Whichever method of Online Auction be it Unconditional or Conditional, buying by auction provides far greater transactional speed, certainty and transparency that purchasing via estate agents using the common private treaty process.
Win the bidding contest when buyer under Unconditional Online Auction rules and you will not have to concern yourself with seller withdrawal or being gazumped. For Conditional Online Auction you win yourself an uncontested exclusive period in which to exchange and complete.
As all stakeholders in the Online Auction have a vested interest and would suffer a degree of financial loss if a sale did not proceed to completion all parties are focused and committed towards a successful sale.
Online Auctions typically deliver successful sales in four to eight weeks, far faster than the average estate agents private treaty sales typically taking six months.
Auction House Online auction can handle all types of property assets across residential, commercial, land and investments.
The online bidding process, terms and costs involved with the purchase are transparent from the start, so you won’t have any nasty surprises. It is also a fair and level playing field, as the bidding system is open and transparent.
When buying a property, it is vital to know your budget to avoid any pitfalls down the line. Auction House wants to help buyers with their purchase, which is why our fees are always clear from the outset. For Online Auction, you need to plan for the following costs.
In the case of Unconditional Auction if you are successful in winning the bidding contest you will be required to pay 10% of the purchase price plus any agreed costs by registered debit card. Please note that we are unable to accept either cash or credit card. For Conditional Auction on the fall of the virtual hammer you will be required to pay over by electronic bank transfer or debit card a Reservation Deposit, this is help by Auction House as stakeholder until successful exchange of contracts.
Prospective buyers should acquaint themselves with the published full property details which can be found at www.auctionhouse.co.uk. Reference to a Buyer’s Premium being applicable will be clearly disclosed within the property details and or published Special Conditions of Sale.
As with all house purchases, there are other fees incurred through professional services, such as conveyancing, surveys and costs related to obtaining a mortgage, as well as standard fees such as Stamp Duty.
We have developed our online bidding platform to be intuitive and easy to follow. You also have the reassurance that you are using a platform that is safe and secure, operated by the UK's number one property auctioneer.
As with our traditional auctions, you will be able to find information such as property details, photographs, and documents such as searches where available. Properties will have Open House viewing sessions available prior to the auction starting, to allow you to look around the property. The auction runs for seven days until the finishing time. The system will extend the time by 60 seconds after a bid to allow for final bidding until the highest bid stands uncontested.
To bid in our online auctions, you need to register and complete a ‘Passport to Bid’. This includes providing a valid email address and mobile phone number (both of which will need verification) as well as agreeing to the terms and conditions of our online platform.
Once you have registered to bid, you can watch the auction countdown online, and place bids live to ensure you are the winning bidder.
If you are unable to bid live, you can pre-submit your highest offer. The proxy bidding is regulated automatically by the auction platform, and you will be notified if your proxy bid has met the reserve price.