Midlands-based SDL Bigwood has become the latest auction house to launch online sales.
It will offer online auctions on an ad hoc basis, with the sale date decided by the vendor. Its traditional auctions will not be affected by the change.
“Essentially it is a four-step process - get in touch for a free market appraisal, choose an auction date that suits, set a reserve price and see the bids come in,” said SDL Bigwood auctions partner Gurpreet Bassi (pictured). “Then exchange immediately and complete on your property within 28 days.”
Buyers will be able to search for properties, download legal documents, arrange viewings and place bids online. All buyers will be ‘anti-money laundering verified’ before placing a bid.
For vendors, there is no listing fee and ‘no sale, no fee’ conditions apply.
“We see online as an additional and complementary facility that has a distinct appeal,” said Bassi. “We are confident it will quickly become a success and produce faster exchanges than private treaty sales.”
A total of £77m worth of property changed hands at SDL Bigwood auctions in 2015 - £15m up on 2014 - with an average success rate of 88%.
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