You do not have to be Martin Roberts to be a property auctions expert!
You are probably thinking, are these property case studies real? We will tell you what actually happened…
Property 1: 3 Edlington Close, Bradford, BD4 0DW
This house was “an insurance write-off”. In other words, the insurance company wanted to sell it after they compensated the owner. The rumour was that the house was set on fire by the previous tenant following an eviction.
The insurance company offered us the house for a five-figure sum! We bought it based on gut feeling. We saw photos of the property but did not drive through the area. We had purchased a house without viewing it first.
Then we realised what we had done.
The house was located in the worst part of Bradford. Thefts are rife in BD4. The fire had wrecked the house. When we met with builders, instead of expecting to see cars parked on the neighbour’s drive, we saw horses! Horses. Horses used by rag-and-bone merchants. Not the racing type, oh no.
The cheapest estimate we received was £30,000 to repair the house. It was an estimate meaning that the actual figure will have been much higher. The house had a tiny garden.
On the entire council estate, there were only two privately owned houses. Ours was one of them. We then discovered an interesting fact from one of the locals. Let’s call him Jeff. “This was one the largest council estates in the EU” Jeff proudly announced, as he paused momentarily to roll up his cannabis joint.
Jeff told us that risk of theft would be very likely the minute the builders arrived.
We realised we just bought a wreck and over-paid for it. We had under-estimated the cost of repairs.
At this point, if someone just offered us what we paid for it, we would have been happy! We were open to the possibility of a loss.
We approached a property disposal expert, Clive what would you do with this house? He advised us to put it into a property auction with a guide price of just £1. Clive has over 20 years of experience in property investing. We followed Clive’s advice to the letter. His method is genius. The rest is history as they say.
Our key to success was Clive acting as our property disposal partner. Clive told us which auctioneer to use, how to guide the property and he even negotiated the fees for us. He got paid from the auctioneer, but only after we sold the house.
Had it not been for Clive, we would not have sold the house.