National Residential have been at the forefront in setting standards for selling property quickly and fairly since we began in 2007. We were a select group of industry representatives selected to define a Code of Practice For Quick House Sales Companies to The Property Ombudsman (TPO) and in 2013 we helped set up the National Association of Property Buyers (NAPB) to inform the public of companies that agree to the principles and abide by the practices listed in the code.
At the heart of the code is transparency – see Code of Practice for Residential Property Buying Companies
We believe that selling property using our ‘Modern Auctions’ method adds convenience and transparency to our property sales:
- by accepting a combination of online and telephone bids ensures no-one is prevented from making an offer due to other commitments, inexperience of internet bidding or financial arrangements that prevent us ring fencing funds for the holding deposit until the auction ends.
- all offers (including telephone bids) are added to the auction and our consultants keep all participating parties informed.
Although the process that follows online bidding to secure a purchasers agreement usually takes just 24 hours to conclude it can sometimes take longer and the bidding process is only formally ended once we are sure we have the highest bid, the seller has accepted this bid, and the winning buyer has paid their deposit and has passed the financial qualification process with our sales team.
To complement our existing sales options by providing sellers a faster qualification period and more certainty to the highest bidder at the end of an auction, we are pleased to introduce ‘Registered Auctions’ which will run alongside our existing auctions.
The platform is provided by the ‘Essential Information Group’ (EIG), a secure, independent online auction service provider since 1991.
‘Registered Auctions’ differ from our existing auctions because bidders must create a password protected account where they can upload financial information to Sage Pay as part of the bidding process.
Sage Pay is an independent business used by 55,000 businesses to securely collect online payments. They have the highest level of card data security (PCI DSS Level 1 compliant) so we know our buyers’ information is protected.
Some of the main differences between our existing auctions and our Registered Auctions are:
- Bidders will need to create a Registered Account (called an Auction Passport) and will need to be logged in to bid
- Bidders need to upload payment details per property and a ring fence will be put around the available funds as soon as a bid is placed to ensure the deposit is paid immediately the auction ends.
- The auction process ends as soon as the last online bid has been placed because there is no additional need to collect and qualify financial instruction.
Registered auctions are identified by the label
‘How To Bid On a Property’ Guide
1) Viewing A Property
Anyone interested in a property being sold by National residential can arrange a viewing guided by a local estate agent, by simply telephoning National Residential on 01244 757152 (Mobile Friendly) or 0800 612 3694 (Freephone) or any other contact means featured online at https://national-residential.co.uk (email, form, call back request etc)
Alternatively, contact can be made through local estate agent or online forms from advertising portals such as rightmove.co.uk
2) Auction Guide
National Residential vendors to choose us to sell their properties for a fast sale. As agreed in the Terms & Conditions of a sale, bidders must use their best endeavours to exchange within 28 days and complete within 56 days of the end of the auction.
National Residential offer panel solicitor and mortgage broker services from independent professionals who act quickly and who are able to complete in these timescales. There is no obligation to use our panel solicitors or brokers but if you do, we are able to more easily manage the whole sale process quickly and efficiently.
Our panel solicitors and brokers will also price match any quote that you may already have so you get all the benefits at no extra cost.
If Buyers prefer to use their own solicitors they must instruct their solicitors and pay for searches and surveys (if they are having them) within 2 business days of their bid being accepted. Buyers must also advise their solicitors of these Terms and Conditions and of the importance of exchanging contracts within the 28-day timeframe.
FOR MORE INFORMATION ON ANY OF THE TOPICS COVERED ABOVE PLEASE CONTACT NATIONAL RESIDENTIAL ON 0800 612 3694
For more details of our Terms and Conditions, you are strongly advised to see our National Residential Online Bidding Terms & Conditions document @ https://national-residential.co.uk/downloads/NationalResidential_OnlineBiddingTerms.pdf