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Web bidding service from Fprop

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  • 01/07/2000
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First Property Online (Fprop) is hoping to revolutionise the business of buying and selling commerci...

First Property Online (Fprop) is hoping to revolutionise the business of buying and selling commercial property with the launch of its exclusive web-based software.

The system, available at www.fprop.com, will use a transparent bidding system that aims to eliminate gazumping and open up the process to the widest market possible.

Ben Habib, chief executive of Fprop, believes 30% of all commercial property will be sold this way in the future. The group is also planning a move into the residential property market.

It proposes to minimise the expense to borrowers involved in the property buying process by charging about 50% less than traditional agencies.

“All contractual information is disclosed before any bids are made – it means the buyer has to spend much less money on doing their homework,” added Habib.

By only allowing bids for a pre-defined period, Fprop hopes that frenetic bidding will be eliminated, allowing buyers to consider their position and not get dragged into a bidding war. Sellers are obliged to accept the highest bid offered or else lose a good faith deposit of £1,000, which is placed by all parties before any offers are made, and bidders are given three working days to raise their offer after a bid has been made.

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