eBay has long been one of the ecommerce cornerstones of the internet. It has often been the go-to place for picking up a bargain or selling your unwanted items. What about property though? Could you put your house online and sell it like it was an old CD?
Perhaps strange to hear but yes, you can. The process is straightforward; simply upload your property with the relevant details and wait for the bids to roll in. The auction format is completely customisable and there are options to promote advertisements. However, is it really that simple though?
How to sell a house on eBay?
Much like when selling items from around the home on eBay, a listing will be needed for your property. Not like any traditional eBay listing though. All properties must be put onto eBay as a classified ad. With that in mind, you can only advertise it for exactly the price you want for it. The listing also only lasts for 28 days before needing to be relisted again.
Add some clear, detailed photos and compliment the ad with a description that showcases everything about the property. With a clever use of words, some appealing photos, and a realistic price, it could see lots of people interested.
What does it cost to sell a house on eBay?
Unlike traditional listings on eBay, selling a property comes with a slightly higher cost. Whereas when you sell an item of clothing or a video game, you can often benefit from special seller rates. With property it is a standard £35 per listing. Additional fees for cash handling via PayPal and the like may also be added on top. Although there is no final listing fee like on typical eBay auctions.
Before eBay changed their rules on this, these fees were seeing people spend not only the listing amount but close to £10,000 in other costs. Factor in that a classified ad only runs for 28 days and you could be putting the ad up multiple times before an offer comes in.
It is not legally binding
A sale on eBay is unfortunately not legally binding which can make the whole process a little more complicated. This is due to the laws regarding property sales currently in place in the UK. Interested parties can submit an offer, you can accept, and then they can pull out. Likewise, as the selling party, you also have the right to pull out of any potential sale.
It would be advisable to get legal documents drawn up, however, this additional cost further decreases the value you get for your home. eBay suggests a contract is drawn up with the seller contacting the buyer to discuss how the process can move forward for both parties.
With a house sale on eBay being not legally binding it becomes what is know as a non-binding auction. This basically means that there is no binding commitment between either party to complete the transaction. As a result, it becomes strongly advised that you seek advice from a conveyancing solicitor. This way, should you sell via eBay, you can be protected as much as possible from any scams.
An alternative to selling a house on eBay
So, whilst eBay may appear an attractive option in one respect, the fact it isn’t legally binding or guaranteed a sale may be disheartening. As a result, lots of people are turning to cash house buyers that guarantee a sale. With legal fees covered too, it is no surprise that companies such as Gaffsy are inspiring many. With fast sales, regardless of location or property condition, it has become an easy way to complete your house sale.