Auctions on GetSet2Move are different.  Many of you will be familiar with eBay style online auctions.  An auction on GetSet2Move is fundamentally different for these reasons.  

The auction is conducted in real time by a live auctioneer, it has a posted start time and like a real auction it goes on until bidding stops.  Then the Auctioneer displays the classic three final calls Going Once, Going Twice, at any point a rival bidder can still restart the bidding, until the moment when the final call of ‘SOLD’ is displayed.  

Finally… Yes we do ‘strike the hammer on the desk’ when the Sold Notice is diplayed on the bidding console.  From this time a legally binding contract between seller and successful bidder exists.  A full log of all bids and auctioneer notices is retained for audit purposes.  Bidder identity is not displayed.  

The Bidder has to pay the Buyers premium of around £1,000 by credit/debit card online within two hours and contact the nominated  buyers solicitor who will handle the rest of the Exchange and Completion of the Sale contract.  Standard legal fees are paid from the Buyers premium by the auctioneer.  Disbursements (expenses incurred) and Stamp duty are not covered.  I’ll write some more about the buyers premium in my next blog.

1) When to Sell and when to Buy? I always recommend Sell before you Buy. This may seem strange but think about this:-

a) In a falling market if you sell first, you can buy later at a lower price.

b) There’s no chain to worry about and you use the money from equity in your own home to cover the deposit on your next and earn some interest.

c)     Many people are not aware that you can get a better deal on house removals if you move into your new home a few weeks after you move out of your old home. This is because it allows companies to schedule their deliveries efficiently and to fill spare load capacity. It’s also much easier because YOU don’t have to MOVE-OUT and MOVE-IN on the same day.