Buying & Selling at Online Auction

BUYING AND SELLING AT ONLINE AUCTION


Selling at auction

There are many advantages to selling at online auction, it’s quick – the whole process takes around four weeks, there’s no chain and when the countdown comes to an end and reserve price is achieved your property is sold.

Our unique online auction regularly attracts investors, developers and property dealers interested in buying, widening your potential selling market. An auction could be the best method for selling your property, especially where you do not pay any fees while using just-sold.co.uk

In the past, the auction room was thought of as a dark and smoky room at the back of a pub where properties would be sold at a knockdown price. Nowadays, that couldn’t be further from the truth. Our online auctions are available for everyone and it is a transparent process where upon completion of the sale process, you will certainly witness true price is achieved.

The sale of property by online auction is a proven method of achieving the best price, as bidders can place the bid from any part of the world without any barrier and their own comfort. More importantly, a sale by online auction is secure and cannot fall through; once the timer is over, the property is sold, contracts are exchanged in 24 hours and will usually complete within a month.

Selling an investment property

It’s not only residential properties that sell well at an online auction. Investment properties that have the potential for development usually generate high interest from investors. Properties with an existing rental income and offer the opportunity to add value or have the potential for conversion to alternative use, subject to planning permission, often attract the eye of our investors who are looking to add to their portfolio or secure a significant return on investment. Properties such as industrial, retail, offices, pubs, development land with or without planning permission can be marketed as an investment opportunity and sell well at this unique online auction system.

Achieve the best price

One of the most common misconceptions with an auction sale is that maybe you’re not going to get the best possible price. Well, our recent results demonstrate that with several lots selling in the online auction are much more than they were originally marketed at, with high street estate agents.

If you offer a property for sale to a motivated price in the market, a competitive buyer will certainly buy it for all that it’s worth.

An online auction sale is swift and secure

Quite often people perceive an auction sale as being the last resort but, it ought to be the first method of sale. On the successful bid online and at the end of time the buyer has certainly bought the property; there is no opportunity for them to renegotiate or change their mind and it offers the security and comfort that the matter will be dealt with swiftly and securely.

The whole sales process takes around four weeks and includes four weeks of intensive advertising on just-sold.co.uk Auction site along with leading property portals i.e. Zoopla, Rightmove and many more, displays the property particulars, legal pack and inclusion in the high-quality auction catalogue distributed to 10,000+ active buyers via our e-marketing. The whole sales process takes around four weeks and includes four weeks of intensive advertising on the just-sold.co.uk

How to buy a property at auction?

There are several ways to purchase a property in our online auction route. If at all possible, we advise all buyers to register first and login to their suite, and bid live online. However, we know that’s not always possible so we offer a number of different ways to bid. In some circumstances it may also be possible to submit an offer prior to auction or post-auction should a lot fail to reach its reserve price.

Offers prior to auction

You can submit an offer before the auction which, if suitable, is forwarded to the seller. All offers must be received in writing and must be above the guide price. If this is accepted, your purchase will go ahead and when contracts have been exchanged, the property will be withdrawn from the auction.The property will be sold under auction conditions and will remain fully available and open to other offers until contracts have been exchanged.

Please note that some vendors may not want to consider any offers prior to live auction ends. We will be able to inform you if that is the case.

Bidding in the online auction

This is by far the most exciting part of buying or selling at auction. But make sure you are prepared to go big with all the calculations on hand. Before bidding online at auction, contact us to make sure the property is still available. If it is, you’re ready to start bidding!

You will need to bring two forms of identification; photographic proof and separate proof of address. You will also need to keep your 10% deposit (plus the 'Buyers Fee') so you can exchange contracts if you’re the successful bidder. If you already have your solicitors in place then send their details well before the auction ends. It is also a good idea to arrange for your building's insurance policy to start once the auctions end online. For some leasehold properties this might not be necessary, your solicitor will guide you on this.

Your deposit

This can be paid in a number of different ways including by debit card or a bank/building society draft. Options do slightly vary due to the vendor’s convenience, so be sure to check with us before you prepare your financial arrangements. You will also be required to pay a 'Buyers Fee' if you’re successful with a bid.

Bidding

Before bidding starts, the auctioneer will check that the copies of the ‘Addendum or Late Announcement’ are uploaded onto the online system. Also, we will make sure any last-minute alterations to the property particulars are notified to each interested party. When the property you are interested in comes up, make sure you know the maximum price you can afford to pay – it’s easy to get carried away! Once bidding begins, potential buyers will be asked to make their bids clearly either by email or submitting via an online channel/login suite.

If a property fails to reach the reserve price, it will be withdrawn from the auction and the auctioneer will invite anyone still interested to bid or put the property back in countdown again. Sales can still be made if a price is agreed with the seller, subject to contract.

What if I can’t bid or unable to track the bidding?

If you can’t attend or focus on the bidding for a sale then you can arrange either a proxy, email or internet bid by a legal representative. There is a form to fill out which can be found in the back of the auction catalogue. We need the form back the day before the auction ends, along with copies of your identification and debit or credit card details or a cheque so we can process the 10% deposit if you are successful.

Proxy bid – you leave us with your maximum bid and a member of staff will bid up to that amount for you via the online system. The bids will still go up in increments; we don’t just submit your maximum bid.

Telephone bid – a member of staff will ring you on the last day of an auction, just before the property’s countdown comes to an end. We will take your instructions and bid on your behalf online.

Internet bid –s you log onto our online bidding website, monitor other bid, follow the instructions online to place your bid.

Please note: When you submit a proxy bid the auctioneer is immediately appointed as your agent, he/she has a legal obligation to act on your behalf.

You can also send someone to submit bids on your behalf to our office. They will need your written consent and you should agree on limits before bids are submitted. They will need to bring their own identity as well as copies of your identification. They must also be able to pay the deposit if they are successful.

A successful bid!

Once the timer is over and your bid is successful, contracts are required to be legally exchanged. The contract is signed and the deposit handed over immediately (along with the 'Buyers Fee'). The auctioneer is legally entitled to sign the contracts on behalf of the buyer and seller if necessary.

Completion of the sale

The completion of the sale is usually less than a month after the auction, unless stated otherwise in the special conditions of sale in the legal documents. The balance of the sale will be paid on completion. A solicitor will normally deal with this part of the sale.

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