The flat being unregistered was a major issue for onward sale.
In addition to this, Hoan was offered a job in Barcelona and needed to emigrate.
He was worried about losing out on his purchase price, as any cash property buyer would not pay enough to cover his purchase price, legal fees and redemption fees.
The flat was gorgeous, in a bit of a run-down area outside Sheffield city centre. The bonus was it came with a parking space.
The only downside was that it was on the 4th floor in a building with no lift. This limits the market for potential buyers.
Hoan did not want to become a full-time landlord. Managing property remotely would have been a challenge.
However, as the flat was empty and costing him money every single month, we suggested that he rented it using an accredited letting agent.
This allowed him to make a small profit after taking care of his outgoings.
We then assisted him with auctioning this property and putting in a very low guide price. Several similar flats were on the market at much higher figures, generating plenty of interest.
While we do not recommend property auctions, in this scenario it offered the right solution.
Hoan achieved his reserve price plus the buyer paid all of his cost.
He did make a small loss due to stamp duty payment, but it could have been much worst.
Hoan is now enjoying his new lifestyle in Barcelona.
I needed a quick sale following a job loss and I came across Property Saviour. I was advised that taking a cash offer would result in a substantial loss and therefore, I would be better off selling via auction. Even though my property came with a major hurdle, for instance, the property was not yet registered in my name. Selling it via auction allowed me to find a buyer quickly.
| Method of sale | Value achieved | Fees | Timeframe | Is sale guaranteed? |
|---|---|---|---|---|
| Estate agents | 90–95% | 1–5% | 3–6 months | No – one in three sales collapse |
| Auctioneers | 70–80% | 2% plus | 2–3 months | No – half of properties don’t sell |
| Property Saviour | 70–80% | £0 | 10–28 days | Yes – 99% success rate |
