Recently, we sold a home in Greenville, SC located off E North St in a desirable neighborhood close to downtown.
The property was being sold to settle an estate. As part of the settlement process, a local real estate agent was asked to evaluate the property to determine its value and how to sell it. The home had not been updated in many years, and it needed significant maintenance to both the home and the overgrown yard. Due to its condition and the fact that it was occupied by an heir who did not really want to move, the real estate agent turned down the listing.
The estate’s attorney contacted us. We evaluated the property and provided a solution.
Our solution included the heir consenting to moving out the home. (We even assisted him by having some inoperable vehicles he owned towed off the property.) Then to prepare the property for auction, we had the home and property cleaned up at minimal expense to the estate, so potential buyers could more readily view it. Furthermore, we sold it in as-is condition, so the estate did not have to make any repairs. Finally, we also sold the personal property that remained.
There was a lot of bidder interest in this home. In only 3 weeks, it was viewed more than 6,900 times on our website. The video tour of the home was viewed 370+ times, and more than 30 people visited the home in person during the inspection. Finally, 12 bidders placed bids in the auction.
The real estate agent’s estimate of value was $162,000 based on recent neighborhood sales, but he had not seen the inside of the home. The heir who had been living in the home said we would be lucky to get $80,000. Exceeding the estate’s expectations, this property brought $156,400 at the auction, sold for cash, and closed in less than 2 weeks.
Over the years, we have noticed that auctions work very well for estate properties like this one that are in a desirable neighborhood, but need some updating and repairs. Buyers like homes they can renovate to their personal taste, and sellers like saving the costs of upgrading a home that the buyer is going to change anyway.
Do you have property you are considering selling? Whether your home is move-in ready or needs some TLC, we have a solution. For more information about the auction process and how you can have bidders compete for your home, call us today at 864.268.4399.