Online property auctions provide greater bidding opportunities to buyers
Publish Date: 11 October 2016
By Beth Fox
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EIG provide industry statistics to a regional auction house looking to grow
The growing popularity of conducting property auctions using the online auction platform is providing greater bidding opportunities to buyers, including in this instance those sailing the English Channel!
A recent online property auction success for Network E saw a bidding war of 88 bids. The 3 bed property situated in a popular part of Redhill, Surrey with planning permission granted for a two storey extension, generated a very strong response when it was listed for auction.
Power Bespoke Network Auctions listed the property and conducted multiple block viewings. 22 interested parties signed up to the website to watch the auction and 9 registered to bid. From the 8 individuals making bids, in total there were 88 bids driving the price from a guide of £350,000+ to a sale price of £465,000.
In the end it came down to a contest between 2 determined bidders with the 88th bid achieving a sale price of 33% over guide. We learned afterwards that the under bidder was bidding from his yacht in the English Channel, proving that whilst he was offshore he was not offline!
Network E utilises the online auction platform supplied by Essential Information Group. This new method of sale is a hybrid combining the best elements of private treaty and traditional auction. Properties are listed for 3 weeks culminating in a three day bidding window prior, this gives potential buyers time to view the property and undertake due diligence prior to bidding. A legal pack is available at least 7 days prior to the auction close and bidders must register to bid by accepting the online auction terms of business.
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