Auctions are for the motivated. That’s motivated buyers who are looking to immediately secure land or property at a fair price. It’s also for motivated sellers who want a quick sale on their home rather than letting it stagnate on the open market.
An auction room is a place of opportunity. A place that offers bargains for investors and first-time buyers alike. Sellers are willing to take a deal because they get to be free of their property within 28 days. This means that you can secure properties for more reasonable prices than you can on the open market.
When buying through estate agents, you’re likely buying from unmotivated sellers who want more than their home is worth. They might be stuck in a chain and unable to sell as fast as you would like. So, if you’re looking for a quick purchase and a bargain, then our online auctions offer the perfect solution.
Below is our step-by-step guide to buying an auction property online with us. If you’d like to view an example online auction before registering for a lot, then you can view our next auction here.
We host open days on all our listings. These are held by appointment, and you will need to request a viewing through our website or book over the phone.
On the open day, one of our team members will show you around. If you have any questions about the property or auction process, then they’ll be able to help.
Before bidding on a listing, we recommend doing your due diligence. This saves you time and ultimately protects you from making a bad investment. Research the area that you are looking to buy in. What are recent sold prices? If you need to refurbish a property, would you make a profit?
After the viewing, you might want to get the ball rolling in advance of the auction. This will include things like arranging or raising finance (if necessary) and instructing your solicitor in advance.
This is also the step where we advise instructing a solicitor to look over the legal pack. Each of our listings comes with one. This can be downloaded online from our website by visiting each Lot under the “Legal Documents” section.
Creating an account is free of charge and there is no obligation for you to bid on a lot once you have created one. All we need at this point is proof of identification and proof of address. We accept any of the following forms as proof of this. Please note that you only need to provide one document from each list.
Proof of identity:
• Current signed passport
• Current full UK photocard driving licence
• Current full UK driving licence (old version) (Provisional driving licence will not be accepted)
• Resident Permit issued by the Home Office to EU nationals
• Inland Revenue Tax Notification
• Firearms Certificate
Proof of address:
• A utility bill issued (within the last 3 months)
• Local Authority tax bill (current year)
• Bank, Building Society Statement (within the last 3 months)
If you have a solicitor, then we’ll also need their details. If you do not already have a solicitor appointed, then you can use an experienced auction solicitor from our panel. They’re all expertly qualified and familiar with our process.
Once you’re registered on our system you will receive regular updates for new listings that match your criteria. You’ll also be able to bid on our existing lots.
It is free to watch all our auctions. However, if you wish to bid on a lot, then you will need to submit your bidding form online and pay a 10% deposit (minimum of £5,000). This 10% deposit is securely taken online on our website by placing a pre-authorisation hold on your card only. If you are not the highest bidder, then the hold on your card will be immediately cancelled post-auction with no administration costs. You must place a 10% deposit for every lot that you intend to bid on.
Just remember that you need to be prepared to purchase the property within 28 days. If you are the winning bidder, you are liable to complete the purchase within the stipulated timeframe of 28 days (unless otherwise stated). If for any reason you are unable to complete your purchase, you run the risk of losing your deposit, buyer premium and any additional costs incurred to us or the vendor.
DURING THE ONLINE AUCTION
You will be able to bid once the auction has started - this will be in pre-determined bid increment levels using the on-screen buttons. You will be able to see your own details on-screen to aid with the process, but these will remain private to you and cannot be seen by other bidders. Other bidders are represented on-screen by a bidder number, i.e., Bidder 2 or Bidder 3, and are listed in numerical order. An on-screen header will also indicate if you are the current highest bidder or if you have been outbid.
* Timing and Bid Extensions/sniping
Bid extension is like a virtual version of a live auctioneer raising the hammer and inviting final bids before closing the Lot on the fall of the hammer.
'Sniping' is a practice seen on eBay and other auction sites. It is where you leave a bid until just before the auction is due to finish in the hope that you are the last and highest bidder. Our system extends the end of the auction by one minute every time an additional bid is placed after the scheduled closing time. So long as there was a bid placed in the last scheduled minute, the clock will start again until there has been one minute of 'bidding silence'.
At this point, the virtual hammer falls to signify the end of the auction and whoever offered the highest amount wins the property.
If you successfully win the auction, then a member of our team will contact you. They will help you with the next steps and give you any information that you need. You will have 28 days to complete the sale.
If this process sounds quick and effective, that’s because it is. The whole process has been designed to leave you walking away with a new home or addition to your portfolio in as little as 7-28 days. Much quicker than being caught in a chain on the open market.
Buy your new property today
With bargain deals and quick sales, there is no place like auction for buying your new property. As its popularity grows, our list of properties is beginning to expand in range. Auction is no longer a place that just offers run-down homes.
We now list healthy family units and sizable plots of land with planning. You don’t need to be an investor to benefit from our online auctions. But if you are, then it’s the perfect place to find a bargain.
Register your place on our system here. No payment will be taken upfront, and you will have access to view and register on all our listings.