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  • Property-a-holics

    On-line Auctions

     Forgive me Vanessa, if this is in the wrong tribe section.

    Getting more common by the day, I keep seeing properties for sale described as ,for sale by the "modern method of on-line Auction". Not to be confused with traditional auctions.

    Can someone please explain the benefits of this type of sale to a purchaser?.  To me all it appears to do is create a minimum purchase price for the seller. I have not come across one yet where the starting bid is lower than the average estate agents probable value.

    Also how can you be sure the bidding process is not open to abuse and shill bidding?

    Interested to hear what all you experianced Tribers think.

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    I've only bought one property at auction via telephone bidding, which all went well. I looked at some others via an online auctioneer and the buyers fees put me off straight away.
    The traditional auction charged £1000 flat rate, the online auction charged £6000 or 6%, whichever was greater.
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    I have looked at these and saw no benefit to the purchaser, expensive fees and generally starting bid to high.
    I contacted one where I had just bought a similar property for 76k with not fees as they had it at 78k with s 6k fee. I said I was prepared to off 70k, to which they said go on the website and make the offer! The website didnt allow lower offers so I dropped the idea and offered on another house nearby.
    As far as I can tell they are a complete waste of time
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    Slowly working towards financial freedom

    I see a lot of these and they certainly don't seem to be worthwhile.  As I understand it the agent is legally obligated to pass on all offers to the vendor, but how you can be sure that they do is another matter.
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    I bought a flat this way last year. 
    The asking price was ok but because everyone was scared off by the fees I called the auctioneers and told them that the price has to include their fees, which the seller agreed. 
    I think it was a rubbish deal for the seller.
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