Network E is a new online auction combining the speed and certainty of traditional auctions with the best aspects of an estate agency sale. The winning bidder secures a Network E Exclusivity Agreement - a fixed period (normally 4 weeks) in which to arrange survey and finance prior to exchanging contracts, safe in the knowledge they will not be gazumped.
The speed and certainty of traditional auctions appeal to buyers as well as sellers because the sale is binding and the buyer leaves the auction knowing their purchase is secure. However, the requirement to exchange contracts and pay a 10% deposit on the fall of the gavel make traditional auctions less attractive to buyers with related sales and mortgages.
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