Property generates eBay-style bidding war

An eBay-style bidding frenzy recently took place for a three bedroom property located in Horley, a commuter town located in Surrey.

Network-E, the online bidding arm of Network Auctions, put the property up for a guide price of £350,000, but it eventually sold for £70,000 more, with the bidding finishing at a total of £420,000.

This was aided by some fierce last-minute bidding, with the price rising from £381,000 to £420,000 – a leap of £39,000 – in the last four minutes alone.

“The beauty of using Network-E for this sale versus a sealed bid process is the certainty this provides for the vendor,” Mark Limebear, Director at Network Auctions, said.

“The property is now under offer following competitive bidding and the vendor has an exclusive contract to exchange in 28 days with a non-refundable deposit.”

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