Property type: Two-bed second floor flat
Reason for auction: End of tenancy
Guide price: £25,000
Sold price: £38,000
History of This Auctioned Flat in Hull
At the end of a long-term tenancy, the local Hull Landlord had the decision to refurbish and let or straight to auction.
Owned in the seller’s name and with an 80% mortgage, the decision was easy, as with interest mortgage relief being withdrawn, it simply wasn’t viable holding the rental property any longer.
Being an ex-local authority, we suggested a lowish guide to stimulate the market. This had the desired effect, with the property selling for £38,000
Why Should You Choose to Sell by Auction?
There are many reasons for selling properties by property auction; one is, time constraints, meaning, not all property owners want to wait months and months for estate agents to sell their property. With auction sales, a legally binding contract is signed on the fall of the hammer.
Concern vendors may have is that auctions will not bring the price the property deserves, however, nothing could be further from the truth because correctly guided and marketed your property should achieve a far higher price you would otherwise get by choosing estate agents. Our job at Sell by Auction is to make sure that our valued selling clients get the best possible result from our property auctions. Get your free valuation today or use our Request a Call back form below
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