Clive Emson, one of the largest land and property auction houses in the south of England, has launched a new online property auction service to complement its live auctions held every six weeks at five venues from Essex to Cornwall.
Lots from the property listings are sold upon the 'fall' of the electronic gavel, with bids placed via smartphones, other handheld electronic devices and desktop/laptop computers.
Sellers pick a reserve price, a finishing date and time which suits them.
Before being allowed to bid, prospective buyers must first undergo statutory anti-money laundering checks. Once approved they can download each lot’s legal documents, then make offers in the run up to the cut-off date and time.
As in a live auction, the fall of the gavel means immediate purchase and exchange, with completion within 28 days and all of the legal responsibilities that entails.
To further benefit sellers, there is a time extension of 15 minutes if there is a flurry of bids in the last five minutes to the original cut-off time. This deters multiple bidders from holding back until the last moment.
James Emson, managing director at Clive Emson, said: "The online auction platform means we can reach out to vendors and buyers across England and Wales who cannot make our live auctions and it also gives everyone peace of mind because we are a well-regarded, trusted market leader with 27 years' experience.
“The online listings mean vendors have the flexibility to sell their property at a date of their choosing and they can keep tabs on the bidding process from where they are based.
“From a buyer's point of view, the listing means they have access to auction properties, with income or sell-on potential, which were previously unknown to them due to geographical restrictions which cannot be avoided with live auctions.”