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Author Topic: Selling your house by means of an AUCTION?  (Read 949 times)

Offline lotrico

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  • Posts: 35
Selling your house by means of an AUCTION?
« on: July 25, 2008, 08:03:11 pm »
Hi

Our house has now been on the market for 1 week and already it feels like it is one week to long!!

Has anyone ever tried using Auctioneers to sell their house?  If so, I like to hear your take on it. 
I am seriously considering this option because I am not prepared to rent out my house while I am in NZ.




Offline Dedre

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Re: Selling your house by means of an AUCTION?
« Reply #1 on: July 26, 2008, 05:00:53 am »
Hi There!

I would not recommend that at all!  We were also looking at doing that.

When auctioning, you have set a min of what you want for your property, they cannot go lower than that. Most auctioneers want the min to be very low, for obvious reasons, people that go to these auctions are in search for a big bargain. So, there's the first issue, you property will be sold at A LOT less than what you wanted!

Rather let ALL the estate agents know about your property, and then tell them that you are neg and in a rush.... (Allthough most estate agents are greedy people, you will most probably still get more out than with auctioning!

Then my biggest issue for auctioneers: you have to pay for their markerting cost, approx R20 000 or more. And then, if they do sell your place at the auction, they get another 10% of the selling price, and yes, the purchaser has to pay that, BUT estate agents advertise your property all the time, at no cost!

Besides, from experience in the field, advertising is not that expensive, and the auctioneers do not have to charge that much! But they are not negotiable!!!

If you do want to spend R20 000, rather advertise yourself in as many newspapers ect, state that the owner wants to immigrate and selling is urgent!

What we did was, we informed all the estate agents in our area, and surrounding areas about the property. Most of them came to have a look, and it was sold in less than 2 months!

DON"T EVER SINCE SOLE MANDATE, EXCLUSIVE MANDATE OR MULTI LISTINGS!!!

Estate agents sign mandates like that and then relax with your property because no one else can sell it. If it's open mandate, all estate agents have to work hard on the property to get the first sale!

(If you sign any mandate, only that agency can sell, and yes, some say that they'll shared. But some agents don't even look at your property when it has a mandate.....

Sorry for ALL the info everyone...................

Hope it helps a bit!



SA Going to NZ Advice Forum

Re: Selling your house by means of an AUCTION?
« Reply #1 on: July 26, 2008, 05:00:53 am »