New sale process gives auction sellers more control
BidX1, the digital property company, has introduced a new method of sale which will give sellers more control over the auction process.
The new approach will allow sellers to accept or reject the winning bid following an online auction, providing them with a 72-hour window to consider the price achieved.
A four-bedroom house in Foxrock, located in the sought-after South Park development, will be the first Irish property to be offered using the method.
78 South Park will be auctioned on Thursday 10th June. Though in need of modernisation, the property is bright and spacious throughout, with a large rear garden and a single-car garage to the side. The location, a quiet cul-de-sac, is within easy reach of Foxrock Village.
BidX1 will open bidding at €625,000.
The conditions for the buyer will not deviate from those of a standard auction sale. The highest bidder enters a legally binding contract as soon as the bidding closes, with the only condition being whether the seller approves that bid.
BidX1 have introduced the process in order to accommodate sellers seeking the benefits traditionally associated with an auction sale – speed and certainty – but who want greater control over the process.
Jonathan Fenn, Head of Property at BidX1, commented, “This method offers sellers more control over the auction process, while still allowing them to avail of the benefits associated with such sales – a rapid process culminating in unconditional contracts on the buyer-side.
“The seller can completely avoid the uncertainties and risks of a lengthy ‘Sale Agreed’ period while still being able to approve the bid value.”
BidX1 held the first online auctions in Ireland in 2015 and have since brought the model further afield, offering property investments in Spain, South Africa, Cyprus and the UK on their platform.
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