Allsop Space today announced details of its first-ever online property auction.
The online auction will go live at 10am on Tuesday 8 July and will run in tandem with the upcoming Allsop Space public auction, which takes place on 2 July in the RDS, Dublin. The online auction will be open for 24 hours, closing on Wednesday 9 July, with a catalogue of 22 investments of commercial and residential properties.
Robert Hoban, director of auctions, Allsop Space, said: “We believe a lot of purchasers and investors, who wouldn’t think of going to an auction room, will feel very comfortable in the online buying space. We hope that the simple mechanic will further the reach to our potential investors, with our catalogue at their fingertips from anywhere in the world. The auction of property under the online hammer offers purchasers and vendors a new choice that also comes with the unique commitment to transparency and effectiveness that people expect from us”.
The online auction process provides a secure and transparent bidding process for potential investors with payments managed by GlobalCollect and verified by an external auditor.
Potential investors sign up to the online auction site and register for the auction within which they want to participate. A ‘bidder security’ deposit of €5,000 is be required to complete registration. Once approved, users are free to bid on any lots in the catalogue. Bidding opens 24 hours prior to auction day. On auction day, each lot closes in 15-minute intervals, and when the timer reaches zero for each lot, the highest bidder wins, subject to the reserve price having been exceeded. Any bid within 30 seconds of closing automatically adds two minutes to the timer, allowing further counter bidding.
Upon sale, a PDF Contract for Sale is generated and digitally signed on behalf of the vendor and the purchaser ( ISO standard digital signatures are provided by Post.Trust, a division of An Post). The balance of the 10% deposit is payable within 48 hours by telegraphic transfer and independent verification is provided by EY.
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