Humraz property auction closes this week Monday 26 November 2007 PDF Print Lowest unique bid property auction Humraz will sell a £180,000 flat in Woking for less than £9000 this Friday, November 30th at 3pm. Humraz works by charging £3 per bid submitted online or via mobile text. These £3 charges are pooled to cover the cost of the item being auctioned. At the auction close, whoever has tabled the lowest unique (i.e. unmatched) bid will walk away with the deal of lifetime. A week of frenzied bidding is expected as participants attempt to outwit each other and hold their nerve. Unlike most lowest unique bid auctions, Humraz provides bidders with information about the status of their bids. The information – such as whether a bid is unique, the range in which the lowest unique bid lies etc – is designed to inform a bidding strategy. Since launching earlier this year, Humraz has successfully auctioned gold bullion and currency. In previous auctions, bidding activity has increased dramatically on the final day as participants attempt eBay-style ‘sniping’ tactics. This approach has proved ineffective in Humraz auctions. For example, the winning bid in a recent gold bullion auction was placed on day one of the auction opening. ‘We know many Humraz registrants are waiting for Friday to place their bids,’ says founder Asmat Monaghan. ‘For several reasons this is not advantageous in lowest unique bid auctions. Apart from anything else, the number of online transactions per user we accept is limited to fifty per day.’ Founder Asmat Monaghan is hopeful Friday’s auction close marks the first of many successful property sales. ‘We want to help as many people as possible get a foot-up on the property ladder,’ she says. ‘In time we anticipate that Humraz will be perceived as a viable, credible entry route into the property market.’ For further information, images and interviews with Humraz directors and participants, please contact: Salah Sultan m: +44 (0) 7746 299 537 t: +44 (0) 20 8849 8180 f: +44 (0) 20 8899 6001 e: email@example.com Editors’ Notes: • Humraz limits bids to 5% of the value of anything auctioned, so the winning bid is guaranteed to be less than £9000. • Bids are placed text, online and post: there is no premium rate telephone line • 2.5% of the value of the property will be donated to Warchild UK – the charity dedicated to young victims of armed conflict • If the minimum number of bids required to cover the cost of the property aren’t received, Humraz will award £3000 to the lowest unique bidder, plus the value of all bids that bidder submitted. 60% of the remaining funds will be donated to Warchild UK. • ‘Humraz’ is an anagram of Asmat Monaghan’s three daughters’ initials • High-res photos available on request This press release was distributed by ResponseSource Press Release Wire on behalf of Forge London in the following categories: Men's Interest, Entertainment & Arts, Leisure & Hobbies, Home & Garden, Women's Interest & Beauty, Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, Construction & Property, for more information visit http://pressreleasewire.responsesource.com/about.