‘Outdated’ mainstream homebuying can learn from auctions to give security to buyers and sellers
Andy Thompson, Director at Eddisons part of Begbies Traynor Group, said:
“Buying and selling through auctions prioritises speed, transparency and security. By front loading elements such as legal documents, background checks and searches, both buyers and sellers have confidently and fully committed to the transaction, which means when the hammer falls, contracts are exchanged and the sale will go through.
“The auctions model offers a peek into what the mainstream method could achieve through an overhaul that prioritises the speed and transparency to give more assurance to buyers. The more informed and binding system of offering and selling means the market of buyers and sellers will be more committed, reducing the likelihood of cold feet, bargaining last-minute negotiations or gazumping by other interested parties.
“Reduced delays and failed transactions can not only save buyers and sellers from the ballooning costs we have seen reported but help to breathe life back into the stalling property market and economy.
“It can also provide a welcome boost for estate agents who will see improvement in fees coming through from avoiding delays, de-listings and removed offers from the current out-of-date system.”
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