LETTING & ESTATE AGENT

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Landlords look increasingly to auction

Landlords look increasingly to auction

An increasing number of buy-to-let landlords are looking to dispose of their investment properties through the auction process.

The reason for this being that landlords are looking to sell their properties with the tenant still in situ. This leaves the property open to investors buying at auction, often keen to have a tenant already in place (saving letting agent fees on finding new ones).

With landlords always looking to achieve the best sales price without losing too much rental income, auctions can prevent the need to serve notice on tenants and sell properties with vacant possession. Trying to sell a property the traditional way, with vacant possession, can often lead to shortfalls having to be made up on mortgage payments as no rent is coming in. Also, once tenants have moved out, properties can sometimes look unkempt and might even need some decorating. On the other hand, most tenants would like to stay in place and a sale at auction to another landlord can often keep tenants happy too.

Auction sales also have the benefit of speed, with sellers being able to decide on whether they would like completion to occur in 28 or 56 days. The buyer and their solicitor will need to work to these timeframes or risk losing their deposit.

Martin & Co can offer a free auction sales service, compared to the traditional sales service where estate agents demand 1%-1.5% of the sales fee (plus VAT).

If you would like more information, please feel free to call our office on 01827 313800 and speak to Ayden Aucote