Frequently Asked Questions

Sellers 

Is my property going to sell?

There are two components needed to maximise the chances of a a sale through the auction: Firstly, a motivated and realistic seller, and secondly, great marketing exposure. If you decide to explore the auction route further, a member of our auction department will carry out research and honestly discuss the best pricing strategy to maximise interest in your property. However the final decision will always lie with you, the seller.


How long does the auction last for each property?

Most of the properties auctioned on the site are live for 30 days, and at any point during this time you can place a bid on a property. You can tell how much time is remaining on a specific auction by looking on the search section or by clicking in to the property details where the time remaining will be displayed in the top left hand corner.


How do you get paid if I sell my house for free?


We charge the buyer a fee when a transaction is completed; this is called a reservation fee. It is calculated against the final selling price of the property once an auction is completed and the reserve is met. The reservation fee acts as a deposit until exchange of contracts takes place.


Do I have to accept the highest bid for the property?


No, all properties are sold with an "undisclosed" minimum reserve price (agreed with the seller). The only prices the public see are the starting and actual bids. The reserve price remains confidential. Once the reserve price has been met and the auction closed, the sale will go through. A reservation fee is then taken which acts as a deposit but is not part-payment of the final sale price.


Can I accept bids outside the auction process?


Yes, if you want to accept a bid to sell your property before the auction has finished that’s fine. By law we are duty bound to put any offer for the property forward to you. It will then be up to you to decide if you want to consider the offer and take the property out of the auction early. However in a scenario where this happens the reservation fee is still payable by the buyer and the terms and conditions of the auction still apply.


Is the bid binding?


This is the modern method of auction, the bid binds the buyer to pay a reservation fee and sign the reservation form. It does not bind the buyer to buy the property but instead allows them to reserve the right to exclusively exchange contracts on the property at an agreed price within 28 days of the bid being accepted.


How quickly will I have to move out?


We use the modern method of auction, which means that when the auction closes the winning bidder has 28 days to exchange contracts and a further 28 days to complete the purchase. This additional time over the traditional method makes it more appealing to buyers buying with finance or a mortgage because there is more time to get the necessary paper work in place and completed.

 

Buyers

How long does the auction last for each property?

Most of the auction properties on the site are live for 30 days, and at any point during this time you can place a bid on a property. To see how much time is remaining on a specific auction, click on the search section or on the property details where the time remaining will be displayed in the top left hand corner.

How do we get paid?

All auction sales are subject to a reservation fee which covers our costs (unlike traditional property transactions where the seller pays the fee). This is a percentage of the final sale price, and is in addition to it. The resveration fee reserves the property for the buyer and must be paid at the end of the auction. If the sale falls through due to an act of the vendor the reservation fee will be refunded to the buyer in full. If it falls through because of the buyer it is not refundable.

Why would someone pay a fee to purchase a property?

When looking to buy a property most people will look at a total purchase price, and all of the lots available through our online auction are priced realistically and to sell.

Is the bid binding?

In the modern method of auction, the bid obliges you to pay a reservation fee and sign the reservation form. It does not bind you to buy the property but reserves you the right to exchange contracts on the property at an agreed price within 28 days of the bid being accepted.

How quickly do I have to buy the property?

With the modern method of auction, when the auction closes the winning bidder has 28 days to exchange contracts and a further 28 days to complete the purchase. This additional time makes it more appealing to those buying with finance or a mortgage because there is more time to get the necessary paperwork completed.

How do I place bids?

Firstly you will have to register with us. A link to the registration form can be found on the top bar of the home page. Once you have completed the registration form, you will be sent a welcome email confirming that you are registered to bid. Alternatively you can call and speak to one of our auction coordinators and they will place a bid on your behalf.

Can I place bids outside the auction process?

If you would like to place a bid on a property before the auction has finished it will be dealt with on an individual basis. By law we must put any offer that is made forward to the seller. It is then up to the seller to decide if they want to consider the offer and take the property out of the auction early. In this scenario the reservation fee is still payable and the terms and conditions of the auction still apply.

What if the reserve price is not met?

If the reserve price is not met during the auction, we will communicate with the seller and any interested parties to see if a sale can still be achieved. If you are interested in an unsold lot please contact a member of the auction team.

 

Further information

If you still have any unanswered questions or wish to talk to someone further, please don't hesitate to contact a member of our auction department. They are approachable, friendly and able to offer honest and sensible advice about selling via the modern method of auction.

If you would like to discuss the auction route further please don't hesitate to contact a member of the auction department on 0845 5193 126 to discuss in greater detail.

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