If you’re trying to sell something that’s in need of a lot of love and attention, then you might be wondering whether you’ll be able to find a buyer.
Maybe you’re trying to sell an old family home that hasn’t been updated since the 80’s. Perhaps you want to see the back of a project that you never had time to finish. Either way, there’s one place buyers go to snap up properties like this – auction.
In the age of Homes Under the Hammer and Grand Designs, an increasing number of buyers are looking for properties that they can completely transform into their own perfect haven.
Let’s have a look at the two different types and why they sell well under the hammer.
If you’ve been left a property in someone’s will, this can be quite a difficult time. Most people will want to sell the house quickly for emotional reasons or to prevent high maintenance costs. Either way, a speedy sale tends to be top of the agenda.
Although you might want to sell it fast, you still want to achieve the best price for it. After all, it is the most valuable asset that has been passed onto you.
This is when it becomes crystal clear why auction is the best method of selling a probate property. Auction not only offers sellers speed and certainty, but it guarantees the best sale price on the day.
Why is it a guarantee? Because at auction, there is a room full of buyers waiting to bid on probate properties that are in need of some work. They offer a great opportunity for cosmetic renovation without having to deal with any structural damage.
A well lived-in house in need of a little work is perfect for buyers looking to put their own stamp on a property, without spending too much money.
Chris Bulmer lost his mother and wanted to sell the family home as quickly as possible. Chris put his property up for sale with a high street agent, and after three months with very little interest became pretty fed up.
He contacted Edward Mellor auction and within weeks his property sold £15,000 over the guide price.
Watch Chris’s auction success story below.
If you’ve ever sold your home, you’ll understand the whole process isn’t as easy as you initially thought it might be. When you’re selling a property that has a lot of problems or is in a state of disrepair, this process becomes 100 times harder.
The biggest struggle you might have on the open market when trying to sell a property in such poor condition is finding a buyer.
The open market is a mixed bag of purchasers looking for their dream home. This ‘dream home’ comes in all different shapes and sizes, depending on the buyer, but the average purchaser rarely looks for a property with structural damage.
This is when auction works its magic once again. At auction, we have a room bursting with developers and buy-to-let landlords, all looking for their next property project.
The guide price tends to be set a lot lower on properties that need a lot of work, which is why they’re such an attractive investment.
These seasoned auction buyers have the experience and vision to be able to transform an eyesore into a stunning home.
To give you an example of how auction has worked for a property in need of a lot of work, we’ll take you to Birch Lane.
When our auction valuer went to take a look around Birch Lane they were pretty surprised at the poor condition of the property. The previous owner had lived in the property for around 70 years and had never done any work to the house.
If the structural problems weren’t enough, the occupant had smoked heavily throughout their time in the house – without opening a window.
As you can imagine this house wasn’t too easy on the senses. Although it seemed like this house would never sell, our auction team had the right contacts to make this sale possible.
Birch Lane went under the hammer at our July auction with a guide price of £35,000 and sold for £73,000.
Northgate Road in Edgeley is another example of how auction can work wonders for properties in need of a full renovation programme.
This house in Edgeley was deemed unsafe to walk around as there was so much clutter occupying the floor space. You literally couldn’t see the carpet underneath the mountains of stuff that had been collected over the year.
Although this property needed a lot of clearing and additional work, we had a list of buyers keen to view the house.
Northgate Road was offered at our June auction with a guide price of £50,000. After some competitive bidding, the hammer finally fell on a fantastic sale price of £94,000.
If you’d like to have a free, friendly chat about selling your property at auction, contact our team today. Call us on 0161 443 4740 or email [email protected] to find out how we could get you the best price for your property in a matter of weeks.