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Netscape Netscape Compared's Auction Service v Using an Estate Agent (Private Treaty) Estate Agent
The price could easily exceed the seller's expectations. It is an open market with no fixed price being offered. With private treaty, the price is set in advance and therefore the true value may not be achieved.
Auctions generate much more interest, exposure and most importantly a sense of urgency amongst potential buyers because the date of the auction is the day of the sale. Therefore sales are much quicker. There are no time constraints so the sale will almost certainly take longer than necessary to go through. Either party can delay the proceedings.
Once the auction is complete the winning bidder exchanges contracts immediately and will have to put down a 10% non-refundable deposit. Buyers frequently retract offers and pull out of sales, often causing a lot of distress and expense to the seller.
Auctions target a far bigger audience as the marketing is generally nationwide. Estate agents tend to just advertise locally, therefore there are fewer people who know that your property is for sale.
Buyers and sellers have full control and can discuss issues between themselves. Buyers and sellers are kept apart. The estate agent has full control and all discussions have to go through them often wasting a lot of time as messages are passed back and forth.
We do not charge any commission. We just charge a listing fee of £250. Fees usually range from 1.5% up to 3%.

The Difference in Fees

Your Property Sale Price Estate Agent's Commission (2%) VAT at 20% Total Fee to Estate Agent Total Fee to AYP Saving