Rightbuyer - How to Buy, Bid or Offer
How To Register and Bid
Set up an Auction Passport account. To do this click on the Register to BID / OFFER / BUY button and complete the Auction Passport registration form.
Click the “VIEW PROPERTIES” tab on the Rightbuyer page. On the next page click the “VIEW/ BID” button next to your chosen lot to progress to the terms and conditions.
Read the terms and conditions and confirm your agreement by clicking on the accept terms box.
Confirm payment card details. This is a pre-authorised payment for the 1% Reservation Deposit subject to a minimum of £5000, your card will only be charged if you are the winning bidder. If you do not buy we will release the hold on funds at the close of auction or if your offer is declined and you decide not to increase it.
The £5000 deposit is a minimum payment, if the purchase price exceeds £500,000 we will contact you to make a bank transfer for the balance of the 1% deposit.
You can register a debit card or credit card, there are no surcharges for credit card transactions.
Click the confirm card details button.
Buy it Now
The first buyer to click the Buy it Now tab secures an Exclusivity Agreement to purchase the property at the Buy it Now price. The property is removed from sale and no other offers will be considered. We will process the card payment for the Reservation Deposit of £5000.
If you register to Buy it Now and another buyer secures the Exclusivity Agreement before you we will release the hold on funds on your payment card.
Click the Make an Offer tab and confirm the price you wish to offer. If the seller accepts your offer the Exclusivity Agreement is secured. If the seller rejects the offer we will invite you to submit an increased offer until agreement is reached or you withdraw your interest. We will release the hold on funds for the Reservation Deposit when you withdraw your interest.
Set Max Bid – set your maximum bid using the + and – keys in the “Enter Bid” box.
Max Bids are confidential and neither Network Auctions or other bidders can see what your maximum bid is. The system bids for you up to the Max Bid, your winning bid may be less than your Max Bid depending on the level of competing bids. If the reserve has not been met and your Max Bid is either at or above reserve, the system automatically makes a bid for you at the reserve price. If a Max Bid is below reserve the system will place a bid at that Max Bid level.
When other bids are made, the system bids incrementally on your behalf until you are the highest bidder, up to but not higher than your Max Bid.
Place Instant Bid – allows you make individual bids.
There are 2 types of instant bid –
- Simply bid the next increment i.e. the bid that the system is inviting you to make by default.
- Make a bid at any price in excess of the current next bid level using the + and – keys. The current bid will automatically jump to this level and you will be in a winning position. You can see the full history of bids and the time remaining until the close of the auction.
The auction closes at a fixed time except when a bid is placed in the last 30 seconds. When this happens a bid extension of 30 seconds is automatically added to the countdown clock. This continues until a full period of 30 seconds has elapsed with no further bids.
If you have any questions about Rightbuyer please refer to our buyer and seller guides, if you require further assistance please contact us.
In general terms, you are strongly advised to view the property and take professional advice as to its condition and suitability. You should also ensure that you thoroughly read and understand the legal pack and any other associated documentation available online, and take proper legal advice accordingly. Finally, understand the contract you are entering into and the financial commitment that you will be liable for should you be the successful purchaser.
When the auction opens, you will be able to place bids in line with the pre-determined bid increment levels, using the bid increase (+) and decrease (–) buttons provided. Every time you submit a bid you will be clearly shown whether your bid was successful, and a full list of all bids is displayed on-screen at all times.
Maximum (Proxy) Bids
You are not restricted to placing a bid at the minimum bid amount, but can instead increase your bid and place a maximum (proxy) bid in the system. By setting a maximum bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your maximum bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.
Every lot is sold subject to a reserve price (the minimum price that the auctioneer is authorised to sell for on the day). When you submit a maximum bid, the actual bid placed by the system will depend on whether the reserve price has been met, as defined below.
If your maximum bid is below the reserve price
• The system will place an immediate bid at your maximum bid amount.
If your maximum bid is at or above the reserve price
• The system will automatically increase your bid to be at the reserve, and will only bid again on your behalf if you are subsequently outbid by another bidder (up to your maximum bid amount).
• If another bidder has already placed the same maximum bid or higher, they will be the highest bidder and the system will notify you via email so you can place another bid. NB: Your maximum bid is kept completely confidential – it’s presence or amount are not disclosed to the auctioneer, vendor or any other bidder.
