The Property
Acting on behalf of the executor of an estate, this semi-detached property has been sub-divided into 2 flats and needed refurbishment and upgrading. Having discussed the various options available, the client decided that as the property had several potential end uses and as they were seeking a sale that would move swiftly and without further renegotiation, the auction option was best suited. The guide price was set at £250,000, designed to attract a highly competitive bidding environment.
The Results
With over 5,000 online views and 17 registered buyers accessing the legal pack, the response was exceptional, with the reserve being exceeded a few days before the auction. On the day, the bidding was competitive with 31 bids made and the final bid was £337,000. The price increased £30,000 in a matter of minutes as 2 investors competed against each other. Another example of how strong the property market is when the product, pricing and method of sale are correct.
5,000+ online views
17 applicants
36% above guide price
31 bids
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Paul Hayhow Head of New Business |
If you’d like to find out more about whether auctioning your property online could be the right solution for you, I’d be happy to discuss it with you. Email paul.hayhow@haslams.net or call 0118 960 1003.