Property auctions are moving away from traditional auctions held in a room, to online auctions. The result is that commercial and residential property available for sale can reach a worldwide audience. This makes them popular with sellers as they can access a wider range of potential buyers.
The founder of online auction house LetsBid, Milton Rodosthenous, said that:
“Buying at an auction sale can be daunting with lots of bidders in one room in an atmosphere that might seem intimidating to a newcomer. But online auctions not only give buyers the chance to browse whenever and wherever they want, but also benefit from traditional sales techniques combined with the best technology.”
Estate agents can use LetsBid to sell properties. They set guide and reserve prices and the website links to a credit referencing agent to check the financial status of bidders. LetsBid sees themselves as working with estate agents rather than replacing them. They say that both buyers and sellers appreciate how new technology makes the process of dealing in property at online auctions easy.
Buyers can browse and search for properties they are interested in bidding for and clearly see all details about the house. Overseas buyers don’t necessarily have to view the property in person to decide on which ones to bid for.
For UK bidders specialist lenders provide bridging loans to non-cash buyers to complete auction property purchases whilst waiting for more long-term mortgage applications to be finalised.