Network Auctions has unveiled a new online auction service to be used by its 50-plus partner agents across the UK.
Network E-Auctions will contain properties listed for sale on the basis of a normal auction catalogue with an online closing date and time, very similar to the system operated on eBay.
As the deadline expires a binding option agreement is formed which sees the buyer pay a £3,000 non-refundable deposit. The buyer then has five weeks to exchange contracts.
Failure to exchange contracts in that timeframe will see the buyer forfeit his deposit. Should the seller withdraw prior to contract, the buyer's deposit is returned.
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 a contract is formed as soon as the hammer falls. We expect many private individuals to now list their properties claims Network Auctions managing director Toby Limbrick.
Lots that fail to sell on Network Auctions' 11 annual physical' auction days will immediately be offered online.
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.
.jpg)
Comments