The online property bidding process explained
Before you bid – Registration and due diligence
First, you must register to bid by clicking ‘Log In / Register’ at the top of the page and filling in your details. You must then click ‘Add To Watch List’ on the property page you are interested in.
Before placing a bid, we strongly advise that you carry out due diligence by reviewing the auction pack, visually inspect the property and read the full terms and conditions.
You are then ready to place your bid. The starting bid is published for each property and is for guidance only; it is not the price the property is being sold for. The reserve price for a property is not published, but as a rule it is usually no more or less than 10% in excess of the starting bid. Both are subject to change.
The listed properties are all subject to a 2.5% inc VAT reservation fee (minimum £4,000) along with £250 for the auction pack which must be paid by the winning bidder. (Example: An offer of £200,000 would equate to a reservation fee of £5,000 inc VAT plus £250)
The reservation fee is in addition to the bid, so you must consider your total purchase price before bidding.
During the bidding process
During the live bidding, you will be able to view the current highest bid and the time left to bid. To place your bid, simply click on the ‘Place Bid’ button and enter the amount you wish to bid.
Once you have placed your bid, you will be notified via email. As for all subsequent bids.(When counter-bidding on a property you must increase by a minimum of £500 on the previous bid)
The property will be able to receive bids for 15 minutes once bidding is live. For any bids entered within the final minute, an extra minute of time is added on. This continues until all the bids are placed. The time runs out when a bid is placed, and no other bids occur within the next minute.
After bidding has ended
If your bid is successful, you will be required within 24 hours to pay the non-refundable reservation fee of 2.5% (minimum £4,000), complete and sign a reservation form, provide solicitors details, proof of funds and proof of I.D.
Only once this has been returned and the payment has been confirmed, is the property secured and removed from the market. Memorandums of Sale will be issued to yourself, your solicitor, the vendor and the vendor’s solicitor by the estate agents. The seller’s solicitor will then issue a draft contract to your solicitor. When this is received, the 42 days in which to complete your purchase for the property will begin.