Buyers Guide

Who's Buying?

• New investors, builders, developers even parents helping their children buy their first home. 

The Auction Difference:

• When you bid, it's live. Win the bid? The contract exchanges when the virtual hammer drops.

• If you win, pay a 10% deposit within a day. Usually, complete the purchase within 28 days unless stated otherwise.

Viewing a property:

• Diarise an appointment through Property Auction Agent.

• We'll need your full details to contact you about legal packs, new instructions, or auction dates.

• Some properties might not be available for viewings due to safety reasons.

Doing Your Homework:

• Obtain a mortgage or make funds available prior to the auction.

• We recommend a property survey, especially for cash buyers.

• Check out the legal pack (contract, property details, special conditions of sale etc.) for each property. 

• Always seek legal advice.

Want to Offer Before the Auction this is known as Pre-Auction Exchange:

• When the Legal Pack is complete, a vendor might want to consider a Pre-Auction offer. To complete a pre-auction exchange we request the10% deposit and a Buyer’s Premium payment which can be transferred by Bacs. In addition, a contract will be sent for the successful purchaser to sign. On receipt of the funds and signed contract the property will be removed from the auction.

• There will then be a 28-day completion period.

Registering:

• Create a passport with the EI group via our site.

• You'll accept terms and provide ID proofs for anti-money laundering checks.

• Ensure your card has funds for the 'Holding Fee' before bidding.

The Reserve Price:

• Most properties have a minimum price (reserve). It's usually 10% above the guide price foe example a £50,000 property might have a £55,000 reserve.

Bidding:

• All done online with pre-set increments.

• The end time extends by 60 seconds if a last-minute bid comes in. Don't wait too long to bid!

• The holding fee is taken from the winner's card. Others get their holding fee back in up to 10 working days.

Proxy Bids:

• If you can't be online, set your highest bid beforehand.

• The system will auto-bid for you up to your maximum.

After the Auction:

• Winning the bid means you've bought the property.

• Your card's holding fee is taken, and you've 24hrs to pay the 10% deposit.

Other Costs:

• A Buyer's premium is only for properties sold outside auctions and paid along with the10% deposit.

Completion:

• Once the seller's solicitor confirms they are in receipt of funds, you can get the keys.