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.
If you are not a regular auction buyer, we would strongly recommend that you seek advice from a solicitor before bidding. They will be able to cast an expert eye over the legal pack and provide you with professional advice. This is by no means compulsory.
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.
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.
Due diligence means that you have done your homework on a property that you are interested in bidding on. You need to do this before placing a bid as there will be no turning back if it is successful. This includes checks on the property itself, its condition, remedial works required, location, design, and suitability. Also, due diligence refers to vetting of the legal pack including title documents, searches, special conditions of sale and other related papers. Many buyers will engage the services of a solicitor to check the legal pack and advise on their findings; also, a buyer may seek advice from surveyors, engineers, architects etc. regarding the property or land as well.
All rights to rent monies will transfer to you as the buyer from the date of completion of the sale.
You do not own the property until completion has taken place, however as you are under contract to complete the purchase from the virtual hammer fall it is a good idea to consult with your insurance provider and take advice on your position should any damage occur to the property between these dates.
It is wise to have a solicitor in place who is aware you will be purchasing a property through auction, as we will forward them the relevant paperwork needed to complete your purchase so it is a good idea to make them aware this will be coming to them for completion. We also recommend consulting your solicitor for any legal advice you may require.
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.
Your deposit becomes due immediately after the bidding has ended and you are the winning bidder.