Auction day is always an exciting time for our auction team. Seeing our hard work and dedication turn into positive results is a genuinely rewarding experience. The same goes for our vendors too, as many of them are selling at auction for the first time and it’s always a joy to deliver good news when a property exceeds the seller’s expectations.
This month’s collection of success stories shows how selling property at auction can deliver fantastic results for vendors, often meeting or even beating the value of a home on the open market.
On the auction day, we sold almost 60% of the lots on offer, generating more than £4,700,000 for our clients. There are still a few lots left from the auction, so if you’d like to secure one of the remaining properties, simply visit our April 24th-25th auction page.
Below are a few of our favourite success stories from our April auction. If you are thinking of selling at auction, take a moment to read through to see how Edward Mellor Property Auctions can help you sell property quickly and with impressive results.
120 Shrewsbury Street was a two-bed, mixed-use commercial property with exciting potential for conversion into two residential units. The client was looking for a quick sale and had already secured a private offer before speaking to us.
We arranged an appointment with the client and agreed that selling at auction would offer the best opportunity to reach a better price for the property. By agreeing to a reserve price of £110,000 we could guarantee that any final sale price would be similar to what the vendor had already been offered.
After just three weeks on the market, we drummed up a lot of interest in Shrewsbury Street from local investors and buyers further afield. On auction day, this interest resulted in no less than 45 bidders fighting it out!
Once the bidding finally stopped, the final sale price was £254,000 – a stunning £144,00 over the property’s reserve price. This was significantly more than our clients expected and they were over the moon with the result!
This two-bed, terraced house was set in the highly sought-after location of Openshaw and we felt sure from the start that the property would generate significant interest. During our marketing for Wilson Street, we received an impressive 31 viewing requests and nine pre-auction offers.
The vendor was happy to follow our guidance and trust in our auction process, so we agreed to set a reserve price of £83,000. On the day of the auction, Wilson Street sold for an impressive £124,000. The client was thrilled with the effectiveness of our approach and the result that came from trusting our recommendations.
This tenanted terraced house was set in a cul-de-sac location and although the property represented a great investment opportunity, it had previously failed to sell on the open market.
The vendors were initially hesitant to explore selling at auction, however, after hearing our guidance and seeing our process in action, they decided to place their trust in our team and go ahead with the sale. Godwin Street finally sold at £110,000 – £30,000 over its reserve price. This sale price exceeded both the vendor’s expectations and the original market value of the home.
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 15th-16th May 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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