Drum roll, please… THE RESULTS ARE IN!
September is usually a quiet month in the property calendar. Most are running around trying to get the kids ready for their first term back at school, while others are squeezing in a last-minute staycation. This can sometimes lead to fewer people focusing on purchasing a property or registering for our online auctions.
But this definitely was not the case for our September online property auction.
With almost 400 registered bidders and 110+ lots up for grabs, this was our largest sale EVER!
Lasting just over 6 hours from when the first lot began to close, our outstanding team at Edward Mellor Auction sold an amazing 55 lots which raised an unbelievable £6m!
“We’re now a staggering £10,655,945 of property sales in our 6-week auction cycle! This has broken all of our records and it’s safe to say we’re outperforming all our north-west competitors by some distance. We’ve recently implemented our new national framework which has increased our sales rate, enabling us to reach more buyers and generate much better values for our vendors!
With every property, we have a real focus before and after each auction to find the best deals for our clients. We set out a clear plan to tailor the journey for each customer to establish what works best for them. A great finish yesterday, and we still have some attractive properties available and our October 13th auction run has now started, so get in touch!”
Aaand we’re off! 🏡🔨
The first few lots from our September #auction have now sold under the virtual hammer – with some selling £63,000 over the guide price! 🎉
— Edward Mellor (@edwardmellor) September 16, 2020
Did you miss our September auction? You can click here to view the full list of results from yesterday.
We still have a few fantastic properties for sale post-auction, so make sure you take a look. You could bag yourself a bargain!
Let’s take a second to look at a few residential and commercial properties that stole the show at our ninth sale of the year.
One of the highlights early on in our online auction was the sale of the above two-bed terraced property in Openshaw, Manchester.
In need of a complete renovation, it’s perfect for any experienced property developer.
Another testament to the speed of auction – we listed this property and managed to secure 54 viewings prior to auction day.
When we spoke to our client about selling the property, we advised a guide price of £55,000 but once again we exceeded our clients’ expectations and the hammer finally fell on a sale of £89,000.
The contracts were exchanged immediately and our clients will have their money in 28 days. From start to finish, our clients were able to sell their home in less than five weeks.
The next lot we’d like to talk about is Lot 47, a 3-bed semi-detached property in Brinnington, Stockport.
Previously on the open market, this property had secured a sale of £80,000 however the buyer had to withdraw as they were unable to raise the funds.
Understandably the owners were quite disappointed as they were using the funds to pay for their mother’s care.
In need of a fast and secure sale, they came to the auction team at Edward Mellor.
We had sold a very similar house just round the corner from this one, so already had a bank of motivated purchasers
After discussing their needs and expectations we agreed on a guide price of £60,000 with the aim of achieving £80,000.
After 55 bids from 11 bidders, the gavel fell on a sale price of £100,500 – £20,500 more than what our client had hoped to achieve!
Even though our clients are over the moon with the price that was achieved, they’re happier at the fact their sale is secure. Once the gavel falls in a property auction the successful bidder can’t back out of the sale nor can they renegotiate the price. This is just one of the many benefits selling your property at auction has over the open market.
This is what they had to say: “When I spoke to you yesterday and you told me how much it had actually sold for I could not believe it. I was in shock for a few seconds. Taking your advice and trusting in you paid off in the end. It was your expertise and professionalism throughout that I shall always remember.”
Next up is Lot 9, a 3-bed semi-detached property situated in Appleton, Warrington.
This property has some structural issues, so we knew this would be one of our more challenging lots. But our experienced auction team do love a challenge!
Although the property came with a few problems, it’s located in a desirable location, so we knew it would attract interest.
Once we’d had a good conversation with our client about marketing, we decided to advertise the property at a guide price of £190,000.
After 27 viewings and some pretty competitive bidding, the hammer finally fell on a sale price of £214,500. That’s a whopping £24,500 over the reserve price!
The final lot we’d like to shed some light on is Lot 79, a parcel of land for permission for six 3-bed new build dwellings situated in Hyde.
Not often do we get a lot that surpasses our expectations but that lot is the one above.
Within a day of making it available at £140,000, we had received a cash offer of £150,000 with another one following a week later. A further four offers were made prior to auction day, the highest being £160,000 which the vendor was happily going to accept.
However, we encouraged the vendor to let the auction work its magic – and we’re sure they’re happy they did!
After 201 bids from 8 incredibly motivated bidders, the gavel finally fell on a sale price of £277,000!
That is a staggering £137,000 above guide!
Our client couldn’t have been happier with the result.
— EdwardMellorAuction (@MellorAuction) June 22, 2017
The success of our online auction just goes to show that despite these unpredictable times, life goes on and the process of buying and selling property is still something that can be achieved.