Registering and bidding
Before you can place a bid on any property, you'll need to register first. Take a look at the steps involved:
1. Create an account
Before you can register to bid on an individual property, you'll need to create an account. This allows you to create watchlists of properties you're interested in, view property-specific Buyer Information Packs, track auction activity and save other personal preferences.Create an account
2. Find a property
Once you've created your account, start browsing all of the fantastic auction properties we have on offer. Use the Property Search page to locate your ideal property in your chosen area, or filter by property type, key features or your budget.Search now
3. Do your research
Before you bid, we recommend you undertake your own research and book a viewing of the property you're considering. To help you further, each property comes with a Buyer Information Pack – you may want to check this over with your Solicitor. You’ll need to make sure you can meet the Auction Terms and Conditions, and that you have the funds to cover any relevant deposit or fees.
4. Register to bid
Once you’re ready to bid, you can log in to your account and find the property you want to bid on – you’ll see an option to “register to bid” alongside the property details. From there, follow the on-screen prompts to complete your registration. This will involve providing some personal information and agreeing to the Auction Terms and Conditions.Guide to registering to bid
5. Bidding online
Once you've been approved to bid, you will be notified by email and then you can get started.
When you go to place a bid, you'll be shown a clear breakdown of any fees you’ll need to pay. Be sure to check these before confirming your bid! You can also set-up Automatic Bidding, which will let the system bid on your behalf up to a specified amount. If anyone bids in the last minute, the timer will reset to 2 minutes for complete fairness, so don't wait to place your bid.How does Automatic Bidding work?
6. Winning the auction
If you're the winning bidder we will contact you to let you know and to talk you through the next steps, which will involve making payment of any fees.
Depending on the method of auction, you will have either 28-days or 56-days* to complete the purchase on receipt of draft contracts, so it's important to instruct a Solicitor as quickly as possible.
We will also contact you as we will need to verify your ID – you will receive an email with link to complete an online ID check, powered by CREDAS
The iamsold buyer’s guide to auctions
This video covers all aspects of buying a property through the Modern Method of Auction, including how auction works, the steps involved and what buyers can expect.
Buying at auction FAQs
Whilst the Traditional Auction is usually not suitable for those buying with a mortgage, the Modern Method of Auction allows a longer period of time to exchange and complete to enable buyers requiring finance, the time to secure their mortgage. As mortgages are subject to lending criteria, affordability and survey and it is recommended that you discuss your requirements with your lender/financial advisor prior to bidding. Ideally, having a mortgage valuation conducted prior to bidding makes the process a lot quicker and gives you a guide as to your affordability before placing your bids.
A non-refundable Reservation Fee is required from the winning bidder as a way of securing a property to them for the reservation period. It also provides the seller with added reassurance that the sale is likely to proceed smoothly as it reduces the chance of a fall-through. The Reservation Fee also provides the buyer with the same reassurance, as the seller is bound by the same terms of the auction, which means they cannot accept an offer from another party during the reservation period.
As a business we pride ourselves on best practice and Compliance which is especially important in the property industry with financial transactions regularly taking place. We like to ensure that we always know who we are speaking to and dealing with during any business transaction. To do this we need to take contact details and verify ID as part of our registration process to reduce the risk for everyone in the process.
Automatic Bidding is offered in case a bidder is unable to watch an auction end and place further bids for themselves. Automatic Bidding requires you to place an initial bid and identify a level that you would be willing to bid up to. Should you be outbid then the system will automatically place a further bid on your behalf in increments (usually £500), above the previous bid. This continues until either bidding stops underneath your maximum bid or another bid exceeds your maximum level. You should be aware, placing a maximum bid level does not guarantee that you will be the bidder at that level as the system only adds an incremental bid of £500 to the previous bid received. Therefore, there is a chance that your bid could be just below your suggested “maximum” bid in the sequence. For example, your starting bid is £200,000 and your maximum is £220,000 – the increment of £500 in The Automatic Bidding tool will not outbid your own bid or increase the level of increment to reach the suggested maximum level. We would suggest that, if possible, you actively watch the live auction to have full control over your bidding levels.
*Based on standard properties. From receipt of draft contracts
Latest auction properties
The Guide Price or Starting Bid for each property shows the level at which the bidding will start. These amounts are for guidance only and are not the price that the property is being sold for. This amount may occasionally change during the marketing period. Each Guide Price or Starting Bid has a corresponding Reserve Price. Learn more in our FAQs section.