DOMVS Company Booklet

AUCTIONS
Auctions
Auctions are a tried-and-tested way of buying and selling property. We offer two different types:
- Traditional Auction: On the fall of the gavel, the successful bidder pays a 10% deposit and is legally bound
to buy the property. Completion is within 28 days. The seller is also legally bound to sell. This type of auction
favours cash buyers and investors and is held at The Grosvenor House Hotel in London six times a year.
- Network E: An alternative way of buying and selling property. A new online auction combining the speed and
certainty of traditional auctions with the best aspects of an estate agency sale. The winning bidder secures
an Exclusivity Agreement; a fixed period (normally four weeks) in which to arrange a survey and finance prior
to exchanging contracts, safe in the knowledge they will not be gazumped. At the close of the auction, the
exclusivity agreement is formed granting the winning bidder time to secure any necessary finance before
exchanging contracts - during this period the seller undertakes not to sell to anyone else. The winning bidder
pays a deposit of 1% of the purchase price (subject to a minimum £3,500) for the agreement in part payment
for the property, and the exclusivity arrangement fee of £2,000 including VAT. The seller has a serious buyer
who is committed to the transaction and the buyer knows their purchase is secure.
DOMVS will help you determine which auction is best for you. In the first instance, a negotiator from our
Residential Sales department will appraise your house and circumstances. Thereafter, our auctioneer will visit
the property to ensure you have full guidance to help you with the next step.