Humraz launch online auction product

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by Kay Murchie

Humraz, a company which specialises in property auctions, has launched a new online product which will enable people throughout the world to take part in live real-time lowest unique bid auctions.

As part of the new product, Humraz will sell properties for a fraction of their value. For example, a £300,000 property is guaranteed to sell for less than £15,000, however, the final sale price is likely to be considerably less than that.

Humraz is the first company to apply lowest unique bid auctions to property. The organisation covers the costs of its lots by selling seats to the auction.

Seat prices depend on the value of an auction lot. For example, on a £300,000 property, seat prices range from £30-£90.

The number of seats sold in each auction is capped, bidders can only buy one seat and every bidder can place up to the same number of bids.

Properties currently on the company’s website include a 4-bedroom detached new-build house in Staffordshire and a 3-bedroom semi-detached in Northern Ireland.

The innovative new auction console provides live information to each bidder about the status of their bids and the relative direction of successful bidding. Success is based on skill, not chance.

Founder of Humraz, Asmat Monaghan, said we wanted to find a system to help people in this country get on the property ladder and lowest unique bids were an obvious route for this.

However, under the previous system the deeper your pockets the greater chance you had of success. This was antithetical to our original purpose which is why we have invested heavily in developing new technology to ensure all our auctions run on a totally level playing field.

Asmat Monaghan was inspired to start the company to help first-time buyers get onto the property ladder. The company’s motto is simply helping people afford the unaffordable, whilst generating money for charity in the process.

People can register for online auctions via humraz.com.