One of the many perks of buying a property at auction has always been how fast the process is. There is no faster way of buying a property – you can complete a sale just 28 days after the hammer falls! But while buying a property in just under a month can be ideal for some people, if you need to secure a mortgage before you are able to complete a purchase, it can make buying at auction more difficult. At Network Auctions, we now have a solution to this potential issue. We provide a service, Rightbuyer, that is ideal for buyers, and sellers, that require a little more time but still want all the benefits of an auction sale, including a speedy deal.
Rightbuyer is a secure property transaction that combines the speed and certainty of an auction sale with the best aspects of an estate agency (Private Treaty) transaction. It removes the need to exchange contracts on the day of sale and gives the buyer up to 6 weeks to secure a mortgage with both parties safe in the knowledge they won’t be gazumped.
So how exactly does it work? Well, we provide buyers with a Rightbuyer Exclusivity Agreement that secures the extra 6 week extension period. This agreement ensures the vendor will not sell to anyone else while the buyer gets their mortgage in place. In return, buyer provides a financial commitment of a Reservation Deposit equivalent to 1% of the purchase price (subject to a minimum £5000) (this is in part payment for the property). By doing this, the buyer reassures the seller that they are committed to the deal and won’t back out last minute.
“Rightbuyer is a secure property transaction that combines the speed and certainty of an auction sale with the best aspects of an estate agency transaction.”
Just like all auctions, having legal packs and information up-front ensures buyers perform their due diligence before the auction so are fully committed once they start the bidding process, giving sellers peace of mind that their sale will go through. This also provides the bonus of eliminating any additional delays, uncertainty and fall-throughs associated with private treaty transactions.
Essentially, Rightbuyer allows the seller to have a serious and committed buyer, and the purchaser gains the certainty they won’t lose the property, all while completing the purchase far quicker than any other alternative.
Rightbuyer is exclusively available through Network Auction and all our Estate Agent partners throughout the UK, and is available to all buyers who take part in our auctions. If you’re interested in finding out more about Rightbuyer or using it in our next auction, don’t hesitate to get in touch.
020 7871 0420