HOUSEHOLDS in the UK are living beyond their means, according to the Office of National Statistics. ... [more]
Tuesday, 14 August 2018
SOME properties can be challenging to sell, but Romans auctioneer SIMON CLAYTON (pictured) explains how selling at auction can provide a solution in
a number of scenarios
Power of attorney
When selling property for a relative to pay for their care using power of attorney, many find that auctions are the best method thanks to the fast completion times and certainty of sale. With properties that require modernisation or a fast sale, or both, auction is a much better fit than a traditional sale where buyers expect a higher standard of property and timescales are often longer.
Requires renovation or modernisation
If the property you are selling is dated or requires some renovation work, you may find you have more success selling via auction. Typically banks and lenders won’t provide a mortgage against a house that is not in a habitable condition and so many of these properties end up in an auction room. At auction, properties requiring renovation prove popular with investors who are willing to do up property in order to resell or let for a profit.
While not always a problem, if you have existing tenants living in the property, it can make your property harder to sell due to a more limited market and so many landlords choose to sell their property via auction to other investors looking to gain a new property and stream of income.
Settling an estate
If you are an executor selling the property as part of a probate sale, you may find selling through auction easier than selling via traditional sale. Not only does selling via auction help you demonstrate that the best price has been achieved in a transparent environment, you also have the added benefit of a speedy sales process.
Need for speed
Unlike traditional sales, auction sales complete just 20 business days after the auction. On the day of the auction you have the certainty that contracts are legally exchanged at the fall of the auctioneer’s gavel. Compared with traditional sales, there is a great deal more security that the sale will not fall through.
If your property has any structural problems such as subsidence, uneven floors, bulging walls and cracks, that have worsened over time, you may struggle to sell. However, many investors recognise that structural problems are often minor and once the repair bill has been paid, there are plenty of returns to be made by either renting or selling the property.
• Romans’ property auctions are held at the Green Park Conference Centre in Longwater Avenue, Reading, with the next auction due to take place on Wednesday, July 25, at 1.30pm.
Properties in the sale are located across a wide area across the south and southeast of England, from Oxfordshire to the coast.
For more information and to view the properties listed in the auction, visit www.romans.co.uk/auctions
Alternatively, call Romans estate agents on 033 3920 6289.
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