Auction House, the UK’s leading auctioneer has launched an ‘eBay’ style online auction service to sell residential good quality property that can be vacant, owner occupied or tenanted.
So how does it work? Each auction is bespoke so the start and end are set in agreement with the Seller. Typically there is two weeks marketing, during which time the property is actively marketed across the web, including property portals Rightmove, Zoopla and auctionhouse.co.uk. The promotion period is followed by a week’s bidding after which the virtual hammer comes down and the winning bidder pays over a deposit and solicitors are instructed. The purchaser has an exclusive 28 days to exchange contracts and completion is normally scheduled for 28 days after contract exchange.
Unlike eBay which is prone to ‘bid snipping’ the system emulates the final moments of a traditional auction, in the final sixty seconds under bidders have the opportunity to increase their offers and this process continues until no one challenges the leading bid and we have a winning buyer.
All properties are sold subject to a reserve, so there is no chance of underselling.
