Auction helping in difficult circumstances: Kathleen's story
At iamsold we deal with all kinds of property and unique vendor circumstances. Many customers are selling out of necessity for a whole range of reasons and unfortunately, some of these can be difficult.
Knowing when auction is right for your circumstance
When Kathleen sadly lost her brother, the family were responsible for trying to sell his property. But with covid travel restrictions and some family members living abroad, a difficult situation was made even more so.
After speaking with several Estate Agents, Kathleen and her relatives spoke with Rory McKinley, Branch Manager at Your Move Wolverhampton. Rory visited the family for a valuation and impressed them by taking time to understand their needs and circumstances, before offering various selling options; one of which was the Modern Method of Auction.
Kathleen’s husband, Jim, told us that at first he had some reservations about auction; “I did wonder whether the buyer needing to pay a fee might put people off, or that it might mean we’d be offered less”. Rory was able to reassure the family that this wasn’t the case and highlighted that the fee not only provided them with added security but the buyer too, as the fee exclusively reserves the property for them.
Kathleen said, “We hadn’t really considered it before as you never know what you’re going to get” but the Estate Agent, Rory, also explained that they could put a Reserve Price on the property which acts as the minimum amount they would be willing to sell the property for. Furthermore, if this wasn’t met, the property wouldn’t sell. This was important and helped to reassure them that the auction route was worth giving a try.
“You’ve got nothing to lose – as if the reserve isn’t met, you don’t lose out. Rory was so thorough in explaining the process and we know that with a traditional sale people can mess you about even after a sale has been agreed and so security certainty was a big factor; especially as we needed to travel to look after the property until it was sold”.
Another important factor for Kathleen and her family was timescales. As some members of the family lived abroad, they wanted to delay the completion as they were planning a special family memorial for their brother at the property. The Modern Method of Auction provides not only more flexible but, importantly, fixed timescales, so this was all factored into the auction terms.
Pressing ahead with the Modern Method of Auction
Once the family had decided to go ahead, iamsold set up the online auction. The property was in good repair but did need a little work, so the family discussed and set an undisclosed Reserve Price along with a Starting Bid of £115,000.
There were 10 viewings on the home, and iamsold kept Kathleen and the family up to date with any potential buyers’ feedback throughout this time. After an initial offer of £125,000, there were number of further bids were placed, the auction ended with the property selling for £128,500 – 7% over the Reserve Price, with the winning bidder happy to allow the memorial to go ahead. Jim recalls “iamsold were very much on our side and gave us good advice to sit tight when that initial offer was made”.
Completing the sale
After the sale was agreed, Medway Law (sister company of iamsold and part of the iamproperty group) took on the Conveyancing process for the family.
Jim explains, “we considered using our own Solicitor, but Medway were very clear on price structure, and it was the right choice. They provided us with an app so we could sign paperwork online, so there wasn’t a need to travel back, and forth which was convenient”.
Medway kept the family up to date with enquiries from the buyer. When travel restrictions unfortunately meant family members abroad would be unable to attend the memorial, the decision was taken to move forward the completion date and Medway Law helped to facilitate this with the buyer’s Solicitor as well as the building society involved. There was even a little mishap just days before completion when a patio window was accidentally broken, but the Medway team quickly negotiated with a buyer for a fix to be made after completion, and everything went ahead as planned.
Kathleen and Jim feel that everyone kept them informed all of the time and it was all a very good service. So much so that they’ve been telling friends about their experience and the benefits of auction.
Their Estate Agent, Rory McKinley of Your Move Wolverhampton recalls, ‘This was a lovely, close family and the house had belonged to a much-loved family member who had sadly passed away. They had some specific requirements about the completion date which Modern Method of Auction could accommodate, while still maintaining the security of sale. I was so pleased that we sold this house for them at a fantastic price. We always do our best for our clients, but it is all the more rewarding to help people like this”
Whilst selling at auction won’t suit everyone’s circumstances, it can be a great solution for those who value speed and security. Kathleen’s story demonstrates that auction can deliver a great result and provide much needed peace of mind during challenging times.