Buying at auction

Green Door Property Auctions,
Scotland's best online property auction website.

At Green Door we pride ourselves on keeping it simple, no complicated jargon and what we believe is a transparent bidding process. If you are on this page you are possibly considering buying at auction, we hope you do, it’s a brilliant way to buy properties but I guess we are biased when we say that!

Below we have detailed a step by step process for buying at auction. We know it can be confusing at times and there are a lot of misconceptions flying around we want to address.

We hope this page clears up any uncertainty however if not or if you still have any questions, please just give us a call or send us an email and we will be happy to help.

Looking for more information? Find out why you should consider buying property at auction, what happens after you place a bid or check out our buying auction property FAQs for answers to common questions.

Step 1 - Find your palace..

You need to find the property you want to buy. We will be advertising all the properties we are selling on our Website as well as Right Move, Zoopla, Prime Location and On The Market. Once you have found the property you think is for you that takes us onto the next step..

Step 2 - Research, research and a bit more research (Do your Due Diligence in boring legal talk)..

Once you have found the property you think is for you, now is the time to do your investigations. This step is key to making sure the property you are buying is the right one for you. One of the major differences when you buy at auction is that you must do your investigations prior to offering. If you decide to offer before or without investigating then you need to be prepared for what you find, The Good, The Bad and The Ugly. You should request a legal pack which will contain all the information you require. At this stage we recommend enlisting legal advice. Employees at Green Door will be happy to help as much as we can but we're not legally trained so we can only help with so much.

Step 3 - Ladies and Gentleman, bids in please..

Ok, so you've found your perfect property, you've visualized where the new sofa is going to go and what size tele will fit in the living room, you've done your investigations and you're ready to bid. This is where buying at auction is great, there's no need to go through your solicitor as you normally would. Simply follow the link on the advert and put in the amount you want to offer. You will see from the Terms and Conditions there is a fixed buyers fee of £3,000.00 (unless otherwise stated), please incorporate that into your budget, this figure will be over and above the offer you are making. Once your offer is in, one of our friendly team will call you to confirm your offer and discuss the next steps. You will see the date of the auction on the advert for the property, in many cases though our vendors may be happy to do a deal before the auction date. If a deal is agreed before an auction it still follows the same auction terms, it is just classed as a closed auction but we are starting to digress here, let's get back to the step by step guide.

Step 4 - You're the highest bidder, woohoo congratulations!..

Party poppers have been pulled, the champagne is about to be popped, you're the highest bidder but what happens next?..... Firstly, you need to secure the sale by paying the reservation monies. This would usually be a 10% deposit (subject to a minimum of £3,000) and a buyers fee of £3,000. This payment would need to be paid by bank transfer within 24 hours, failure to do so could see the property being offered to the next highest bidder. If you don't want to pay by bank transfer card payment options will be made available. At this stage you will also need to provide proof of ID and a proof of address, this isn't us being fussy, this is anti-money laundering regulations that we are required by law to comply with.

Step 5 - Our work here is done..

Well almost. At this stage we send the legal pack to the sellers solicitor, giving them details of who the buyer is and who the buyers solicitor is. At this point Solicitors do the legal stuff that they do to transfer ownership from one party to the other. Standard completion timescales for a sale is 28 days. Please always refer to the legal pack for clarification on this, some vendors may insist upon a shorter completion time, some may want longer.

Step 6 - Nearly there..

Right, everything is done here isn't it? Nearly but not quite. At this stage everything is being done by the solicitors, we will have paid them the 10% you paid at the point of the offer being accepted, all that is left to do is for you to pay the remaining 90% to complete the sale. This has nothing to do with us and is paid directly between you and your own appointed solicitor. Once that is done, and the solicitors are happy then the sale is completed.

Told you it was easy!!

Should you have any further questions on this we would be delighted to hear from you, please just give us a call or send us an email with any questions you may have!

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