Many think that a property must be falling down in order to be sold at auction, right? Or that it’s in un-mortgageable so auction is their only option, right? Homes under the hammer style?
No, No, No.
This may have been the case years and years ago but we’re in the 21st century so let’s get with the times.
Welcome to Connect UK’s Auction Academy – Here to answer all your property auction questions.
So, let’s go through the type of property and land we see being sold, every day, through this method of sale.
Private Sales
Private sellers make up at least 40% of auction sales whereby homeowners have been failed, sometimes time and time again due to their sale falling through. This is where the auction route prevails. No fall throughs no fuss.
Tenanted property
Yes, you can sell through auction with tenants in situ. There is no reason for having to evict your tenants in order to sell. In fact, by not disturbing your tenants you will in fact attract other buy to let landlords and investors who are looking for income from day one of their purchase. Win Win.
Probate or Inherited Property
Probate properties are particularly well suited for sale by auction. Generally, clients wish to sell the property as swiftly and efficiently as possible. Selling at auction facilitates a quick sale, meaning beneficiaries can receive their share of the estate quickly.
Property with various ‘issues’
The auction route is perfect for property like this. Whether structural issues, fire damaged, legal issues, a short lease, un-mortgageable or just that there are neighbourhood issues, auction is the right option.
Commercial Lots
Whether vacant or occupied commercial premises auction proves beneficial. The auction route is very different from a private treaty sale in that the time frame between instruction and completion is a lot shorter, thus saving you time by shortening the whole sale process.
Amenity or developmental land
The value of the land will be dependant on the plot size, whether the plot has planning permission, what’s on the land boundaries and whether the land has road access or utilities on site. Either way all types of land are considered upon auction instruction and there is a great market of buyers for this type of lot.
So let’s recap.
Types of property that are suited to auction include:
Residential property
Probate property
Tenanted Property
Property with ‘issues’
Commercial lots
And Amenity or developmental land
Check out our other videos where we discuss why people sell at auction and how we market your property.
And remember to subscribe to our channel to become a property auction expert!
