Reverse bid auctions

[Patrisha56]

Hi...has anyone here actually sold a house on Reverse auction? I have been contacted by a company called Phoenix...in theory I can see it is a good idea, but in practice...well, just don't know...sounds too woolly! Help!

[roger888]

Originally Posted by Patrisha56

Hi...has anyone here actually sold a house on Reverse auction? I have been contacted by a company called Phoenix...in theory I can see it is a good idea, but in practice...well, just don't know...sounds too woolly! Help!

I posted this response on the other thread on this topic.

"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."