Our Guide to Bidding at Online Auction

The prospect of bidding online for the first time may appear daunting however the process is actually very simple. Our auctions are run at a steady pace and if a bid is entered as the auction is closing, the countdown timer resets for a further three minutes to allow you to place a further bid if you wish. This is done to ensure fair process for all interested parties. If no further bid is received within these three minutes, the auction is over and the highest bidder wins. It really is that simple.

Follow These Simple Steps to Get Started

  1. Open www.nationalpropertyauctions.co.uk
  2. Find the property you are interested in, either by browsing our available properties or by using the search facility.
  3. Once you have found the property you want to bid on, click ‘Register to bid’.
  4. You will then be diverted to a new page to create your log in information.
  5. Keep these details safe as you will need them to log in when the time comes to bid.
  6. Enter all details requested, including your chosen credit or debit card you would like your deposit and any fees due to be deducted from, should you be successful in your bid.
  7. Confirm you are happy with all relevant Terms and Conditions.
  8. Download any available legal pack for the property. We would always recommend having your solicitor read over these documents for you ahead of placing a bid.
  9. Once you are happy, enter your maximum bid and you are good to go!

Bidding is made incrementally as the auction progresses. Increments may vary from auction to auction. If you authorise a maximum bid of £200,000, and you have the final bid of £100,000, as long as this is above the reserve price, you will have won the property for £100,000. Your maximum bid comes into play where there are two bidders, bidding against each other. Our automated bidding system will automatically bid in set increments on your behalf up to your maximum amount.

Anti-Money Laundering Regulations

In all cases, to comply with the above, proof of ID and address is required. This includes one form of photographic ID such as a driving licence or passport, as well as one form of residential ID such as a utility bill, dated within the past three months.

Legal

We pride ourselves on being transparent in all aspects of our business and recommend our clients and customers take independent legal advice or consult with their own solicitor before deciding to proceed with any purchase. Although in most cases purchasing a property through auction is simple, we do come across more complicated cases where there may be a special conditions attached to a sale and you should be fully aware of what you are buying into before proceeding.

Finance

It is imperative to have appropriate finances in place before bidding at any auction, whether online or in room. One of the biggest benefits of auction is how quickly sales are completed so you must be prepared. If you need any advice regarding finances you can speak with your bank, mortgage advisor or with a company specialising in short term auction finance, such as Together.

 

If you have any questions or need any further information regarding the online bidding process, our team will be happy to help. Please call 0330 0940 100 or email info@nationalpropertyauctions.co.uk