Selling House via Auction in Manchester

‘Selling a house at auction’ is a term you may have heard, but not one you necessarily understand, but it is a popular option for house sales in the UK. However, it is not always a simple process, and understanding the intricacies of selling your Manchester property at auction is vital before you take the leap.

With a buzzing property market, you could see some serious cash by selling your home at auction in Manchester. Around 20,000 properties are sold at auction in the UK every year and with such a quick housing market, that is only going to grow.

Importantly, around 80% of all auctioned properties actually sell too.

So, here’s what to know, if the auction house is a calling.

How Do I Find Home Auctions in Manchester?

If you are trusting someone to sell your home, finding the auction house that is right for you is super important. Look for a reputable house and research the houses they have sold before, are they similar to yours? Did they get a good price?

Auctioneers will also generally provide their valuation, and this could be helpful to see if they see the value in your home that you and another valuation do to moderate your expectations and also ensure your auctioneer is asking for the right price too.

There are a variety of websites where you can see what is up for auction in Manchester to get a gauge of who to sell with including Pugh Auctions, Mortimer’s and Allsop.

What do you need for a Manchester auction

Certain checks and information need to be obtained before putting your home under the hammer.

To get started, you are going to need to prepare a legal pack containing all of the relevant information about the property, such as title deeds, local authority searches, and any other necessary legal documents. Without these, you cannot proceed with the auction.

You are also going to need to make sure the property is in good enough condition to attract potential buyers. Check out some other properties up for auction in Manchester and see how they are being presented. If yours doesn’t look up to scratch, don’t expect ot get the same cash.

What price to sell your Manchester house for

You’re going to want to know how much money you want for your property. A reserve price

is the minimum price you're willing to accept for the property at auction. The property won’t be sold if bidding doesn’t reach this amount at the auction, meaning you are back to the drawing board.

Consider your financial situation, the value of the property and how desperate you are to get rid of it when deciding a reserve price.

What to expect from auction day

So, you’ve done all of the work and the day is here. It’s a big day and you may not know what to expect.

Hopefully, your home will draw a big crowd and the attending prospective buyers will bid on your property during the auction. If the highest bid meets or exceeds the reserve price, the property will be sold at the fall of the auctioneer's gavel, and then, if all of the funds are in place, your property will be bought.

What happens next

Things move fast after an offer is agreed, so the buyer will need cash at the ready. The successful bidder is required to sign the contract and pay a deposit of around 10% of the sale price immediately after the auction.

The rest of the balance is typically paid within 28 days, and upon receipt, the property is legally transferred to the buyer. It’s sold! You did it.

But, is it really that simple?

What to consider when selling Manchester house at auction

In short, no. Auctioning a property comes with some challenges.

Auctioneers charge fees for their services, which can include entry fees, commission on the sale price, and marketing costs, which could become pretty expensive. Ensure you understand all associated fees before deciding who to sell with, and ask about costs as you go.

It can be really time-consuming to pull together your legal pack and include enough information, Ensure your legal pack is comprehensive and up-to-date to avoid any legal complications or delays to your sale.

It is important that you seek advice from financial and legal professionals to understand the implications of selling at auction, including tax obligations and potential capital gains which you may not have considered.

Why should you auction your Manchester property

But if you want a quick sale that is fairly certain, auctioning could be for you.

Auctions can lead to a quick sale, often within weeks due to the fast nature of the selling process, with everything happening in one place.

Luckily, once the gavel falls, the sale is binding, reducing the risk of the buyer withdrawing, meaning no one is backing out or having doubts last minute.

Why you shouldn’t sell your Manchester house at auction

But if you are worried about cost, auctioning may not be for you as selling at auction often means you incur more costs than selling in the conventional fashion at market - something which is already pretty expensive.

Equally, while the sale is certain once bid for, there is no guarantee anyone will bid, or that your reserve price will be met, leaving you back at square one.

Who is the best person to sell your house in Manchester?

If an auction seems like too much hassle, The Property Buying Company is a cash buyer, and while we are unable to offer you 100% market value for your home we offer a service that sells your home or just a property that has come your way fast, free, and securely.

We take away the stress that selling your home can bring, simplifying the process and allowing you to relax - we will take care of the tough stuff.

When you sell with The Property Buying Company, you are in good hands. Don't just take our word for it, you can check out our Trustpilot, with over 1,000 reviews rating us as excellent. We are also proud members of the National Association of Property Buyers and The Property Ombudsman.

For a chain and fee-free service which is quick and simple, we can help.

If you are ready to sell your home fast and without the hassle that the open market and the auction house can bring, get in touch today and fill out one of our free, no-obligation forms to receive your CASH offer, which we could have in your bank in as little as 7 days.