How It Works
AuctionYourProperty.com follows the same principles as a regular property auction.
One main difference is that instead of holding the auction at an inconveniently located auction room,
our auctions are all done electronically over the internet.
Sellers just upload their property details (including photos) onto the website and set a reserve price. Bidders simply log on to their accounts on the day of auction and bid.
The whole process is very cost-effective and efficient.
Each auction will start at 10am on the set day that the seller has chosen and stated on the sales particulars and closes at 8pm the same day (to give
people who are unable to log on at work a chance to bid).
Unlike traditional auctions, we will not organise big block viewings once or twice a week that only last 20 minutes or so. Instead,
sellers carry out their own viewings at mutually convenient times thus allowing them to build a rapport with potential buyers and also monitor exactly who comes in and out of their property.
Bidders need to be registered members (registration is free), and to forward their deposit cheque to Sutton Kersh Binstock Ltd (owners of AuctionYourProperty.com) in advance of the auction (this will only be used if the bidder is successful). Then, at any time during the auction (10am-8pm), bidders can log in to their account and place a maximum bid. This bid must be higher than the current top bid.
Your maximum bid is the maximum amount you'd be willing to pay for the property. This amount is registered with AuctionYourProperty.com and kept confidential from other bidders and the seller.
Please note that your maximum bid is not necessarily the amount you will pay. As long as your maximum bid is higher than anyone else's, you will only pay one increment above the next highest maximum bid.
For example, if you register a maximum bid of £320,000 and the next highest maximum registered bid at the end of the auction is £300,000, then the property is sold to you at £300,500 in line with the bidding increments as follows:
|Bid value||Bidding Increments of|
|£0 - £1,000||£10|
|£1,000 - £20,000||£100|
|£20,000 - £100,000||£250|
|£100,000 - £500,000||£500|
So, for a property with a starting price of £80,000 the bidding increases in increments of £250 until it hits £100,000 at which point the next allowed bid becomes £100,500.
This bidding system means that you can leave your maximum bid and not have to keep coming back to re-bid every time another bid is placed. It also protects the current high bidder from being outbid just as the auction is drawing to a close.
Please note: If you enter a figure that does not follow the correct bidding increments as detailed above, we will adjust your bid by rounding it down to the next valid bidding increment. For example, if you submit a maximum bid of £211,995 - this will be registered as a bid of £211,500.
If you are the current high bidder and another bidder registers a higher maximum bid than you, then you will be automatically outbid. If you are outbid you will be sent an email informing you of such and you will be invited you to increase your maximum bid.
Maximum bids can be increased throughout the day if necessary right up to the close of the auction.
If two or more bidders enter the same maximum bid then the bidder who entered it first will be registered as bidding that amount.
eg. If Bidder A and Bidder B both enter maximum bids of £300,000 but Bidder A was first, then the bid would jump to £300,000 in favour of Bidder A. Bidder B would then be invited to make an increased bid in the usual fashion.
AuctionYourproperty.com does not allow the retraction of bids. Bidders should make sure they enter the amount carefully and check it before submitting.
NB - It is common for bids to be submitted at the very last minute by shrewd bidders hoping to place their bids in the dying seconds of the auction so that other bidders will not have time to react. Therefore, we strongly advise that you enter, as your maximum, the highest possible amount that you are prepared to bid to. This way you will not be outbid at the last second by an amount that you yourself would have been prepared to pay.
The End of the Auction
If the highest maximum bid does not reach the seller's reserve price then the property is unsold. In this situation the seller has a
However, if the reserve price is at least met or bettered by the highest bidder then the property is sold and the winning bid is the official price of the property.
Please Note: If the property is sold, as soon as the auction is over a legally binding agreement is formed between the seller and the winning bidder in accordance with the RICS Common Auction Conditions (August 2009 Issue 3).
For a more detailed step by step look at buying or selling auction properties on AuctionYourProperty.com please read the following:
Seller's Guide | Buyer's Guide
We understand that buying and selling property is a daunting prospect at the best of times so if you have any queries whatsoever,
then please contact us using our Contact Form, or you can call us on 020 7625 9007.
Why Choose AuctionYourProperty.com
- Once the auction ends, the seller and winning bidder receive confirmation emails from AuctionYourProperty.com. These emails will confirm the final price and give each party the other's respective details.
- The winning bidderís deposit cheque is then paid into our client account and once the monies have cleared they are forwarded to the sellerís solicitor (less any possible fees owed to AuctionYourProperty.com)
- Completition is 28 days (unless the seller has clearly specified otherwise in the additional notes or special conditions of sale).
- A successful auction sale constitutes a legally binding contract between the seller and the buyer. Our online auctions are governed by the RICS Common Auction Conditions (August 2009 Issue 3).