An online property auction has been held, the first to be run in partnership with an estate agent and Network Auctions’ new initiative, Network E.
The property, marketed by Power Bespoke in Surrey, started off with a price guide of £355,000 late afternoon on Wednesday last week.
The three-bedroom house in Redhill, Surrey, with planning permission to extend, attracted 88 bids from eight bidders.
The auction was due to close on Friday at midday, but was extended by one minute to allow for last-minute bids. The system is designed to prevent eBay style “sniping”.
During the extension period there were 15 bids and the property sold for £465,000, with the winning bidder securing an exclusivity for a four-week fixed period in which to arrange a survey and finance prior to exchange.
The winning bidder paid a non-refundable deposit of 1% of the asking price after fighting off an under-bidder who was bidding from a boat in the English Channel, thus proving they were clearly offshore but not offline.
A spokesperson for Network E described the sale as “phenomenal”, adding: “This really is a great example of how a seller and buyer who would normally avoid auction can get a transaction together.
“Also the process actually gives confidence and the number of bidders shows how much the public ‘bought into’ and understood the process.”
https://networkauctions.eigonlineauctions.com/lot/details/1781
Comments (2)
It is true that I am sold have been operating successful on-line auction auctions for a while. But the key difference with Network E against other on-line auctions is that the buyers deposit goes toward the purchase price of the property unlike other on line auctions who charge a substantial large buyers premium to cover the auctioneer/agents costs. The good news is that there is a choice but with Network E there is a really good middle ground between the traditional auction and private treaty methods of sale. Have a look at http://www.networkauctions.co.uk if you are a buyer, seller or a traditional High Street Agency looking to have the opportunity of offering your clients the added security of sale that comes with auctions, both traditional and on-line.
This is nothing new. A company called I Am Sold have been doing this for 6 years!! They’ve sold over 7000 properties and currently work with over 1000 estate agency offices. Check their website, THEY are the market leaders.