Selling at auction is a proven way to sell properties quickly and at a great price, but this doesn’t mean that our auction team can’t build long-lasting relationships with our clients. It’s not uncommon for vendors to discuss their options when selling at auction and to return to the Edward Mellor auction team when the time is right.
Our May auction results show how by understanding the needs of our clients and the unique challenges they face, our team can turn disappointment into a successful sale and build long-lasting relationships that bring vendors back to Edward Mellor time and again.
On auction day we exchanged contracts on 30 properties, generating over £4,850,000 for our vendors. There are still a few properties left, so whether you’re keen on snapping up an investment property or would simply like to learn more about properties selling at auction, simply follow the link to our May results on the link below.
Below you’ll find a few examples of our favourite success stories for May’s online property auction. If you’re interested in registering your property for auction, these results will demonstrate how you could achieve a quick sale at the price you want and with minimum hassle.
This lot is a prime example of where selling at auction can help sellers recover quickly when a traditional sale has fallen through.
During August 2023, the vendor decided to sell their former buy-to-let property on the open market with a competitive asking price, aiming for a swift sale. Despite receiving an offer of £100,000 within a few weeks, the sale collapsed just before the target completion, leaving the vendor disappointed after 8 months of waiting.
Faced with the costs of maintaining a vacant property and a potential loss of rental income, they needed a solution.
As a two-bedroom terraced property in a popular part of Openshaw, we were sure that Ryan Street would make an excellent purchase for either a first-time buyer or a buy-to-let investor. The vendor agreed and quickly enlisted our services.
We set a starting bid at £75,000 and soon conducted 19 viewings and received six pre-auction offers. It was decided that the high interest in the property meant that it would perform well at auction and on the day, Ryan Street sold at an impressive £140,000 – £40,000 more than the vendor was offered on the open market.
With auction sales providing immediate exchange and a completion date within 28 days of the event, this was an excellent and much-needed win for our client.
Securing funds to adapt an existing investment portfolio is a further scenario where selling at auction can be an effective route to reaching your financial goals. The then-owner of Cross Lane was keen to change their current strategy by purchasing new investment units and had decided to offload some of their existing assets to fund the acquisition.
As a fully tenanted retail unit and two-bedroom apartment, Cross Lane represented an excellent opportunity for a savvy investor to start or even extend an existing property portfolio. We were sure the property would sell well, so we quickly devised a strategy to present to the vendor.
The seller was less familiar with auctions than they were with selling on the open market, so we agreed to list their first unit with a reserve price of £115,000 to help ensure that the vendor achieved the sale price they wanted.
After just two weeks of advertising, Cross Lane sold for a fantastic £133,000 on auction day. Better yet, it seems that we have an auction convert, as the client has already instructed us with more properties to sell. Onwards and upwards!
We were first approached by the sellers of this lot in April 2022, however for several reasons this wasn’t the right time for the vendors to sell. Now that the seller had decided to return to the market, we were keen to move quickly to get their property listed.
The four-bedroom, end-terrace home certainly had a lot of potential as a family home, a buy-to-let opportunity or HMO, so we felt confident that we could generate a lot of interest in the property.
During the run-up to the auction 14 interested parties viewed the property, with six of them making pre-auction offers. We knew that we had priced the property correctly with a starting bid of £125,000 and agreed with the vendor to set a reserve at £137,000 on the day of the auction.
Bidding was fast and furious with West Avenue eventually selling for £185,000! Needless to say, the client was delighted and wrote to our Valuations Manager, Louise Golden, to express their appreciation over how she and Auction Consultant, Freya Bashir handled their sale.
“Hi Louise,
Many thanks for your and Freya’s assistance in this matter, you have both been most helpful and what a result! I knew I’d finally get the house over the line at some point and I cannot thank you both enough. I am incredibly happy with your services and the result! Thank you again.”
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 12th-13th June 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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