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Robin Fern, MSc MRICS, Farm Agent, discusses why auctions are a popular and effective way to sell properties, especially renovation prospects.
Auctions have always been a common way to sell property for renovation, a trend which endures regardless of market conditions. This method offers significant advantages for both sellers and buyers, making auctions an effective and efficient method for property transactions.
For sellers, auctioning homes for renovation presents a unique opportunity to attract a targeted audience of motivated buyers. Auctions bring forward interest and competition, possibly leading to higher sale prices compared to other methods. Sellers benefit from a transparent and effective process, with a clear timeline and definitive sale date. This eliminates the uncertainty often associated with prolonged negotiations and potential buyer financing issues. Additionally, auctions provide a platform to sell properties "as-is", reducing the need to make pre-sale improvements.
Buyers seeking renovation projects find auctions particularly appealing. The competitive bidding environment ensures that buyers have a fair chance to acquire properties. Additionally, the auction process is straightforward and transparent, with searches and a legal pack provided upfront. This allows buyers to make informed decisions quickly, facilitating a smoother and more efficient purchasing experience.
Stags have knowledgeable and professional auctioneers and valuers who understand the market conditions and personal factors which influence the decision to sell by auction.
A few examples of auction instructions which Stags have taken recently include the following:
Chy-an-Belray near Perranporth, an old, single storey dwelling of mixed construction with large garden and some holiday chalets that would benefit from restoration, as well as half an acre of mine land of limited use. The property was presented for sale with a competitive guide price of £200,000 to £250,000 and sold for £305,000.
Westacott, North Tawton, an unaltered Georgian style farmhouse in need of renovation and redevelopment. On inspection, Stags’ experts advised a sale by auction which aligned with the family’s objectives to achieve a secure and timely sale process. In this instance, the auction process has been used to refine interested parties to those able to complete on a sale within a given timeframe. The balanced marketing period allows for all potential purchasers to make their property enquiries prior to the auction end on Wednesday 17th July at 5pm. Buyers must then put themselves in the best possible position to bid in line with Westacott’s guide of £900,000.
Our skilled teams pride themselves on offering sound and transparent advice on where property renovation projects would favour being sold by auction.
For more information on how you can benefit from our experience in property auctions, please contact Robin Fern MRICS through your local Stags office today.
