Property type: Detached House
Reason for Auction: Insurance claim
Guide price: £150,000 – £200,000
Sold price: £220,000
The 1970’s detached house was in excellent condition, but due to a crack drain, the rear of the house had suffered sever structural damage.
With structural engineers report in hand, it advised the rear elevation needed taking down, new strip foundation and drains to be fitted, along with the rebuilding. Not a job for the faint-hearted, and was more suited for a builder/developer.
The local Norwich family who owned the property had already moved out as the house structure was dangerous, and reached a financial settlement with the insurance company, on the understanding the property went straight to Norwich auction with an agreed reserve and a percentage payment to the insurer over and above reserve price.
This was a good result for the vendor and also protected the insurer’s interest. With a closed guide of £150,000 – £200,000, these lots are challenging to predict the value on the day.
Spirited auction bidding saw the hammer fall at £220,000 to a local builder. That’s the kind of result Sell by Auction team in Norwich can deliver Maximum Results for you
Auctioning Properties in Norwich England
Auctions are the preferred method of selling Norwich properties because buyers know that the motivated seller will be looking to sell on the day of the auction. All property types can be sold at our auctions in Norwich.
- Residential for Improvement
- Tenanted Properties
- Mixed Use Properties
- Plots and Building Land
- Commercial and Industrial
- Unique and one-off Properties
- Agricultural and Amenity Land
Some properties are more in demand and often attract a fantastic amount of interest. Due to Sell by Auction expertise and a competitive bidding environment buyers and sellers benefit from full transparency during the entire auctioning process.
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