Network E is 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 a Network E Exclusivity Agreement - a fixed period (normally 4 weeks) in which to arrange survey and finance prior to exchanging contracts, safe in the knowledge they will not be gazumped.
The speed and certainty of traditional auctions appeal to buyers as well as sellers because the sale is binding and the buyer leaves the auction knowing their purchase is secure. However, the requirement to exchange contracts and pay a 10% deposit on the fall of the gavel make traditional auctions less attractive to buyers with related sales and mortgages.
A Network E auction removes that pressure and eliminates the delays and uncertainty associated with private treaty transactions. Legal packs are available prior to the close of the auction so bidders can undertake comprehensive due diligence before committing to buy and the process is open to all buyers.
At the close of a Network E 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 £3500) 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.
For more information about buying or selling with Network E auctions please refer to the guides below and our terms and conditions. Alternatively, contact our national auction team on 020 7871 0420 and we will be pleased to help.