Adam Giles put the final bid in for the property while having just 3 per cent battery on his phone
“I had always wanted that house,” he says. “I was on my computer, and it popped up that it was being sold so it felt like destiny.”“I rang and left a message with the estate agent and sent them an email too. I viewed the house at 11am and the auction was due to finish at 2pm so I went straight to the bank from the viewing and got aGiles bought the property via an online property auction run by Bamboo Auctions.
“It was a bit nerve-wracking. I only had 3 per cent on my phone. Someone else bid £50,000, and I was Mr A and put in a bid for £75,000. The app gave me a heads-up that Mr T was £1,000 ahead, so I went to £85,000. My heart was beating with 30 seconds to go and then it said I’d won!” The house requires a significant amount of renovation, and Giles has budgeted £60,000 for the work and £80,000 for a bigger kitchen extension.
“I’m pretty confident that we will get planning permission as the house will look exactly as it does now. As long as I don’t mess with anything too specific, for example, the front door and the gables, I should be OK. I’ll keep all the original fireplaces too. I currently live above a 700-year-old pub, and, admittedly, listed buildings are a pain, but I will work with the conservation officer.”
Giles bought at a conditional online auction so now has 20 days to exchange. His lawyers have all the details and he’s just waiting for his mortgage to be accepted and the funds to be released. Online auctions are either traditional or conditional. A traditional auction operates in much the same way as if you were buying in a live auction room and, if you are successful, you’ll be legally obliged to complete the sale of the property, with exchange occurring when the auction ends. For this reason, many bidding at these auctions are cash buyers.
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