Wednesday, 18 October 2017

ebay your house?

THERE was a time when eBay was cutting edge and only used by the most tech-savvy among us.

THERE was a time when eBay was cutting edge and only used by the most tech-savvy among us.

Fast-forward 20 years and even your gran is bagging an online bargain.

Now this style of auction has made its way through to the property market, with new companies now offering ‘online conditional auctions’.

Not to be confused with ‘regular’ property auctions — although both methods are said to share benefits in speed, certainty and transactional transparency — the online conditional auction is a process whereby buyers competitively bid for an exclusive option to buy and win a property in a specific period of time. This process typically takes 28 days to exchange contracts and 28 days thereafter to complete.

Seller confidence comes is assured by a non-refundable reservation deposit from the buyer-bidder. This is held by the auctioneer until contract exchange and this in turn protects the buyer from being gazumped by a third party — so everyone wins.



The question is, will the public embrace this new way of doing things, or will it take another twenty years to filter through?

• Next week: Standard Property looks to a brave new world with innovations in property.



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