Is it possible to accidentally bid?

Online auction works differently from in room auction where you may be fearful a cough or similar may be counted as a bid, to bid online you need to be registered and enter your maximum bid, after this the process is automated you there is very little chance of ‘accidentally’ bidding on a property. Just be sure you have entered the correct maximum amount you are willing to pay and contact the team as a matter of urgency if you feel you have made a mistake at this point.

 

Do I contact my agent broker before bidding?

Absolutely! We strongly recommend that you consult with your agent broker before bidding. They will be able to conduct expert inspections of the auctioned properties and provide you with professional advice.  This is by no means mandatory.

 

Can I change my mind after make successful bidding?

When the virtual hammer falls, it represents an exchange of a binding contract between the seller and the buyer. It is too late for either party to change their minds, and the sale is required to proceed in accordance with the contractual terms and at the price that was concluded when the hammer fell. Anyone bidding on an auction needs to remember that the winning bidder exchanges contracts straight away, and if you are unsure about buying the property at any time, then you are advised not to bid.

 

Can I buy unsold property after auction?

If a property remains unsold after the online auction has ended, it may still be possible to negotiate a sale. You should contact our team to discuss. Our ultimate goals is to achieve both buyers and sellers.

 

Who usually buys at auction?

We sell properties to anyone and everyone! Our buyer’s come from all walks of life and backgrounds, we have buy to let investors, first time buyers, downsizers, buy to let investors, builders, developers. Auction can work for anyone.

 

When do I pay ny deposit?

our depoYsit becomes due immediately after the bidding has ended and you are the winning bidder.

 

How long do I have until I need to pay the remainder of the money?

Standard settlement in an auction purchase is 28 days, however this can vary and may be shorter or longer. Any variation to this period will be included within the Special Conditions and you agent broker will be able to advise you further.

 

I am not a cash buyer. Can I still buy at auction?

Absolutely, many of our buyers purchase with finance provided by lenders. You will nearly always need to have the deposit monies, however if you have other property assets you may be able to borrow against these. Some purchasers buy with a traditional mortgage, but to do so you will need to ensure you choose a lender who can act quickly. Many others use specialist Auction Finance which can be arranged quickly.

 

 

I want buy under a company name, can I do this?

Yes, you will have to be prepared to provide extra information if required in order to so. We may require a letter of authority on company letterhead, signed by a director or officer of the company confirming you have authority to act on behalf of the company. You will also need to provide the company registration number and registered address. This is in addition to the personal ID in the same form as all other buyers.

For companies where an individual/s have a shareholding in excess of 25%, then personal ID verification will also be required for each of those significant shareholders. If you are intending to purchase through a company that is registered overseas, you should speak with our team prior to the auction to confirm what additional procedures are required – this could include the supply of certified documents which will need to be created in advance and be ready for use if you are the successful purchaser.

The deposit payable by the successful purchaser immediately after the virtual hammer has fallen is normally 10% of the sale price. For low value lots, this is subject to a minimum deposit figure of £3,000. Should there be any variable to this amount, it will be detailed within the property particulars.

 

Can I make an offer on a property before the auction?

Depending on a sellers’ circumstances and the level of interest in a particular property, we may be able to accept an offer prior to the auction date. This varies from property to property and you should contact our team for further information if you are interested in offering pre-auction. Any sale, whether pre or post auction is still subject to auction terms and falls under the same processes as purchasing on the day.

 

What is an Adminstration fee?

Again, this does not apply to every property and will be clearly displayed within the property particulars. An Administration Fee or Charge covers the auctioneer’s costs in servicing the requirements of all those interested in purchasing the property. It is common practice and the fee (plus VAT) will be payable by the buyer along with the 10% deposit after the virtual gavel falls. The amount can either be a fixed fee, or a percentage of the sale price (subject to a minimum amount).

 

What ID do I need?

If you are the successful bidder, we will require copies of your ID and may also carry out electronic ID verification if required, in order to meet with HMRC Anti-Money Laundering Regulations. We accept the following forms of ID:

Photographic ID

  • Current signed passport

  • Photo card driving licence

  • EU member state identity card

  • Armed Forces ID card

  • Firearms or shotgun certificate

Proof of Residency

  • Utility bill/statement – dated within past 3 months

  • Mortgage statement from a recognised lender – dated within past 3 months

  • Bank, building society or credit union statement – dated within past 3 months

  • Local council or housing association rent card

  • Current Canada Passport/Drivers Licence (paper version)

If I’m the winner bidder on the day?

Congratulations! Your deposit and any associated fees will be deducted from your provided card and you will be contacted by a member of our Sales Team, who will advise you on the next steps needed to complete your purchase.

 

I’m first-time buyer, can I buy at auction?

Yes, you can. More and more first-time buyers are now turning to auction as a way to get onto the property ladder. Properties are traditionally cheaper, and the process is much quicker, meaning keen first-time buyers are able to get the keys to their new property faster. There can be risks when buying at auction, it is important to carry all necessary due diligence as once the virtual gavel falls there is no turning back and the sale is legally binding.

You will need to work quickly when you find the property that you want to buy. First you should familiarise yourself with the online auction process, need through all of our available guides and make sure you understand how the process works, seek professional legal advice if you are unsure of anything.

If you are a mortgage buyer, you will need to arrange this as soon as possible, prior to auction. This will help set your budget and you will be able to bid in confidence knowing exactly what you can afford to pay. Remember if you do need a mortgage then the property needs to be mortgageable; you will probably appoint a surveyor or another professional to check the property for you and provide advice on value. You will also need a solicitor to examine the legal pack and advise on any problems. Then with help from others decide on your budget and maximum bid before bidding online. You will also need to ensure you have a 10% deposit available upfront as this is taken immediately to secure your purchase if you are the winning bidder.

Do I need to pre-register to bid?

Yes, as the process is online, you must be registered and approved before you can bid in any of our online auctions.