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 method before and it is well known we don’t agree with it.
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 what would of Sell By Auction charged? 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 £1 guide whos loss if it goes wrong the agent? No, you the seller. That is why at Sell By Auction we offer the best service at a fair fee.
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