- Mon 09 Aug 2021
Our online property auction site is a portal whereby we advertise your property or land 24/7 to potential buyers who are after a fixer upper, an investment or want to be the ones to get their hands on the most desirable property on the market at one time!
The process of an online auction is advantageous to many because of the fast and reliable process. If you were to sell your property or land through an online auction you would benefit from the fast paced environment of getting your land or property sold whilst also knowing the buyer of said lot has had access to the legal pack prior to placing a bid and then committed by paying a non-refundable buying fee should they be successful. As a buyer of the property or land, you know the fee you pay is a secure proposition upon the lot in place whilst also understanding the quick turnaround to get the goods you pay for in a set timeframe.
Adding onto this, the structure of an online auction is vital to understand to therefore acknowledge the impactful benefits both through buying and selling in this manner. Firstly as a buyer you will have to register your details on our online property auction site, providing a proof of identification and banking details in which the fee will come out of, as soon as your bid is successful. The fee is either 3.5% of the overall price or £5,000, whichever is greater. Once placing the bid and paying the funds, they will become non-refundable and from then on have 28 days to exchange contracts and then a further 28 to complete, if this doesn’t happen in the time frame set out, you will lose out on the property/ land in question. These timescales can also be brought forward upon agreement by both parties but not delayed.
Furthermore the selling process is designed to be as smooth as possible, some would argue easier than the traditional approach to selling. There are many reasons for this, starting from the setting the timescales your buyers will have to adhere to for the sale to complete, to the added bonus of your property or land being marketed 24/7 online. The buyers know everything about the property or land before they place the bid, so no hiccups will become alight through the process.
There is no doubt that selling or buying through an online auction is a unique process compared to the traditional way, however it is growing ever popular and meets many customers’ needs. The Bradleys Team are at hand to support and guide you through every way of selling or buying property or land, we are only a phone call away!
View our current online auctions