LEADING property business Paul Fosh Auctions is aiming to secure an even greater slice of the auction market cake with the launch of a new business.
The auctioneers, who already sell more properties and at the greatest value every year than any other auction house in Wales, has launched YourBid.
Owner and managing director Paul Fosh of the Newport, South Wales-based business, said: “We believe that this is a real game changer not just for us as a business but the industry as a whole.
“YourBid opens up property auctions to a whole new swathe of buyers who, up until now, have been unable to take advantage of the very many benefits of buying a house at auction.”
Seasoned property professional Paul, who set up his eponymous business a quarter of century ago after years in property finance, believes he is onto a winner.
“I don’t like the term but so-called Modern Auctions allow many more people, who until now have had to watch enviously and frustratedly from the sidelines as properties that they would otherwise have loved to have bought sold during traditional property auctions, to cash buyers, speculators and investors.
“It is aimed fairly and squarely at owner occupiers who have targeted a particular property which they want to make their home as against developers who may want to do up and flip the lot.
“In a nutshell, YourBid enables these buyers to enter the market. Unlike traditional auctions where when the gavel falls a contract to buy is exchanged. In our new, modern, system successful bidders have time to make all the necessary arrangements, including arranging their mortgage or means to buy the property, before the sale completes.
“It’s a win/win which we believe will add a further string to our bow of what is a constantly expanding offering from Paul Fosh Group which now not only covers traditional property auctions but estate agency and lettings.
“After a soft launch we’re now confident that, after ramping up our offering, we can soon be achieving a high number of sales each month just through YourBid.”
Paul says YourBid will run in tandem with Paul Fosh Auctions with a ‘gentle’ overlap.
“The market has reacted extremely positively to the launch, in particular estate agents who totally ‘get’ the concept and are enthusiastic about its progress and development. They love the idea and the fees are good.
“It’s a very exciting time. YourBid smooths out the sometimes-irksome process for the owner occupier buyers by monitoring the sale to its completion in up to 56 days. This timescale compares very favourably with current private treaty sales which on average are taking in the region of six months, if they complete at all and then there are the added problems of chains and other major headaches along the way.”
Paul says the creation of Your Bid has been in ‘gestation’ some two to three years. It fills a significant gap in the market
“It’s a hybrid part estate agency and part property auction. We’re more selective of the properties we offer in YourBid which we believe will suit a particular market and thus we’ll be enticing and bringing more players into the process which is a good thing. And it’s also making the whole procedure more transparent.
“There will be the customary Paul Fosh quality control with detailed legal packs and no unexpected, unpleasant surprises for the buyer. With total end-to-end oversight allowing the sale to progress as seller and buyer would wish ending in completion after just 56 days, sellers and buyers can have total confidence heading towards completion date.
“We’ve kept a keen eye on what’s happening in the market over recent years, seen what’s worked and what’s not and believe that we now have ironed out any problems with the launch of YourBid.”
YourBId lists the properties it has on its books on its website and the dates on which bidding takes place..
At the end of the auction, it’s the highest bidder who then has the exclusivity of 56 days in which to make all the necessary arrangements to complete the purchase of the property.
The types of property offered in this way are those which are generally mortgageable as opposed to many in a traditional Paul Fosh Auctions sale which either require major renovation or could be unmortgageable.
While Paul Fosh Auctions handles sales of land, commercial lots and deceased estates this type of property falls outside the scope of Yourbid,
In a traditional auction with the fall of the gavel contracts are exchanged and 10 per cent deposit is paid as part of the purchase price with completion in 28 days and if the buyer reneges, they can be chased through the courts.
In YourBid once the gavel has fallen the reservation fee, which does not form part of the purchase price, is charged. Buyers have 56 days to complete, if they fail to complete the reservation fee is lost
Auctions valuer Olivia Williams has been appointed to head up YourBid for Paul Fosh Auctions.
Picture caption: Place YourBid: Paul Fosh, (right) Managing Director and founder of Paul Fosh Auctions with Olivia Williams, auctioneer and property valuer with recently launched YourBid
Editorial notes:
Backed by the expertise of Paul Fosh Auctions, YourBid offers a fresh, flexible way to sell and buy at auction. We combine the benefits of traditional auctions with the convenience of modern estate agency.
YourBid was created not to compete with Paul Fosh Auctions, but to sit alongside it and offer an alternative to traditional auctions.
So, what’s the difference between the two? They are very different products, and each will suit different types of purchaser and seller. In every case though, whether listed under Paul Fosh Auctions or YourBid, we aim to offer realistically priced properties with committed sellers.
With YourBid, sellers can enjoy:
· Zero selling costs Sell your property with zero entry fees, unlike traditional estate agents. No marketing, photography, or listing costs.
· Certainty & Speed Sales are typically completed within 56 days giving you time to prepare and ensuring serious buyers only.
· Buyer Commitment Upfront Buyers pay a non-refundable reservation fee, so they’re financially committed from the moment they agree to buy.
· 24/7 online bidding Your property is available to browse and bid on any time during the auction, from anywhere, giving buyers flexibility and increasing visibility.
· Sales Support from Start to Finish a dedicated auction specialist will guide you through the entire process from listing to completion.
· Flexible Selling Timeline You choose the best time for your property to go live whether you’re in a rush or planning ahead.
· Suitable for All Property Types YourBid works for residential, commercial, land, and tenanted properties.
Buyers can enjoy:
· Securing a property without having had to legally exchange contracts.
· The knowledge that they cannot be gazumped
· A longer period of time to sort out finances
· A transparent bidding process.
