Reverse Auctions

[Janie]

Does anyone know anything about reverse auctions?? I've recently been contacted by a company called The Tekram Group who say that they can sell my property for my reserve price by putting it up on their reverse auction site. I'm really interested as I read an acticle by Catherine Harvey - How To Help Reverse The Rescession (available through Google). I would be really grateful to hear from anyone who has any info or has actually sold their property this way.


Thanks in advance!

[googler]

If they're running the site, and promoting their services to you, then I'd suggest - don't ask us how many of us have sold in this way, ask them to provide you with their sales record so far, and convince you of the merits of their service. If they can't show you a proven track record of success, then don't use them.

If I was hiring an Estate Agent, I'd want to know what he or she had sold, over what time period, etc, etc. This doesn't seem any different - ask them to prove themselves to you.

[Janie]

The principle has a good track record in the US I was just wondering if it looked like it was going to take off in Europe. As for the Estate Agents, my house is listed with one of the best in my area and they have sold very little in the last 12 months.

Thanks for your reply.

[googler]

Why did you pick them?

How long has your house been for sale with them...? Where and how are they advertising it?

[smithy5271]

Hi regarding tekram group and the reverse auctions they offer,
my dad is attempting to sell hes house through tekram group and hes property is on the auction site now, i believe they have charged him 350 pounds for the service,
i believe they are a genuine company who are trying to find a solution to the current housing market situation
they have been in regular contact with my dad,
they are about to advertise through the radio and also a tv advert
my dad needs to sell for financial reasons
fingers crossed it works
hope this info helps
mr smith

[whatgoesaround]

Don´t touch them with a barge pole.

[jimmjjinks]

i have my house on the tekram auction site, its been on there about 3 months i was very happy with the idea and it was a new way of trying to move houses but at the moment it seems a little slow in takeing of.

[chaos castle]

I have also been contacted by a company (Phoenix) who I am sure said they were part of (or associated with...) the Tekram group. He wanted to charge me £1,500 up front, with no available track record. I guess it's draw your own conclusions!! He kept repeating himself about the guarantees, but at the end of the day a company with no track record - well their guarantees are just words on paper. I would be wary about handing money over.

[roger888]

I came across this thread while googling to look for a way to sell my flat. I felt I needed to reply to this post.

I would be very careful about these people. Especially as they look like a (very) poor imitation of another site - Humraz. I wrote to Humraz after they appeared in an Evening Standard article about selling my home and they don't charge. They didn't take my flat because they are overwhelmed with enquireis.

Here are a few pointers.

Pheonix/Tekram charge people to place a bid. What happens if you change your mind after they have taken people's money? What's your lock-in?
Why is there such a difference in charges £350 for one person £1,500 for another? What if there aren't enough bids to cover the cost of your home?

Janie - I don't know who told you this is big in the States (the guy who called from Tekram?) it isn't. Try googling it in the US. There are a couple of Ausie sites that have tried it - but even they copied it from the UK.

Also look at it from the bidders point of view.

Pheonix/Tekram
Barnsley property = £120K
£1 to place a bid, therefore 75 bids = £75
Bid money taken every time you bid - if not enough bids placed is there a consolation prize?

Humraz
County Antrim property = £150K
£23 to place 75 bids
Money only charged if enough people want to buy the house - no booby prize.

I am not suggesting that you contact Humraz (they didn't take my property) - but for heaven sake go through the Pheonix/Tekram site in detail and do some more research.

[Micheal D]

I have done some research on quite a few reverse auctions sites and the ones who charge a fee are doing so as not to be inundated with Estate Agents. As for the fee it seems that under British Law as long as someone issues you with a written guarentee for a service and you have proof of payment ie. receipt then the company has to comply with the terms of agreement. My advice to anyone using any of these companies is to ensure they supply you with everything in writting such as reserve price, lenght of contract and money back guarentee prior to entering into contracts or payment of monies