Buying properties at auction property
Bidding process and guide
You need to register once you see a property in our online property auction that you want to bid on. It is advisable to carry out a market research on a property you want to bid on as well as review the legal document and terms of service that may be provided. The bidding processes include:
- Starting bids: it is the price at which each property is published and the level at which bidding will start.
- Reserve price: it is the minimum price at which the vendor will sell a property in the online auction. It is usually a private agreement between the vendor and the auctioneer which is usually not more than 10% in excess of the starting bid.
- Online auction: all properties are made available at any time of the year through online auction. Every bidder stand a chance of one last bid as for every bid made in the last 10 minutes and the auction end time will be increased by 2 minutes to make sure the highest bid wins the auction.
- Reservation fee/deposit: it is usually paid by bank transfer or card payment. Once the payment is confirmed, notification of sale will be issued to all parties and their chosen solicitors confirms the details of instruction.
- Exchange of contracts: binding contracts with the payment of a deposit is exchanged here between the vendor and the purchaser and, at the same time they agree to a completion date.
- Completion of contracts: it is where the estate agent organizes the handing over of the key to the new home and it is the date the property payment must be completed.
- Fixed exchange and completion dates which allows the smooth running of the process that benefits the seller and the buyer.
- It allows you to know the timeframe at which finance can be arranged whether on mortgage or loan.
- Our online platform allows you to bid remotely on any property of your choice.
BUYING PROPERTIES AT AUCTION PROPERTY
If you are looking for your potentially dream home or next renovation project, Auction Properties UK is the best to consult. Due to the accessibility, security, speed and benefits we offer, it is the best preferred route to get your ideal property and be rest assured of maximum satisfaction. Some of these benefits include:
Registering a bid is very easy. Just register your email address and password into our system by clicking on the property to get your bid registered. The fee is in addition to the bid and it is not part of the selling price. The reservation fee caters for advanced property auction which will be clearly labeled below the starting price of each property.
It is important information to the buyer, which is a collection of documents that is intended to supply you with adequate information necessary to make an informed decision on whether to proceed to purchase the property.
The information contained in the buyer information pack may not contain all necessary details that need to be known. In some cases, the documents contained in this pack may not be provided by advanced property auction and may be provided by vendor and their own legal representative.
FEES AND DEPOSITS
Once a seller has accepted a successful bid, the buyer will be requested to leave a reservation fee of 10% including VAT of the selling price.
There are several reasons to buy from Auction Properties UK:
- More efficient process: legal documents and other surveys are prepared prior of an auction which grants buyer access to important information before making an offer.
- Reduced chance of property chains: vendors who enter properties into an auction are usually in the position to exchange quickly. Therefore, property chains issues are less likely to occur.
- Guide prices: they reflect realistic and true value rather than perceived value. It is designed to generate interest in a property and promote a quick sale.
- Firm financial commitment: immediately your online bid is accepted, a deposit is placed on the chosen property a legal binding agreement is signed to exchange contract in 28 days, for completion and to put your finances in place.
- Greater control: due to the legal document prepared ahead of an auction, the buyer and the vendor are able to abide to the change and completion dates stipulated.