At Pugh Auctions we have assisted with the successful sale of almost every property asset you could think of at online auction.
Whilst it's true that auctions attract a host of weird and wacky properties. Property auctions are often misunderstood as a commercial-only route. When in reality our potential buyers include families, first-time buyers and residential landlords.
We've sold thousands of residential properties and we are seeing a consistent year-on-year increase in our residential lot numbers. Residential homes are increasing in popularity at online auction because sellers want a fast, secure and guaranteed sale. Once the gavel falls, contracts are exchanged, and completion occurs in 28 days. This removes the stressful uncertainty of whether a sale might fall through, and you can sell your home confidently.
Auction properties sell on average 4 times quicker than through private treaty and sometimes that is the priority of the seller. Below we have provided some examples of the types of residential properties that can be sold at online auction with Pugh Auctions.
We frequently sell houses for private homeowners that need to sell their property in a highly competitive bidding environment. Sale prices over market value are often achieved at our online auctions. If you're considering selling a residential property of this kind at auction you should expect a high level of demand from a wide audience of buyers.
Standard residential properties that sell particularly well at auction tend to be those which have scope to add market value in some way. E.G. requiring modernisation or those which are likely to obtain planning permission for an extension or development.
If you're selling a property in need of improvement it's worth remembering that you're selling an asset, not a liability. Whether that be an apartment needing cosmetic improvement, or a fire damaged house needing complete renovation. By selling thousands of properties like these for over 25 years, we know there are many people who see potential in these types of properties. This is why it's important to open up your property for sale to the widest possible audience. Which is much easier with the online auction method compared to the restrictive in-room auctions.
When selling a property with renovation potential, it's best to generate competition by marketing it to as many potential buyers as possible. This then allows buyers to compete for the property at auction, ultimately driving up the price. As a result, in many cases a poor condition property will have a quick sale and achieve a higher price at auction than selling through an estate agent.
Property auctions can be a great way of selling property that is tenanted. Online auctions are a popular choice for landlords looking to sell multiple properties within their portfolio. This is because property owners and landlords can achieve a quick and secure sale at auction. Plus, the timeframe is much shorter than if the property was listed with an estate agent.
Tenanted properties are ideal for the auction room. Many landlords are likely to be amongst the bidders looking for their next investment. A rental property with sitting tenants tends to be less appealing to prospective buyers when selling via private treaty. However, when selling at auction, investors typically see immediate rental income as a great investment.
Properties with sitting tenants sell especially well at auction. The new landlords won't need to fork out for marketing costs straight away if the tenants are happily situated in the property and plan to stay there. Naturally, this also increases the average sale price for tenanted residential flats and houses.
Probate properties are particularly well-suited for sale by online property auction. Most people want to sell the property as quickly and efficiently as possible. Selling at auction not only facilitates a fast sale, meaning beneficiaries can receive their share of the estate quickly. It also provides the best price for properties without need for costly renovation. A thoughtful guide price is enough to gain buyer attention and create a competitive bidding environment.
Selling residential property at auction also guarantees that you'll receive fair market value. The auction process allows sellers to set a reserve price that you're comfortable with, ensuring a happy sale for both parties.
Probate properties are also often in need of refurbishment and modernisation. As outlined above, these types of properties always do well at residential property auction, often selling above guide price to buyers looking for opportunities for renovation projects to buy at auction specifically.
Executors regularly use a public auction house for the increased transparency and fairness they offer. The transparent way in which a property is marketed and sold on auction day ensures that the executor cannot be accused of any foul-play, such as under-selling.
Why not request a FREE auction appraisal for your property? It only takes a few seconds and there is absolutely no obligation. Or feel free to call us on 0345 505 1200 if you have any questions.
For details of our upcoming auction dates, view our auction diary.
Or, if you're interested in learning more about selling commercial property via online auction, you can view our guide to which commercial properties you can sell at online auction.