Buying a home online could soon be as easy as buying a new kettle or cheap trainers on eBay thanks to online auctions.
BidX1 is a digital platform offering property for sale in the UK and in other locations including the Republic of Ireland, , Spain and South Africa.
The company has been operating in Ireland since 2011 and selling UK homes online for the last 18 months.
Just as with other online auction sites, BidXI offers property for sale to the highest bidder.
To be in with a chance of securing the home you want, you’ll have to register and pay a buyer’s fee of £4,500 that proves you’re serious about bidding.
The auctioneer will set a closing date for bids. With each higher bid, the auction is extended automatically by another minute and closes only when there are no further higher bids.
If you’re the lucky bidder with the highest offer, you have to pay a 10 percent deposit immediately, just as in traditional property auctions, and you then have 20 business days to complete the transaction.
Finance in place
The similarity with traditional property auctions is that anyone bidding must have their finance readily available before they put in an offer.
It also makes sense to instruct a conveyancing solicitor beforehand, whether you’re the seller or buyer. That way your legal team are in place the instant a bid is accepted. Best Value Conveyancing works with property lawyers across England and Wales who have the necessary expertise to deal with a property bought at auction.
But the online process removes the stress of having to sit alongside other bidders, a process that often puts potential buyers off while also occasionally meaning they bid more than they intend when they get caught up in the excitement of the moment.
Richard Watson, head of residential auctions at BidXI, told the Evening Standard: “We’re running at an 80 percent success rate this year, while the industry average is around 70 percent.
“Part of that is down to BidXI having greater visibility and transparency about exactly who is bidding.”
Bid from anywhere
Both buyers and sellers can see instantly who is bidding, where they are based and how much is on offer.
With buyers able to access the BidXI site from their mobile phone or tablet, it’s not hard to imagine making a winning bid from the top of the bus or while queuing for a coffee.