It is often assumed that a house is only eligible for auction if it has been repossessed or has been neglected. However, this is a myth. No matter how big or small your home is, or how luxury or dated the interior is, you can sell your home at auction.
Typically, when you think of a property auction you envisage catalogues of houses and an auctioneer rattling off values to a room of people before the hammer falls. However, as technology has advanced and more services move online, auctions have followed suit. SOLD.CO.UK are an online estate agent that has decided that this is another great way to help you sell your house.
Can I sell my house on eBay?
Most people automatically assume that the only way to sell your home online via an auction format is via eBay. Certainly, there are certainly man people turning to the e-commerce powerhouse to auction off their homes. However, it often second properties and holiday homes that grace the listings pages.
There are no rules on the properties you can sell on eBay and there has been a surge in the number of people in the UK auctioning their main residence in this way. To set up a listing you will have to pay a one-off £35 eBay charge, a manageable fee compared to estate agent commission. However, if your home sells PayPal will also charge you 3.4% + a 20p flat rate charge on the final auction price. Therefore, if you sold your home for £300,000 you’d take home £289,764.80 and spend £10,235.20 in fees. You would need to factor in solicitor costs to as everything will need to be legally binding.
With estate agent commission falling between 0.75% and 3.0%+VAT, you could actually end up paying more by auctioning your home via eBay. However, it could result in a quicker sale.
How can I put my house up for auction?
There are a number of online services that will help you auction your home online. At SOLD.CO.UK we offer customers a free online 30-day auction of their home. Like our normal property listings, this is completely free and fully managed by our expert team.
SOLD.CO.UK will list the property with an undisclosed reserve price – this will be decided with the customer beforehand. We will never list a customer’s home unless they are 100% happy with the reserve price. As well as listing the property in a 30-day auction format and Rightmove Auction, we also advertise the house to our database of qualified cash buyers for maximum exposure.
The benefits of online property auctions
If you want to sell your house fast there is no denying that online property auctions would be suitable. Due to the time constraints, you know that – if the reserve price is met – that you will have achieved a sale when the time is up. If your home is in need of some TLC, is a quirky property or there are legal implications involved it is more likely to sell via an auction than on the traditional market.
When discussing finances, it is a legal obligation for the auction winner to pay a set percentage deposit when the hammer falls. The remaining sum will need to be settled within a certain time frame also, typically 28 days. However, this will be dictated by the online auctioneer of your choosing.
Furthermore, compared to a traditional auction held in an auction house, there are a number of appealing factors to taking auctions online. These include:
- No cost of room hire for sellers
- No fees regarding catalogue printing or advertising
- Can easily change sale price or reserve online
- Can easily put the property into another auction if it fails to sell
Sell your house fast with SOLD.CO.UK
If you would like to find out more about a free 30-day auction with SOLD.CO.UK simply get in touch today. We know that selling your house can be stressful, so why not let us manage the process and take away the hassle from you? We offer different ways of selling to suit your requirements and will give you an instant valuation. Simply get in touch with our friendly team on 0800 566 8490 or email info@sold.co.uk.
