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Welcome to Day 2 of "Auction Week" - all this week - on Property Tribes. We're joining with Bamboo Auctions to bring you a week of content around buying and selling property at auction.Today, we look at on-line property auctions from a buyer's perspective:
Auctions are one of the oldest methods of sale. Yesterday, we looked at the evolution of auctions from Roman times through to the present day.
Bamboo Auctions provides technology to auctioneers across England and Wales, that allows them to operate an online auction.Once registered, buyers can search, download legal documents, arrange site viewings and place bids on properties online. Sellers have greater control and can choose when their auction occurs, as well as setting their reserve price. Exchange occurs online, immediately at the end of the auction timer.
Auction houses already using the Bamboo auctions platform include Clive Emson Auctioneers, SDL Bigwood, SDL Graham Penny, Loveitts, The Property People (who operate All Wales Auctions), Phillip Arnold Auctions, MS Auctions, Nesbits and others.A typical property for sale via Bamboo Auctions platform:A mid-bed two bed terraced house close to Bangor University.Opening bid: £57,000
View listingDon’t forget, Bamboo Auction are offering all PTers the chance to sell their property at auction with no entry fees — get in touch with them here.DON'T MISS - 6 ways of selling an investment propertyUP NEXT - Auction Week - The evolution of auctionsSEE ALSO - Tips for buying property at auction with David Sandeman of EI GroupRESOURCE - Guide to buying a property at auction - Auction packsNOW WATCH: *In the interests of transparency, Bamboo Auctions are a commercial partner of Property Tribes and their support helps maintain this site as a free to use community resource.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
So far every on-line auction I have looked at has just put up the costs to the buyer with high charges, while the seller sill has to pay the same agent charges!
Therefore I ignore any properties I see on Rightmove Etc that uses the “Modem method of auction” or any other such system and have long ago stop checking what the charges are for the buyers, as I have learned there are always so high that it is just not worth thinking about.