As March comes to an end, we are happy to reflect on another successful online property auction. With the Easter Weekend fast approaching, the auction team was looking forward to enjoying a little rest and well-deserved relaxation, but before that, there was one more property auction for the month to complete.
Amidst the flurry of activity that goes into creating and managing an online property auction, it can be easy for our clients to miss just how much work the team puts in to make everything run smoothly – and that’s how we want it to be.
We want our clients to be able to count on a hassle-free auction experience, whether they are buying or selling a property. This is arguably most important for clients who are selling at auction, as often their circumstances require them to sell quickly, meaning a smooth sales process, handled by our expert team, is crucial.
This month’s auction provided some excellent examples of our team helping clients sell properties quickly, whether to generate cash for further investments or to help them move into a new home. Whatever the motivation, the fantastic results generated this month made our clients some very happy bunnies indeed – or is that happy Easter Bunnies?
On the day of the auction, we sold over 60% of our available lots, generating over £4 Million in sales for our vendors. While we’re thrilled with these results, there are still several properties available to buy. If you would like the chance to secure one of these remaining lots, simply visit our 26th-27th March Auction page.
If you need a little extra inspiration, why not take a look at some of our favourite examples from the day of the auction? We genuinely love helping vendors achieve their property goals and it’s always a joy to share some of our shared experiences.
This two-bedroom, end-terrace house, is set in the desirable location of Red Row in Hazel Grove. The home was sold as a property with huge potential as either a renovation project or a buy-to-let investment.
The vendor was also the current occupier of the house but was looking to move to a smaller property that would require less work to bring to a fully livable standard. They had previously found a property that they wanted to make an offer on and found a cash buyer for their home. However, this £180,000 deal had unfortunately fallen through – leaving the vendor at a loss.
It was at this point the vendor decided to turn to the Edward Mellor auction team to help them solve their property problem. We eagerly accepted and acted quickly to begin generating interest in the house. By setting a guide price of £135,000, we soon hosted 20 viewings and attracted four pre-auction offers.
Although this was a good result, we agreed with the vendor to take the property to auction with a reserve price of £155,000. On the day of the auction, six bidders battled it out for the property with the final hammer price coming in at £201,000.
The vendor was ecstatic with the result, as it would allow them to carry on with their property journey and needless to say – we were chuffed for them too!
The need to sell quickly and move to a more suitable property doesn’t just apply to homeowners, business owners can often find themselves in a position where they need to change properties quickly.
In this example, a rapidly growing business meant that the owners of 490-492 Oldham Road, Ashton under Lyne urgently needed to upgrade to a larger building.
The vendor approached Edward Mellor Auctions to help them facilitate a swift and efficient sale of their existing commercial property and we quickly got the sales process underway for them.
By following our guidance and pricing strategy, we were able to orchestrate 20+ viewings on the property. With such a high level of interest, we felt sure the lot would achieve a positive result and the property certainly didn’t disappoint. On the day of the auction, Oldham Road was followed keenly by several buyers and would go on to sell for £368,000 – £38,000 over its reserve price.
Believe it or not, it’s not just buildings that occasionally need to be sold quickly, sometimes it’s plots of land (with all the potential that goes with them) that change hands at auction. A plot of land that was sold as part of this month’s auction is a perfect example of this.
A regular auction buyer approached us saying that they needed to raise £50,000 to complete a separate purchase within six weeks.
We eagerly accepted the challenge and over the next three weeks, we were involved in talks with several keen auction buyers, both old and new. With development potential for up to three houses, we know that the lot could represent a great investment to the right buyer.
It was clear that several of our potential buyers were interested in the lot, so all that was left was to see how the land would perform at auction.
The vendor believed that the land was worth around 45K – 50K and we were certainly sure we could help them secure the funds they needed for their next purchase. As the hammer came down for the final time, the lot sold for £80,000 – resulting in a very happy client!
You might have considered selling property at auction for speed, but have you ever thought about selling at volume? Yes, we can do that too!
This month’s auction was a little special in that it had one vendor with no less than five properties to sell across Greater Manchester. These were:
With so much at stake, we worked closely with the client to ensure that they were fully aware of our sales process and confident that we would achieve a great result for them.
The five properties had cumulative reserves of £613,000 and on the day of the auction, the collective sale price for all five lots was £669,500. The vendor was absolutely thrilled and we were happy to once again show that the faith placed in our team is well placed.
“Thanks so much guys, what a team,“ They said. “Louise Golden, in particular, has been nothing short of amazing throughout the sales and auction process. Very experienced, savvy and great to get along with. Together with Kate Freer, the team at Edward Mellor have been efficient, and professional and provided a bespoke experience, to which I’m very grateful. Thank you.”
If you are looking to sell your property at auction, speak to our auction experts today. Edward Mellor is a leading property auction house within the North West and the only organisation locally that combines auction, estate agency and financial services all under one roof.
Our next online property auction is set to take place on 24th-25th April 2024, so register today to bid and access legal packs for the properties on offer.
If you would like to find out more about selling at auction or how to register to bid, please do not hesitate to contact the auction team on 0161 464 7903 or email [email protected].
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