Q. How long does the auction last for each property?
A. 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 property details where the time remaining will be displayed in the top left corner.
Q. How do we get paid?
A. 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 reservation 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.
Q. Why would someone pay a fee to purchase a property?
A. When looking to buy a property, most people will look at the total purchase price, and all of the lots available through our online auction are priced realistically and to sell.
Q. Is the bid binding?
A. 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.
Q. How quickly do I have to buy the property?
A. 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.
Q. How do I place bids?
A. 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.
Q. Can I place bids outside the auction process?
A. 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.
Q. What if the reserve price is not met?
A. 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.
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