A new property auctioneer wants to change the face of property auctions by launching Britain’s first purely online auction. Many property auctions provide opportunities for buyers not present at the physical auction to bid. This can be done by telephone or online. BidX1 is holding a property auction that is taking place only online and it claims that this is the first time this has been done in the UK. Buyers can create an account on the BidX1.com auction website and register to bid. After uploading security information and providing details of their solicitor, account holders can bid on properties. During the auction period, bidders can see online if a property has reached its guide price yet. The first auction in March 2018 includes residential and commercial property in England, Scotland and Northern Ireland. The founder of BidX1, Stephen McCarthy, said:
“Vendors have been attracted by the prospect of a wider target pool of buyers than is possible through traditional auctions. “Our secure site ensures the democratisation of the auction process, with buyers relishing the prospect of a more transparent process as well.”
All winning bids at property auctions require a deposit to secure the purchase. The remainder of the purchase price is required within 28 days. If the buyer is applying for a mortgage to complete the purchase, the funds may not be available to meet the 28-day deadline. In this case, a bridging loan can be used to complete the purchase then repaid after the mortgage funds are released.
