Humraz today announced the close date of its property auction, in which the winner is guaranteed to pay less than £9000 for a £180,000 flat.
With a radical new concept due to launch in December, Humraz have revealed close dates for all their live auctions. The property auction will close at 3pm on 30th November 2007.
The auction will be won by whoever tables the lowest unique (i.e. unmatched) bid for the property. Humraz limits bids to a maximum 5% of the value of anything it auctions, so the winning bid is certain to be less than £9000.
Humraz works by charging participants £3 to submit a bid. This charge is pooled into a syndicate to cover the cost of the property. As soon as their costs are met – or on November 30th (whichever comes first) – Humraz will stop accepting bids for the two-bedroom Woking property.
The equivalent of an estate agent’s fee – 2.5% of the value of the property – will be donated to Humraz’s charity partner, Warchild UK. To foster confidence in Humraz’s unique concept, under the terms of this arrangement Warchild has unlimited access to all Humraz accounts.
Humraz only auctions valuable assets. Several bars of gold bullion have been sold through the site already, at prices ranging from £0.01 to £1.85.
The gold auctions have seen bidders attempt eBay-style ‘sniping’ tactics, in which participants wait for the auction close to outbid each other. However, given Humraz’s unconventional auction model, ‘sniping’ is neither advantageous nor advisable.
‘The speed of the property auction has been hampered by people waiting for the final day,’ says Humraz’s founder Asmat Monaghan. ‘However, as our gold auctions have proved, winning bids can be placed on day one of the auction opening.’
In light of these issues, Humraz’s mother-and-daughter team has devised a unique new auction model. Set to launch in December, the new concept will eradicate the potential for sniping and strictly limit the number of bids each participant can place.
‘The new model is very exciting,’ says Mrs Monaghan, ‘but we can’t reveal too much about it at the moment.’
For further information, images and interviews with Humraz directors and participants, please contact:
m: +44 (0) 7789 777 440
t: +44 (0) 20 8849 8180
f: +44 (0) 20 8899 6001
• 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.
• Warchild UK is the charity dedicated to young victims of armed conflict
• ‘Humraz’ is an anagram of Asmat Monaghan’s daughters’ initials
• Bids are placed via SMS, online and post: there is no premium rate telephone line.
• As soon as the auction closes there are no further bids accepted
• All properties at auction are owned by Humraz’s directors
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