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Published on : April 8, 2020 12:51


Trying to sell a run-down or probate property? Here’s the best way to do it


Whether you’re trying to sell a probate property or a house that’s in a state of disrepair… auction is the answer you’ve been looking for.

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 ’80s. 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.



Probate


Probate is the legal authority to deal with a deceased person’s ‘Estate’. You may need to go through this process when someone has passed away.

If they owned a property in their sole name it will need to be sold as part of the Probate process.

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 will 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.


Don’t just take our word for it – watch Chris’ story below


Chris Bulmer’s mother passed away and he wanted to sell the family home as quickly as possible.

He 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 for £15,000 over guide price.

Watch Chris’s auction success story below.



Run-Down


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 even harder.

Finding a buyer can often be the biggest struggle when it comes to selling your property on the open market

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.



When selling a property at auction, the condition of the house will be factored into the sale price.

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.


Braemar Road, Fallowfield


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 Braemar Road.

When our auction valuer went to take a look around they were pretty surprised at the poor condition of the property. It was in need of a lot more than a bit of TLC!

Although it seemed like this house would never sell, our auction team had the right contacts to make this sale possible and managed to achieve 38 viewings prior to the auction.

Braemar Road went under the hammer at our October auction with a guide price of £110,000 and sold for £143,000!

As you can imagine the vendor was over the moon at achieving £34,000 more than they were expecting!



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.


Related Links


Selling At Auction

Our April Auction Will Be Held Online

March 2020 Property Auction Review

Covid- 19 Update: In line with the latest government advice, we have taken the decision to start viewings, valuations and other services. For more info click here.   Learn More

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