and stand her ground. Ideally she will have someone with her during the visit.

If she does go to auction she should be mindful of the fees and set a sensible reserve. 

 

[DarceyK123]

Thanks Barry, she already has it with an Agent but not had a lot of interest even after reducing the price. Agent says not many people looking thisxtimecof year ect. 

[barry1010]

No harm in inviting one of those companies to make an offer if she can afford to lose up to 25%, maybe more.

She could also do a bit of research re recent auction sales to see how much similar properties have achieved.