a day ago
- Business
- Business News Wales
Auction Business Launches New Property Firm
Property business Paul Fosh Auctions has launched a new business, 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, the highest bidder 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.
Auctions valuer Olivia Williams has been appointed to head up YourBid for Paul Fosh Auctions.
Owner and managing director Paul Fosh of the Newport-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.
'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.'
