Selling a home to pay for residential care? Consider these six benefits of selling at auction.
Having to make the difficult and emotional decision to sell a family home can be stressful at any time, however it can be especially trying if you are selling your parents’ home so that they can move into a care home, village or assisted living community.
With feelings and anxieties to consider, it’s wise to seek expert property advice. Leaders, (Age Space Sussex’s Independent Living Partner), is on hand to answer any questions you might have, if faced with dealing with this sensitive issue.
One option for selling a property is by auction, as this method offers a fast, secure, transparent and cost-effective sale.
- One of the fastest and most effective ways to sell property
- The entire process from instruction to exchange of contracts can be achieved in as little as four to six weeks
- A high degree of certainty that contracts will be exchanged on the stated day
- Sales are entirely open and transparent
- Suitable for the majority of property types, in any condition
- Leaders’ Online Auction function – a flexible method, meaning you can sell your property at any time, to keen buyers
The benefits of an auction
Here, Leaders explain the benefits of auctions and outline the many advantages of a dedicated property auction
Power of Attorney
When selling property for a relative to pay for their care, using Power of Attorney, many find that auctions are the best method thanks to the fast completion times and certainty of sale. There are more and more vendors needing to fund their parents or family members’ care through selling their property via auction. With many of the properties requiring modernisation, a fast sale or both, auction is a much better fit than traditional sale where timescales are often longer.
Requires renovation or modernisation
If the property you are selling is dated or requires some renovation work, you may find you have more success selling via auction. Typically, banks and lenders won’t provide a mortgage against a house that is not in a habitable condition and so many of these properties end up in an auction room. At auction, properties requiring renovation prove popular with investors who are willing to put in the work, to resell or let for a profit.
Need for speed
Unlike a traditional sale, auction sales complete just 20 business days after a bid is won. On the day of the auction, you have the certainty that contracts are legally exchanged at the fall of the auctioneer’s gavel. Compared with traditional sale, there is a great deal more security that the sale will not fall through.
If your property has any structural problems such as subsidence, uneven floors, bulging walls and cracks, which have worsened over time, you may struggle to sell. However, many savvy investors recognise that structural problems are often minor and once the repair bill has been paid, there are plenty of returns to be made by either renting or selling the property.
Auctions are a great method of sale for all types of properties although some are more suited to the process than others. Many of our customers find auction the best method for them, due to a combination of their personal circumstances and the condition of the property they’re trying to sell.
To find out whether your property would be suitable for sale at auction, or if you’d like any more help or advice regarding selling or letting an elderly parent’s home, please contact Leaders via https://www.leaders.co.uk/branches or contact Joanne Darroch, Senior Branch Manager (Brighton) on 01273 025728.