Auction vs other methods of selling comparison

We have provided you with a comparison between the auction sale method, the quick cash sale process, and the private treaty estate agency sale process too. There are pros and cons to all three, however, we truly feel that the  auction process offers you speed, value and opens the property up to competitive bidding, which provides you with the opportunity to achieve and in some circumstances, even beat market values.

Quick Cash Sale offer

Auction

Estate Agency

Typical sale price as percentage of open market value

50-70%

70-110%

90-100%

Timing for the exchange of contracts (sale is guaranteed)

2 days to 1 week

3-6 weeks

14-16 weeks minimum

Completion of the sale (i.e. money in your bank)

1 to 2 weeks after exchange

4 weeks after exchange

1 to 4 weeks after exchange

Total time:

1 to 3 weeks

7 to 10 weeks

15 to 20 weeks minimum

Upfront costs

None

£0 to £1,000 entry fee

£0 with a typical estate agent

Legal costs:

None

£750 to £1,500 for a typical property

£750 to £1,500 for a typical property

Typical commission (success cost):

0

2%+VAT

2%+VAT