You’ve found the property you want, you’ve made your bid, what happens now? It’s a fair question and one we get asked quite a lot.
There are two different answers to this question. Firstly, if it is a pre-auction offer, we would contact the seller with your offer, if they accept then terrific! You’ve bought your property without it going to public auction. This is what is known as a closed auction and will still follow all the same terms as it would with a public auction. If the offer isn’t accepted, we would feedback to you what the seller has said, and you can decide whether to increase your bid or not.
The other scenario is if you bid on the day of the auction. In this case, at the point of making an offer we will let you know if there has been any other higher bids. If yours is the highest bid, then it will be displayed on the advert for the property on our website. If a higher offer comes in throughout the day you can decide if you want to increase it or not, again details of any offers will be updated on our website throughout the day. At 3pm on the day of the auction, if there are still active bidders, you would all be notified and asked to give your highest offer.
In both the scenarios above, the next steps are the same. You will pay the deposit and buyers premium by bank transfer. You will also need to provide proof of ID and a proof of address for money laundering checking purposes. Lastly, you will provide your solicitor information. Once we have all of this we send the legal pack to the seller’s solicitor, within this pack we notify them who the buyer is and who your solicitor is. The two solicitors then liaise with each other to conclude the sale.
Once the solicitors agree a completion date, this is when you would pay the remaining amount of the sale and when you would receive the keys.
Once the sale completes, we always ask if you wouldn’t mind leaving a review. As a company we are passionate about delivering a level of service you are delighted with, all honest feedback is appreciated. If you would rather give the feedback directly to a member of the team then that would also be appreciated.
Looking for more information? Find out more about buying a property at auction, why you should consider buying property at auction or check out our buying auction property FAQs for answers to common questions.