The weather has certainly been lacklustre during June but luckily, the news on the auction front is as hot as ever! This month the Edward Mellor auction team demonstrated how they always go above and beyond for vendors and how they achieve sales prices that are far beyond what our sellers had hoped for.
With properties selling far beyond their reserve and vendors achieving sales in record time, this month’s property auction was full of exciting stories, which made it hard to pick just a small selection to write about.
These are just a few of the amazing results from this month’s auction, but there are always more! If you’d like to contact the auction team directly (they are lovely) or enter your property into our next online auction, simply contact us using the link below to book an appraisal.
During our June property auction, we exchanged contracts on 40 properties – a stunning 67% of our lots! These sales generated over £5.1million for our vendors, but don’t worry if you missed the big day. There are still a few properties left from our June Auction if you are interested in taking part in the action.
You can find these properties, or learn more about buying and selling at auction by following the link below.
12th – 13th June Property Auction
Despite being a charming property set within a distinguished postcode in the heart of Cheshire, number 4, Chapel Street had become a problem for its owners. We first spoke to the vendors on our catalogue entry deadline day, where it became apparent that they had been having a difficult time.
Having undertaken a stressful eviction process with the property’s previous tenants, the vendors had since spoken to numerous estate agents about a property title issue that they had recently resolved.
With no luck finding a buyer for the property, its owners were losing hope of achieving a sale and closing this chapter of their lives.
Sensing that the vendors were in need of help, our auction team worked hard into Friday evening to ensure the required paperwork was in place to enter Chapel Road into the June auction.
On the day of the auction, Chapel Road sold for what the vendors had wanted and we managed to secure a completion for them within just 21 days – ending what had been a very stressful and costly experience for them prior to the auction.
This client was referred to Edward Mellor following the death of a family member. The probate process had been extremely long and complicated, as unfortunately no will had been left and there were not one, but two properties to be sold.
Understandably, the vendors were looking for a quick sale and after sitting down with us to discuss their options, it became apparent that selling at auction would be the fastest route for them.
We agreed to set the reserves on each property at £70,000 and within five minutes of each home being listed our phones were ringing off the hook! We soon booked over 30 viewings between Bragenham and Butman Street and were extremely confident that they would do well on auction day.
On the day of the sale, the hammer came down at £113,000 for Bragenham Street and £120,000 for Butman Street – a whopping £93,000 over what the clients had expected to achieve.
The vendors were over the moon and couldn’t have been more grateful to our team for all of their hard work. For our part, we were once again thrilled to see how our extensive auction expertise can turn a difficult situation into a fantastic result for our clients.
The need for a fast and guaranteed sale brings people from all walks of life to auction. Landlords often approach our team, whether they are looking to secure a new investment opportunity or offload part of their existing portfolio. Our experienced auction team can help landlords at every stage of their investment journey.
In this example, the vendors had decided to sell their recently vacated buy-to-let property at 21 Bramhall Moor Lane, Hazel Grove, SK7 4AJ. Once the owner contacted us to discuss entering the property into auction, we acted quickly to provide an accurate valuation and set the property live on the same day.
Bramhall Moor Lane was listed just two weeks before auction day, but we were sure the property would sell well. We relied on our proven auction process to set a fair reserve, while marketing the home to our keen database of auction buyers.
On the day of the sale, Bramhall Moor sold at £9,000 over its reserve price achieving both a quick sale for our client and a better sale price than they had anticipated.
The vendors were quick to contact us and let us know how happy they were with the result.
“We are extremely happy with the service you provided and you certainly exceeded our expectations,” they said. “I met your Area Valuer, Chris Taberner, at the house on 1st June and decided to sell via auction – So to have sold it 13 days later is simply amazing!”
Not all of the rental properties that we sell at auction are vacant. It’s not uncommon for landlords to sell tenanted homes at auction, which can be an excellent way for buyers to extend their existing rental portfolio with a ready-made let.
The vendors of 31 Canberra Street had decided to sell the property to release equity from the home, as they had owned it for many years. The seller was keen to ensure that they didn’t unsettle the tenants, so it was agreed that the best way to proceed would be to sell the property via online auction.
Canberra Street was listed with a reserve of £115,000 and it wasn’t long until the vendors were approached directly with an offer of £125,000. Although this was an attractive offer, the decision was taken to let the property run at auction.
On the day of the sale, Canberra Street sold for an impressive £133,000 – £18,000 over its original reserve. This was a fantastic result for the vendor and an impressive demonstration of our auction process in action.
Our final auction story this month showcases how bringing a property to auction and following the guidance of our expert team can achieve exceptional results for our clients.
Melling Road was a two-bedroom house that came to market in excellent condition, so we felt sure that it would perform well. Sure enough, the property generated significant interest and we received an impressive 25 viewing requests resulting in 11 pre-auction offers.
Given the obvious interest in Melling Road, we agreed with the seller to set a reserve price of £100,000. The result on the day was outstanding, with the property eventually selling for £132,000 – £32,000 over its reserve!
This was an incredible result and the perfect way to round off this month’s collection of auction success stories!
If you are looking to sell your property at auction, speak to our auction experts today. Edward Mellor is a leading national property auction house 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 3rd-4th July 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].
Quick Auction Links
