Romans sell auction property for £205,000 over it's guide

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6 Nov 2017

Romans sell detached bungalow for £205,000 more than the guide price by auction

Author: Simon Clayton

Romans clients celebrated the sale of their property in style with a dinner at the French Horn in Sonning after Romans sold their family home for £205,000 more than its guide price at their November auction.

After seeking advice from Romans local office the executors of their deceased father estate chose to sell the property they had inherited by public auction. Due to the large size of the plot and the non-standard construction of the property Romans identified the potential for replacement with a larger new dwelling and recommended an unconditional route to sale as the best method to achieve the highest price.

Romans surveyors had already valued the property for probate at £650,000 with approximately 1.5 acres of land. After careful research and discussion with the auctioneer agreed to market the property for auction with a guide price of £750,000 with an additional area of land making the entire plot just under 5 acres in total.

The property was comprehensively marketed by both Romans auctions team and their network of local sales offices in the local area for a period of 6 weeks before the auction, during which time significant interest was received from interested parties.

On the day of the auction the auctioneer opened the bidding at £700,000, and took bids in £5,000 increments quickly up to the guide price, soon the bidding reached £850,000, where on, two bidders continued the bidding against one another until the final bid was made by the eventual buyer at £955,000 - £205,000 above the guide price.

Speaking after the auction Simon Clayton, Romans Director and auctioneer commented, “Our clients were delighted with the result, which far exceeded their expectations and thanked the entire team for the fast and smooth way the whole transaction took place. The executors were impressed with how we kept them informed during the process with regular updates on the amount of interest the property was receiving. It was a very satisfying result and I’m really pleased that the whole family were here to witness the sale of their family home, bringing closure for the estate”.

Simon went on to say, “ This was a clear demonstration that correctly and realistically priced properties attract buyers prepared to exchange contracts quickly in the most competitive environment, in turn achieving the true market value”.

Selling by auction can take the stress and anxiety out of the selling process as it is one of the fastest and most effective ways of exchanging contracts quickly. Romans are now inviting entries for our next auction on 13 December.

If you are considering selling and would like a free market appraisal please contact Romans Auctions on 01344 753120 or auctions@romans.co.uk or visit the website romans.co.uk/auctions  

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