Written by: Toby Limbrick | 11 May 2023

Buying at Auction (The know how’s)

Covid made online auctions a necessity in the industry, but after such a roaring success and positive feedback, we’re sure they’re here to stay. However, this is all a bit more technical than a subtle nod or raise of the hand in front of an auctioneer with a gavel. So what goes into an online auction? We’re here to help you understand everything to do with this exciting new way to place a bid.

So, what are the differences between online and in-room property auctions? Well, the important parts are the same. Bidding online offers all the same benefits of buying and selling as a typical room auction, such as access to a wide range of unique properties and transparent sales. But now you can do it all from the comfort of your home or anywhere you have an internet connection. We’ve sold properties to buyers on holiday abroad and even received bids from a gentleman on his boat in the English Channel.

Anyone who wants to follow our auctions can do so through our online catalogue, there’s no need to register, and we frequently have several viewers on auction day. Legal packs are available to download prior to auction, and if you decide to bid you’ll need to register and create a bidding account. Go to our homepage, click “Next Auction”, and follow the instructions. To bid online, you will be required to register your ID and log credit or debit card details for the bidder security deposit of £5,000. We don’t deduct the money, Sagepay, who administer our card transactions, place a hold on the deposit pending the auction. If you win the bidding, we’ll process the payment as part of your 10% purchase deposit. If not, we’ll release the hold on funds immediately the auction ends. You will be notified by email as soon as you have been approved to bid, and then you’re good to go! After registering, you can watch any lot that takes your fancy and access legal packs, and we’ll keep you up to date on all goings-on throughout the auction cycle.

We hope this process is a little clearer now. The transition to online auctions has been an adjustment for all of us, but it is far more convenient for buyers and a way to partake in auctions you might otherwise miss out on. Don’t forget the team is always available and willing to answer any questions and enquiries.

Share article: