Selling at Auction Case Studies - Auction Case Studies

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Auctions Case Studies

We've been helping our customers sell land and both residential and commercial property at auction. Our innovative service enables us to help a wide variety of customers sell their property quickly, hassle-free and for the best price possible. Here are some examples:

Auction helps beneficiaries

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"The fact that we could demonstrate that the best price had been paid resulted in all the beneficiaries being satisfied"

Over an 18 month period, several other estate agencies failed to sell this inherited property - hindered by the estate's beneficiaries arguing over the asking price.

The executor appointed a dispute resolution panel, who agreed that the house should be sold by public auction to establish the best value and prove to all the beneficiaries that the fairest method of sale had been emplyed, giving all parties an equal opportunity to bid for the house.

A Comprehensive, high profile marketing by Romans Auctions generated a huge amount of pre-sale interest, and the property was unconditionally sold for a figure above its guide price. The proceeds of the sale were distributed between all the beneficiaries and the executor was able to wind up the estate for the family.

Value maximised for charities

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"By using Romans Auctions' skills to achieve the best value, the solicitor could relax in the knowledge that he had performed his duty of care to the letter"

After having been on the market with an agent for nine months, the owner of this property instructed Romans Auctions.

The buyers were refused lending due to the non-standard construction of the property, causing the sale to fall through three times. The property had been undervalued by a professional surveyor who believed the true market value was only £150,000. We believed we could achieve more than this for the owner and marketed the property widely. Pre-sale interest was high and the property subsequently sold for £180,000.

The whole process only took eight weeks from start to finish, and all parties involved were delighted.

The need for speed

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"The cottage sold for its guide price at auction within four weeks"

Despite the rare opportunity presented by this valuable freehold building in the centre of Alton, the property languished on the local property market for 18 months.

During that time, the building was sold 'subject to contract' twice - but both sales fell through before exchange of contracts. Frustrated by the wasted time and lack of success, the family who had inherited the property turned to Romans Auctions for help.

Romans' comprehensive marketing created a buzz of interest and at the auction four weeks later, the mixed-use building was successfully sold at its guide price. Very satisfied with the speedy result, the family were able to wind up the estate and distribute the proceeds of the sale to the beneficiaries.

Best price needed for elderly care

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"The house eventually sold for a third above its guide price"

Without any family, when the elderly owner of this detached house could no longer safely look after herself, it fell to the local authority to take her into care

Appointed to act for her, the local authority were obliged to sell the house so her care could be funded. They were also obliged to demonstrate to the owner's solicitor - who had power of attorney - that they were seeking the best possible price. The local authority consulted Romans, who advised them that the most transparent, certain and speedy method of sale would be via public auction.

Marketed widely by Romans Auctions beforehand, pre-sale interest in the property was high, and fierce bidding broke out in the auction room, with the house eventually selling for a third above its guide price. Both the local authority and the solicitor were satisfied that the best possible price had been achieved, and duty of care to a vulnerable client had been fulfilled

Sold quickly at a higher price than previous offer

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"There are many properties currently on the market with estate agents that have the potential to achieve a much higher value if sold via public auction. Auctions are the most transparent, certain and rapid method of sale"

Having lost her husband, the owner of this property neither had the money or energy to renovate her tired home. The owner instructed a new estate agent in the area to sell the property in October and by December had only received a handful of viewings. The estate agents advised the owner that she should accept an offer of £190,000, much lower than the asking price they had recommended. As there had been no other interest the owner reluctantly agreed to accept the offer.

In February the following year contracts had still not been exchanged when the agents rang to advise the client that the buyer would not proceed unless the owner accepted their further reduced offer of £180,000. The owner again reluctantly decided to accept the offer, although it was now significantly lower than the original asking price and had not been marketed for nearly five months. At this point the seller stipulated that she was only willing to accept the buyers’ lower offer on the basis that contracts were exchanged quickly.

Another six weeks passed and nothing more was heard from the buyers, in the meantime the owner lost money on a survey and lost the house that she wanted to purchase. Frustrated with the length of time and annoyed by the fact that the delay was costing her money the owner decided to call Romans Auctions for help. The property was inspected and a reserve price agreed. The house was entered in the next auction in May and after only 4 weeks of comprehensive and extensive marketing there was competitive bidding for the property. The gavel fell at a sale price of £214,000 £34,000 more than their previous offer. The owner was delighted that Romans’ marketing exposed the property to the widest possible audience which enabled a fast sale at the best price.

Significantly higher price achieved with competitive bidding

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"There are many properties currently on the market with estate agents that have the potential to achieve a much higher value if sold via public auction. Auctions are the most transparent, certain and rapid method of sale."

Upon inheriting this property from his Uncle the beneficiary instructed a local estate agent to value the property for the grant of probate. A local estate agent valued the house at £480,000 and shortly afterwards the beneficiary was approached by the neighbours who offered him £490,000 to buy the property before it went onto the market. As the offer was higher than the recent valuation the beneficiary decided to accept the neighbours’ offer.

After nine months the neighbours had still not exchanged contracts with the beneficiaries, despite being given several deadlines, so the sellers contacted Romans Auctions for expert advice.

Romans Auctions inspected the property and recommend that for various reasons, including the potential that the property offered and the fact that there was already interest from the neighbours, that the best method of sale would be an unconditional sale by public auction. A reserve price was agreed and after a hugely successful regional and national marketing campaign the property was offered to a packed sales room. A fierce bidding war broke out between the neighbour and several other bidders and the property sold under the gavel for £680,000 – £200,000 higher than their original estate agents’ valuation.

The beneficiaries were thrilled that the marketing provided by Romans Auctions exposed the property to the widest possible audience and were delighted that the best price was achieved in the most competitive environment.

Certainty of sale guaranteed.

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"Within four weeks, the property had sold at auction and at a higher price than the last offer received."
Inheriting his mother’s home turned into a long running headache for one sole executor and beneficiary – until he turned to Romans Auctions.

Despite advice from Romans that the house had serious structural issues, the vendor took the higher valuation from a local estate agent and placed the property with them. Nine months later, the house had sold subject to contract three times, and each sale had fallen through before exchange. Frustrated, the vendor came back to Romans Auctions and asked them for help.

Within four weeks, the property had sold at auction and at a higher price than the last previous offer received. This delighted vendor discovered for himself that Romans Auctions can promise a quick and certain sale, with exchange of contracts guaranteed at the fall of the gavel.