Auctioning a property

A lot will depend on the state of the housing market. For the last year the housing market has been as flat as a pancake. The election, the budget, even the US elelction and hopes for interest rate cuts have all meant that buyers are holding back

Our house has been on the market for a year, in a street and village, where houses normally are snapped up. It is in excellent condition. In the past any house we were selling went within a week. We have reduced the price twice.

We have had plenty of viewers, but most of them, have houses for sale, that have been on the market most of the year. Who are, in fact, in exactly the position we are in.

If a house/flat is not selling at present, the problem is the state of the market and that may well play out into auctions with properties selling for very low prices, or not selling at all.

If the flat needs refurbishment it’s unlikely to find a buyer with the ability or DIY skills to refurbish it, most want to buy and move straight in.
At auction several buyers will compete because they are going to make money out of the refurbishment. Or you could pay a builder to do the refurbishment, don’t do that in a executor situation, whatever do will be wrong for the beneficiaries.

I have tried to buy at auction in Southern Ireland years ago - those particular "doer uppers" went for considerably more than expected.

Sometimes property has added value though... the views, outbuildings etc.
I'd Google how much those particular flats have sold for in the past few years to get a steer.

My mother-in-law's neighbouring property which needed modernising throughout was overpriced. It took a 10% price drop and 18 months to sell.
It's in a great spot and the work required was not structural.

Her own house house (bought 2 years ago before) was bought at its fair asking price given that it needed a lot of work. It sold within the week.

If it's with an agent what makes them think it's worth the asking price?

There are to ways to auction open one and modern one . If you want to sell the property quickly and willing to take a lost sell to a company like we buy any home .

Try a different agent especially if the one you have instructed has a reputation for being a bit toppy

It’s been with an agent. I think it’s over priced compared with other stuff locally. It’s a doer upper . Quite a lot to do, inc re wiring etc.

A friend in a similar situation with her mums house decided to go to auction after nearly two years
It was a good few years ago and the property market was very slow and it went for considerably less than the original estimate
The price will depend on the desirability of the propert
Having been to auctions as a buyer there seems no rhyme or reason as to what the property sells for
You could possibly attend an auction in the area the flat is in and see what similar go for
If it’s not with an estate agent see what they have to say

Sikipoo

Hi everyone.
Executors have been trying to sell a flat which belonged to my husbands father.
Sale fell through and the whole thing is just dragging on.
Has anyone sold a property at an auction and would they recommend and how much did it go for compared to the market value. Thanks

Were they trying to sell it themselves? I was involved in a not dissimilar situation. I'd get an estate agent.