Achieving Transparency and Value in a Challenging Sale
The sale of 5 Ellis Road presented a unique set of challenges. The property was in a state of complete disrepair, lacking gas, heating, and functional kitchen and bathroom facilities. Moreover, the estate had gone into administration without a will, necessitating a transparent and structured process to ensure fairness for all parties involved.
The Challenge
The solicitor managing the sale required a method that could guarantee clarity and efficiency. Given these circumstances, First for Auctions was instructed to list the property in the March 2024 auction.
The Process
Recognising the potential of this property despite its condition, we set out to attract competitive interest:
- Guide Price: £275,000
- Reserve Price: £300,000
The property was marketed extensively in the lead-up to the auction, leveraging First for Auctions’ robust network to reach a wide pool of prospective buyers. The transparent nature of the auction process provided reassurance to the solicitor and other stakeholders, ensuring that the sale would be conducted fairly.
The Outcome
The auction generated remarkable interest and delivered exceptional results:
- Total Bids: 182
- Active Bidders: 6
- Final Sale Price: £480,000
The property achieved a final sale price significantly exceeding expectations, demonstrating the effectiveness of the auction process in delivering value even for properties in less-than-ideal condition. Contracts were exchanged immediately after the auction, with completion finalised within 30 working days, providing the seller with a swift and certain resolution.
Key Results
- Transparency and Trust: The structured auction process ensured complete clarity and fairness, meeting the solicitor’s requirements.
- Maximised Value: Achieving a sale price 60% above the reserve showcased the power of auctions in unlocking a property’s true market potential.
- Timely Completion: The swift exchange and completion offered a reliable solution for a challenging estate sale.
Conclusion
This case highlights the unmatched advantages of the auction process in delivering transparent and high-value outcomes for complex property sales. By partnering with First for Auctions, the solicitor overseeing the estate was able to achieve a seamless and successful resolution, exceeding expectations and ensuring all parties were satisfied.
Have a challenging property sale or require a transparent sales process? Contact First for Auctions today to learn how we can help.
