Not all properties can be sold in mint condition. Here’s how Auction House Hull & East Yorkshire helped a landlord in Hull sell a refurbishment project quickly with a result that beat expectations.
Sometimes a property isn’t in a condition that suits the open market, but waiting isn’t always an option. That was the situation facing one landlord looking to sell a former buy-to-let property – and auction turned out to be exactly the right route.
We spoke to him to find out how the Auction House Hull & East Yorkshire team went above and beyond to get him the best possible outcome.
Why is auction a good option for selling properties needing refurbishment?
Most people are familiar with the need to ‘touch up’ a property before putting it on the open market. But when a sale is needed quickly, making a property picture-perfect can add unwanted delays.
With auction, none of this preparation is necessary.
This is because auction attracts cash buyers on the lookout for projects to add value to. They expect to buy properties ‘as seen’, so there’s no need to invest time and money carrying out repairs or cosmetic work. The transparency and fixed timeline of auctions also means that sellers can avoid long negotiations or deals that fall through due to financing problems.
“We decided to sell the property via auction for speed. The biggest advantage for us was the certainty that the sale would complete following exchange of contracts.”
Selling with Auction House Hull & East Yorkshire
Having previously bought properties through Auction House Hull & East Yorkshire, the seller was already familiar with their fantastic work.
Knowing that they would provide personal support throughout the process made them an obvious choice, but their guidance really proved invaluable when it came to clearing the property of old furniture.
“We were fully supported by Romilly of Auction House Hull & East Yorkshire throughout the whole journey, even when there were multiple challenges to get through. She even assisted with the management of the property clearance as we did not live close to the house; this help was priceless and very much appreciated. Romilly really is an absolute credit to the business.”
Case in focus: Rosebery Street in Hull
The seller had originally purchased Rosebery Street as a buy-to-let property. It was ideally located in an area popular with families but needed refurbishment to be carried out throughout. The team therefore guided it at £65,000 (plus fees).
Its initial entry into an online auction proved unsuccessful, but the tenacity of the Auction House Hull & East Yorkshire team meant that a second attempt resulted in a sale at an excellent price of £77,000.
“The service was faultless from the start to the end, and the sold price exceeded our expectations by around 10%.”
Would you recommend Auction House Hull & East Yorkshire?
“We would have no hesitation in recommending Auction House Hull & East Yorkshire. The team is great at communication and will provide you with support throughout the process. We look forward to working with Auction House Hull & East Yorkshire again very soon.”
Got a property that needs work? Auction could be the answer
Whether you’re looking to downsize a portfolio or need to sell a property that isn’t quite estate agent ready, the team at Auction House Hull & East Yorkshire can talk you through your options.
Call the team on 0845 400 9900 or email hullandey@auctionhouse.co.uk to get started.
