SDL Bigwood launches online auctions

SDL Bigwood has launched a new innovative online auction service.

The aim is to provide additional opportunities for clients on top of the existing auction offer which last year saw a total of £77 million worth of property change hands, £15 million up on 2014, averaging an 88 per cent success rate.

The firm, with operations in Birmingham and Coventry, remains fully committed to its thriving and long-established “traditional” approach but properties can now be bought and sold online at any time.

SDL Bigwood auctions partner Gurpreet Bassi said: “The process is fully transparent and concludes with a legally binding sale.

“Auctions start when you are ready, so you don’t have to wait for a specific date to sell a property. You can still set a reserveand benefit from our expertise and advice. Vendors can also keep tabs on the bidding process for their lot 24/7.

“Our auction room sales which are growing all the time, remain vital to us and attract a broad spectrum of interested parties. We see online as an additional and complementary facility which has a distinct appeal. We are confident it will quickly become a success and will produce faster exchanges than private treaty sales.

The platform will ensure that the process is easy to use and as straight-forward as possible.

Mr Bassi said: “Essentially it is a four step process – get in touch for a free market appraisal, choose an auction date that suits, set a reserve price and see the bids come in, then exchange immediately and complete on your property within 28 days.

“Selling by online auction avoids price negotiation and sale fall-throughs, means dealing with motivated cash buyers, allows for greater flexibility, and you can still tap into our national and international marketing expertise.

“Sellers have control over their sale process. Buyers have more access and opportunities to buy property, with auctions taking place on a daily basis.”

He went on: “Buyers can search, download legal documents, arrange viewings and place bids on properties. All buyers are anti-money laundering verified before placing a bid. Buyers are legally, financially and contractually bound to complete the purchase of the property, giving sellers certainty over their sale.”

There is no listing fee and “no sale, no fee” conditions apply.