A leading estate agency group have launched a dedicated online auction platform which aims to reduce the time taken to sell the average property from months to weeks.
REA are now the first property group to offer an integrated online and offline property service, allowing vendors to switch between the two.
The REA Online Auctions platform allows all legal documents around a property sale to be uploaded in advance, removing the unnecessary delays that affect many private treaty sales.
With the addition of the online platform, REA now allow vendors to choose between selling their property through private treaty or online auction, or an amalgamation of both.
And crucially, because the Contract for Sale is made available online, purchasers and their solicitor can inspect the legal pack and any queries can be dealt with prior to the online auction.
“The typical private treaty route can take an average of six months from instruction to exchange of contracts because the system is not set up for speed,” said REA Chairman Eoin Dillon.
“However, with the REA Online Auction option, transparency and greater knowledge on all sides helps the sales process to be measured in weeks rather than months.
“The auction period can be as long or as short as is desired, ensuring full market exposure to an agreed timeline, and vendors with a house for sale by private treaty can switch to an auction option in order to secure a defined sale date.
“The Contract for Sale and other legal documents are uploaded by the vendor’s solicitor to the online auction platform allowing inspection by interested parties and their legal team.
“The agent uploads all the relevant property details to the online auction platform including the AMV, bid increments, deposit requirements and bidding duration.
“The fact that all legal queries are dealt with prior to the online auction gives buyers greater confidence in the bidding process and, more importantly, assists in bringing the sale to a successful conclusion.
“Bidders are required to provide a refundable Bidder Security Deposit of €5000 prior to the commencement of the online auction and the successful buyer pays the balance of the 10% deposit within a period of two days.
“In a normal private treaty situation, you could go sale agreed after 12 weeks, but by the time the engineers report is completed and the sales contracts issued and exchanged the process can take as long again.
“However, with an online auction, the process is instant, with bidders pre-authorising the REA agent to sign the sales contract on their behalf.
“Signed copies of the sales contract are sent to the both parties’ solicitors.”
The REA Online Auction platform can either handle individual sales or centrally managed portfolio sales.
REA is Ireland’s leading property group of Chartered Surveyors with 55 branches throughout the country, comprising some of the country’s longest established auctioneers and estate agents.