Network Auctions is launching a new eBay-style online service that can be used by their 50-plus partner agents across the UK.
Network E-Auctions provides a “modern method” of auction.
Properties are listed for sale as in a normal auction catalogue with an online closing date and time.
Upon the fall of the “electronic gavel” a binding option agreement is formed which means the buyer must pay a £3,000 deposit.
The buyer then has five weeks to exchange contracts. Failure to exchange contracts in that timeframe will see the buyer forfeit their deposit. Should the seller withdraw prior to contract, the buyer’s deposit is returned.
Network Auctions managing director Toby Limbrick said: “Our research shows that this modern method of auction will be attractive to many sellers who wouldn’t normally enter their properties in an auction where the contract is formed as soon as the hammer falls.
“We expect many private individuals to now list their properties with our partner agents in order to take advantage of this service.
“Our Network E-Auctions online auction service will also enable lots that fail to sell on our normal auction days to immediately be offered online.”
Network Auctions currently holds 11 auctions a year – six from a central London auction room which will move to the Grosvenor House in 2015, and five in Birmingham, working in conjunction with Pennycuick Collins, which take place at Birmingham City football ground.
There is no limit on the number of online auctions that will take place and an electronic catalogue showing forthcoming lots will be accessed via the Network Auctions website where buyers will be able to register and bid.
Comments (4)
what is worth clarifying is that Network Auctions also run a traditional auctions and are offering the new Network E solution as an alternative method of sale. Auctioneers are keen to widen the market and will be eating in to the private treaty market. As a director of Network Auctions I would also point out we are a qualified firm who are members of The National Association of Valuers and Auctioneers.
Guy Charrison FRICS FNAVA FNAEA FARLA FRSA
Perhaps by "Underselling" Woodentop means "Not getting the full value of the house" which is surely the risk at auction?
We have one of these "member agents" in our town but may not be with the same company. They wish they hadn't got involved as they are now seen by the public (and being hammered by the other agents) for under selling homes.
Hi Woodentop, I don't know where you are based but to my knowledge no Network Auctions partners who have had issues like this. A well run auction sale gives all interested parties an equal opportunity to bid which is a fair way to establish true value. This new method of auction broadens the market and means even more sellers can benefit from the speed, certainty and transparency that selling by auction brings. A1