Since the legal pack which contains the legal documents and other surveys are prepared in advance of an auction, buyers have access to important information before making an offer. Therefore both the seller and the buyer are less reliant on conveyancers timelines.
Common issues such as property chains are less likely to occur.
Sometimes properties that require modernisation or a new kitchen or ones that have tenants in it are sold through auction.
Once you've seen a property that you want to bid on the first thing you need to do is Register to Bid. Once you have an account, you need to verify your email address and upload your driving license to be able to bid.
Before placing a bid we strongly advise that you carry out market research on any property you are interested in bidding on. Make sure to review any legal documents we will have for the subject property, these will be contained in the legal pack that you can download from the property details page of our website. This pack provides more information to help you to make an informed decision on whether or not to bid on the property and at what level.
We also recommend that before bidding you view the property internally and are completely happy with making a bid. Full terms and conditions are viewable in the bidding section of each property page; please review the terms and conditions relevant to the property you are interested in.
When you place a bid that acts as a max bid and the current price is slightly above the second-highest bid or the starting price. When other buyers bid on a property and your max bid is higher than theirs then your current bid is risen just like in eBay.
Depending on the type of auction, i, with the fixed auction the contracts are exchanged immediately and you have 28 days to complete. ii, with the extending auction you sign the reservation form along with the reservation fee and you have 28 days to exchange contracts with another 28 days to complete.
On acceptance of a successful bid, the buyer will be asked to leave a non-refundable deposit. Both the admin and buyer's fee will be subtracted from this deposit any remaining amount is part of the selling price.
This is to be paid by bank transfer or card payment.
Once the payment of the non-refundable deposit has been confirmed, Notifications of Sale will be issued to all parties and their chosen solicitors, who will confirm the details of instruction.
The legal pack is a collection of documents intended to provide you with enough information to make an informed decision about whether to proceed to purchase the property. The documents contained within the legal pack may not represent everything there is to know about the property and as such this pack is not intended to replace your own research. The legal packs are provided by the vendor and their own legal representative. Quicksold accept no liability in respect of the accuracy or the validity of the information contained within the legal pack, we recommend that interested parties do their own research and seek independent legal advice as well as carrying out their own investigations and searches.
The deadline can be extended if the highest bidder is outbidden in the last half hour. In that case, the deadline is extended by half an hour, giving the prior highest bidder time to react.
This is the minimum price that the seller will consider selling a property in the online auction. This figure is hidden but generally no more than 10% above the starting price. Both the starting price and reserve can be subject to change.