When you want to sell a home in the UK, it can be difficult to know how. Auctioning property is a good way to get rid of land you don’t want or need anymore, but you’re not too worried about what price you get from it. If you have a home that can’t pass a home inspection, can’t use it, or just needs to be off your tax report, it’s a great idea to look into auctioning it off. However, is auctioning better than the other options? And how do you decide? Here are some reasons why you might want to auction property in the UK, and why you might want to sell it to a cash buyer on the market.
The Perks of Auctioning Your Home
There are several reasons why you might want to auction your home. If it’s genuinely not worth any money or is dangerous, or you just need to move very quickly, auctioning might be your best. Auctioning your home means you’re guaranteed to sell within 28 days, which can be a godsend if you need to leave very quickly. However, there are some very real drawbacks to selling at auctions that many auctioneers won’t mention before you sell your home.
What You Might Not Have Considered About Auctions
While auctions are guaranteed fast sales, they come with some very real issues. When looking to auction property in the UK, be warned that you will not make back your mortgage. Auction homes sell for very low prices because all of your bidders are looking for a good deal. You won’t even make a fraction of the market price at auction, and even worse– you have to pay to enter your home in an auction, and these fees can often stretch up to hundreds of pounds. Furthermore, if you sell your home at auction, you have to be fully moved before the auction ends. After the hammer falls to signal a sale, that home isn’t yours anymore, and there’s no haggling about what price it’s worth. The buyer’s word is final at an auction sale, and that means that you as a seller have much less control over your property.
Alternatives to Auction
In comparison to selling at auction, selling your home to a cash buyer is a walk in the park. Cash buyers are guaranteed sale at a fair price, and you never have to waste money on repairs and renovations like you might if you were selling with a realtor. Cash buyers negotiate their prices and find what works for you and them. You never have to struggle with your buyer’s mortgage payments, either, or the bank your buyer might be lending from. Cash buyers have the money to outright purchase your problem property for market price, which helps you move fast and with more money in your pocket. While they’re not as fast as selling at auction, cash buyers are a great alternative to auctions that make sure you have enough money to purchase your next home if you need to. Overall, it’s easy to see why thousands of sellers in the UK regularly choose to work with cash buyers, especially because of the simplicity and the money you can earn from your sale.
Should You Auction Property in the UK?
When you need to get rid of a UK property quickly, or you don’t care what price you get for your home, an auction is a great way to go when selling your land. However, if you’re in any other situation, you might be better served to work with a cash buyer to get your home sold. Cash buyers will give you just an under-market price for any home, even if it’s falling apart at the seams. Even better, cash buyers purchase in as-is condition, making sure that you don’t spend any more time or money on a property that isn’t viable. Overall, in most situations, it’s more likely that you’ll want to work with a cash buyer instead of an auctioneer to sell your home, but for some people in specific scenarios, it might be just the ticket to get rid of a problem property.