Selling house by auction

[Wilmslow]

I am considering selling my old house by auction. Own two houses, renting out one, good interest deal coming to an end meaning a hike of several hundred a month.

Rented to a long term tenant on a contract that has expired so easy for a one month notice.

Cannot afford for it to be empty for ages while I pay mortgage and lose the rental income as who would want to rent a house that is up for sale?

Has anyone either sold at auction or looked into it and backed out?

Just want the one house and mortgage, but want to make it as clean as possible without getting royally reamed.

[EricCartman]

I am considering selling my old house by auction. Own two houses, renting out one, good interest deal coming to an end meaning a hike of several hundred a month.

Rented to a long term tenant on a contract that has expired so easy for a one month notice.

Cannot afford for it to be empty for ages while I pay mortgage and lose the rental income as who would want to rent a house that is up for sale?

Has anyone either sold at auction or looked into it and backed out?

Just want the one house and mortgage, but want to make it as clean as possible without getting royally reamed.

Just sell it under market value, it will go quick.

[MarillionFan]

I am considering selling my old house by auction. Own two houses, renting out one, good interest deal coming to an end meaning a hike of several hundred a month.

Rented to a long term tenant on a contract that has expired so easy for a one month notice.

Cannot afford for it to be empty for ages while I pay mortgage and lose the rental income as who would want to rent a house that is up for sale?

Has anyone either sold at auction or looked into it and backed out?

Just want the one house and mortgage, but want to make it as clean as possible without getting royally reamed.

Right. Two birds, one stone.

Why don't you move yourself and the contents of your sock drawer into your imaginary rented house, moving away from your imaginary neighbours who dislike socks.

Then with your existing imaginary house, you sell it to Nick Fitz who is having problems with his real neighbours.

When Nick goes to move into the imaginary house, you will have been given real money and he will be homeless and you will have all the cash. Nick will then be able to sleep on benches at night and get a good nights sleep. Then you & Churchill could go on holiday & buy some new socks.

Everyones a winner!

[d000hg]

Cannot afford for it to be empty for ages while I pay mortgage and lose the rental income as who would want to rent a house that is up for sale?

Loads of people. Your tenant is on a month's notice (though legally I think you might have to give 2 months' actually). You are allowed to have viewers come around while they live there, obviously the sensible route is to chat to the tenant and explain, and maybe get them onside by saying you'll give them the last month free if they can commit to moving out within a month notice.

Also, maybe your tenant might consider buying; you might give them first refusal and consider a lowish offer for continuity - they rent it until the sale is complete.

[Paddy]

Do not sell at auction unless you are forced to do so. If you sell at auction the sale will be ringed. For those that don’t know; auction ringing is where a group of regular buyers agree not to compete and a nominated member bids a low price. The property is then re-auctioned privately in some private room minutes afterwards. Whoever pays the highest out of the ring will pay the difference to the other ring members.

Eg: Property worth £200,000 goes for £80,000. You get £80k. Property re-auction by ring members for £200k. Buyer pays £120k to ring members. Everyone is better off except you. The practice goes on with the collusion of property speculators, estate agents and solicitors.