1. The current bid on a lot is £90,000. The reserve price has been set at £100,000 (not disclosed).
2. Tom wants to bid. The minimum bid amount is £91,000 but Tom decides to place a maximum bid of £97,000. This is below the reserve price, so the system places a bid for Tom at his maximum bid amount and he becomes the highest bidder at £97,000.
3. Jane logs on to bid. The minimum bid amount is £98,000 but Jane places a maximum bid of £105,000. The system automatically increases Jane’s bid to meet the reserve and she is now the highest bidder at £100,000.
4. Tom is notified that he has been outbid. If no further bids are placed Jane would win the lot for £100,000.
5. If, however, Tom then places a maximum bid of £105,000, the bidding would jump to £105,000 and the bid would be with Jane as she bid that amount first.
The bidding extension window ensures all bidders have an equal opportunity to bid.
The online auction will close as per the advertised ‘Auction End Date’. However, if a bid is placed within the final 30 seconds of the auction’s scheduled end time, the auction will be extended by an additional 30 seconds – known as the ‘bidding extension window’.
If a bid is placed in the ‘bidding extension window’, the clock will immediately reset to 30 seconds again, and the auction will only finish when an entire 30-second bidding extension window passes without any further bid being placed, i.e. 30 seconds of ‘bidding silence’.
Bid ‘Sniping’ – does it work?
Unlike eBay, bid sniping will not work on our online auction platform. There is no advantage in leaving your bid until the last few seconds; it will only initiate a 30-second bidding extension window which ensures every bidder has an equal opportunity to place another bid.
Additionally, if you do leave your bid until the final few seconds you could risk your bid not being received by the platform server until after the closing time, and therefore not accepted.
Legal position if you win the auction
The sale is unconditional and legally binding. The fall of the electronic gavel constitutes an exchange of contracts between the buyer and seller. Both parties are legally bound to complete the transaction – usually within 20 business days following the close of the auction, but this will be confirmed within the legal documentation.
If you are the successful purchaser, we’ll be in touch following the online auction to discuss the next steps. The system will take the bidder security amount from your registered credit or debit card (all underbidders will have their hold on funds released); the contract will then be signed on your behalf with copies being sent to both your solicitor and the seller’s solicitor.
FOR MORE INFORMATION CONTACT NETWORK AUCTIONS ON 020 7871 0420
In order to bid online you are required to submit details of a credit or debit card. When you register your card, we will be placing a hold on funds on your credit card (or bank account if you use a debit card), to the value of the bidder security deposit (£5,000). This means that the amount we’re holding will affect the available amount you have to spend on your card, as the amount will be ring-fenced and you will not be able to spend it until the hold has been released.
If you are the winning bidder then the amount will be taken in full from your registered credit card or bank account immediately following the close of the auction. If you are not a winning bidder then the hold on funds will be released from your card, but be aware that it can take anything from a few hours up to several days for the hold to be released (dependent on the card issuer). If in doubt, contact your card issuer. Please be aware that you will not have access to the funds until the hold has been released.
Please see two example payment registrations below:
Scenario 1: Tom has a credit card with an overall limit of £15,000, and a current available balance of £14,500
• Tom registers to bid on an online auction lot which has a bidder security deposit of £5,000 applicable
• Tom registers his credit card – a hold on funds is placed on the card to the value of £5,000
• The available balance to spend on the card is now £9,500
• Tom goes out shopping and buys a new laptop for £1,500
• The available balance on Tom’s card is now only £8,000
• Tom bids on the online auction but is unsuccessful and doesn’t win. The auction closes and the system automatically instructs SagePay to release the hold on funds from Tom’s card
• The available balance on Tom’s card will revert to £13,000 once the ‘release’ has taken place
Scenario 2: Jane has a debit card for a bank account with a current balance of £5,250
• Jane registers to bid on an online auction lot which has a bidder security deposit of £5,000 applicable
• Jane registers her debit card – a hold on funds is placed on Jane’s bank account, to the value of £5,000
• The available balance in Jane’s bank account is now only £250
• Jane goes shopping and buys a new mobile phone for £300, pushing her £50 into an overdraft
• Jane bids on the online auction and wins the auction. The auction closes and £5,000 is immediately taken from her bank account
• Jane remains £50 overdrawn