What is a Conditional In Room Auction?

Conditional auction is where a property is offered in the auction room under a best bids process where the winner secures a period of exclusivity (usually four weeks). During the exclusivity period, the buyer will sort their mortgage funding and exchange contacts with a fixed completion date (usually within eight weeks of winning the property). The successful bidder will pay a non-refundable reservation fee to secure the exclusivity and both the seller and the buyer are tied into the process.