Prior to participating in property auctions, verification is required. This hassle-free automated process can be initiated from the property page of your desired auction property. Click on 'Login / Register to bid.' This action directs you to the auction passport page, where you can establish your account. Follow the outlined steps, and when prompted, submit a scanned copy of your driver's license or passport, along with recent proof of your residential address (dated within the last 3 months). An Anti-Money Laundering (AML) check will be conducted. Upon completion, you gain the ability to bid on any auction property for the next 3 months.
Once you've completed step 1, you're ready to submit your bid. Prior to doing so, we strongly advise thoroughly reading and comprehending the terms and conditions associated with the specific auction lot. Equally important is a clear understanding of the legal pack. If any aspects of the legal pack are unclear, it's recommended to seek assistance from a solicitor to resolve any queries.
Click on the 'Bid Now' button and proceed with the relevant instructions. All bids are handled as proxy bids. This means that your entered bid doesn't necessarily require you to reach the exact amount during bidding. For instance, if the current bid stands at £50,000 and you place a bid of £60,000, the display will reflect £50,250. If another bidder places £55,000, your bid will increase to £55,250. If no further bids are placed, you'll secure the auction at £55,250. To note, there's no advantage in waiting until the last minutes to bid.
At the auction's close, if your bid is the highest and meets the reserve price, a legal commitment is formed to proceed with the property at the agreed-upon price. A member from the auction team will contact you to guide you through the next steps. Signing a buyer's contract is necessary, along with the payment of the deposit and any associated fees. These transactions must be completed on the same day as the auction's conclusion.
At this juncture, the seller is committed to the sale, and solicitors will be engaged to finalise the sale within the mutually established timeframe.
