Navigating Risk and Delivering Speedy Results Through Auction
The sale of 68 Leeson Road presented significant challenges due to its location and condition. The property was adjacent to an area of recent landslip and had suffered structural damage, with a risk of future landslips in the vicinity. These factors meant the property would require a cash buyer willing to accept high levels of risk.
The Challenge
Adding to the complexity, the corporate client managing the property required a rapid sale to achieve swift resolution. Speed and efficiency were critical in this case.
The Process
To meet the client’s need for a quick and decisive sale, First for Auctions adopted an innovative approach:
- Guide Price: £10
- Reserve Price: None
This strategy was designed to generate maximum interest by presenting the property as an opportunity for bidders with a high appetite for risk. The auction was held in October 2024, with the property widely marketed to reach an extensive pool of potential buyers.
The Outcome
The auction strategy delivered extraordinary results:
- Total Bids: Over 400
- Final Sale Price: £48,590
The intense bidding highlighted the effectiveness of the no-reserve strategy in creating competitive interest, even for a property with significant risks. Contracts were exchanged immediately after the auction, and completion was finalised within 30 working days. This ensured that the client’s requirement for a fast sale was met efficiently.
Key Results
- Rapid Resolution: The entire process, from auction to completion, was completed in just 30 working days, providing the client with the speedy conclusion they needed.
- Market Visibility: The innovative pricing strategy attracted a broad audience, resulting in a competitive and transparent bidding process.
- Overcoming Challenges: Despite the property’s risks, the auction platform successfully delivered a positive outcome for the seller.
Conclusion
The sale of 68 Leeson Road exemplifies the power of auctions in addressing complex property challenges while delivering speed and value. First for Auctions provided a tailored solution that met the client’s specific needs, demonstrating the flexibility and effectiveness of the auction process.
Do you have a challenging property to sell or need a fast and reliable sales process? Contact First for Auctions today to learn how we can help.
