How Going Once Auction works
There is a £2,400 reservation fee to the successful bidder (all other bidders pay nothing at all, there are no costs to register) This is NON-REFUNDABLE in the event the purchase does not proceed within the 56 day exchange of contracts. Please see the conditions of modern auction purchase.
No hidden fees, we aim to be transparent in all things.
- Create an account (click here and then follow the step by step process)
- Click the heart to follow properties that you’re interested in
- Arrange a viewing on any property you intend to bid on (IMPORTANT NOTE: this can be your representative, such as a surveyor or builder or even family living locally, but if you have not viewed in some form you will not be eligible to bid)
- When the auction proper starts you can put in an opening bid, after which you will be notified if your bid is beaten, allowing you to increase in increments of £1000
- If your bid is the highest as the auction closes you are the successful bidder, congratulations ! (IMPORTANT NOTE : Bids in the final ten minutes, extend the close time also by ten minutes. This is to prohibit ‘sniping’, people coming in at the last minute, winning on timing alone)
- Provided the reserve price has been met – and this will show as the auction proceeds – then your winning bids secures the property for 24 hours during which time we will contact you to obtain your information, including your solicitor (if you do not have a solicitor, one can be appointed for you). At this point, we will take the reservation fee of £2,400 which is NON-REFUNDABLE and is not part of the purchase price. In bidding you will be liable to pay this amount as part of the commitment you have agreed to post registration.
- Solicitors will undertake their normal checks and you will be asked to provide a further 5-10% of the purchase price as a deposit, as well as an unconditional mortgage offer, if you are having a mortgage on the property. PLEASE NOTE : If you are unsuccessful in your mortgage application the reservation fee remains NON-REFUNDABLE. If you encounter any issues along the way please contact us at once, as we may be able to assist.
- Upon completion, your solicitor will advise you on the final full balance transfer and we will contact your to provide access and keys. After the whole thing is wrapped up we will contact you for customer satisfaction feedback, unless requested otherwise.