This Greater London property was entered into our May 2015 John Pye Property online auction, with the seller benefitting from our 0% property seller fee offering and nil marketing costs.
The asset had a guide price of £630,000 and was located in Tooting Broadway area of Wandsworth, London, and comprised a three storey period property with four bedrooms; in good condition and fully tenanted – providing an income of £1,600 per annum.
The property was subject to an extensive marketing campaign that included:
The property was then entered into the online property auction and was subject to two days of intense bidding by prospective purchasers; receiving 56 bids in total, with bidding continuing under the John Pye Auctions ‘3 minute rule’ for a further 16 minutes past the original scheduled end of the auction.
Bidding finally ended and the property was subsequently sold for £630,500; as the bidding for the property had exceeded the reserve price, the property was sold with a legally binding contract.
The 10% buyer’s payment was paid within 24 hours and the sales contract was circulated to solicitors.
Completion occurred within 20 working days.