What are Property Auctions?
Property auctions offer properties for sale by immediate, unconditional contract, which means that the fall of the electronic gavel constitutes an exchange of contracts between the buyer and seller.
Our innovative platform provides all the benefits of traditional auctions – speed and certainty of sale, transparency and zero risk of gazumping – but with the added advantage of being able to bid pressure-free from the comfort of your own home via desktop, tablet or mobile phone.
Why Choose Online Property Auctions?
Our platform provides all the benefits synonymous with traditional auctions, including speed and certainty of sale, transparency and zero risk of gazumping or double-selling. Both parties are legally bound to complete the transaction usually within 20 working days following the close of the auction.
You can bid pressure-free from the comfort of your own home or office via desktop, tablet or mobile phone with complete transparency throughout the entire process.
Simple, Secure Process
Getting started involves creating an account and verifying your identity, plus providing your solicitor’s details for a smooth completion process. We handle all necessary anti-money laundering checks that won’t impact your credit rating.
The bidding experience is straightforward with clear increase and decrease buttons, real-time bid displays, and the option to set maximum proxy bids that work automatically on your behalf. Our unique extension system adds 60 seconds whenever someone bids in the final minute, ensuring everyone gets a fair chance to participate.
Auction Pricing Guide
Guide Price
A Guide Price is an indication of where the Reserve is currently set. It’s not what we expect to sell for and shouldn’t be taken as a valuation. The reserve will not exceed the Guide Price by more than 10%, or if a range is quoted, the Reserve will fall within that range.
Reserve Price
The Reserve is the minimum figure we’re authorised by the vendor to sell the property for. The Reserve can change during marketing and we can lower it during the auction to match the existing highest bid. If there are no further bids, that highest bidder will be declared the purchaser.
What Happens If You Win?
If you are the successful purchaser, we’ll be in touch following the online auction to discuss the next steps. We will take the bidder security amount from your registered card and the contract will be signed on your behalf with copies sent to both your solicitor and the seller’s solicitor.
We recommend viewing the property and taking professional advice to ensure it meets your needs, reviewing the legal pack for full details, and confirming you’re happy with your investment commitment.
Frequently Asked Questions (FAQ's)
- Is online bidding legally binding?
Yes, the fall of the electronic gavel constitutes an exchange of contracts between buyer and seller, with both parties legally bound to complete. - How long do I have to complete the purchase?
Usually 20 working days following the auction close, but this will be confirmed in the legal documentation for each property. - What happens if I’m outbid during the auction?
You’ll receive an email notification so you can choose to increase your bid if you wish to continue participating. - Can I set a maximum bid amount?
Yes, you can place a maximum proxy bid and the system will automatically bid on your behalf up to that amount. Your maximum bid stays completely confidential. - When do I need to register my payment card?
Only within 6 days of the auction’s end date. If you register earlier, you’ll see a holding page until the payment window opens. - What happens to my money if I don’t win?
The hold on funds will be released from your card, though this can take a few hours to several days depending on your card provider. - How does the bidding extension work?
Any bid in the final 60 seconds extends the auction by another 60 seconds. It only finishes after a full 60 seconds pass without bids. - Do I need to view the property before bidding?
While not mandatory, we strongly advise viewing the property and taking professional advice before placing any bids. - What information do I need to register?
Contact details, email and mobile verification, photo ID, recent proof of address, and your chosen solicitor’s details.
Discover the Value of Your Home
Curious about how much your property is worth? At David James, we provide a complimentary, no-obligation property valuation. Our expert valuers will consider key factors like location, size, condition, and recent local sales to give you an accurate market assessment.