Rightbuyer - A Fast, Secure Alternative to Traditional Auction
Rightbuyer combines the speed, certainty and transparency of an auction sale with the best aspects of an estate agency (Private Treaty) transaction.
Buyers secure a Rightbuyer Exclusivity Agreement for a fixed period of up to 6 weeks to arrange their mortgage before exchanging contracts, safe in the knowledge they will not be gazumped.
The speed and certainty of the auction process appeals to both buyers and sellers because the contract is binding on the fall of the gavel. However, exchanging contracts, committing a 10% deposit and completing in 4 weeks deters buyers that depend on mortgage finance to fund their purchase.
Private Treaty sales can take months to exchange contracts during which either side can withdraw without penalty. A notoriously frustrating and expensive exercise for those who are let down.
Accelerating to Exchange in 6 Weeks
Rightbuyer works for all buyers, removing the need to exchange contracts on the day of sale and allowing up to 6 weeks to secure a mortgage. With legal information up-front and buyers giving a financial commitment the sale is accelerated, eliminating the delays, uncertainty and fall-throughs associated with private treaty transactions.
Legal packs are available when a property is listed for sale enabling interested parties to complete due diligence before committing to buy.
At the close of a Rightbuyer transaction the Exclusivity Agreement allows buyers time to secure their mortgage while crucially, vendors undertake not to sell to anyone else. It means both buyer and seller know their transaction is secure.
Buyers provide a Reservation Deposit equivalent to 1% of the purchase price (subject to a minimum £5000) for the Exclusivity Agreement and in part payment for the property.
Rightbuyer is exclusively available via Network Auctions and our Estate Agent partners throughout the UK.
For more information about buying or selling a property please refer to the guides below and the terms and conditions. Alternatively, contact our national sales team on 020 7871 0420.