A guide to auction Internet bidding
At SDL Property auctions, our online Auction Events offer remote buyers the chance to place their bids via the Internet. This method involves you watching the auction live stream and clicking a button when you’re ready to bid. The process is as easy as it sounds, however, for those unfamiliar with online auctions, we know it can seem daunting at first and there are a few nuances that must be considered before you’re authorised to bid on a property online.
Our step-by-step guide below will take you through the process of making an internet bid, guiding you from registration to auction completion. Alternatively, for a summary of the process, you can watch our video which covers each step.
Here’s our step by step guide to carrying out an internet bid:
What should I do before the property auction?
First, you’ll need to browse through our Auction Events and choose a date which has a lot you’d like to bid on. If you’re looking to take part in the auction as an internet bidder, make sure you know exactly what date your desired auction will take place, and that your schedule is free for that day. You’ll also want to make sure that wherever you plan on bidding from, you have a strong, secure Wi-Fi connection.
Prior to the auction, you’ll also need to make sure that you have a budget in mind, and you will need to stick to it as it can be tempting to go over. Remember that you will have some fees to pay such as solicitor fees and other administrative costs, so it is important to account for this when bidding.
How do I register for online bidding?
Once you have your chosen date and property (or properties) of interest, you can register to bid by submitting your remote bidding form. You can do this by clicking ‘register to bid’ on your chosen date or property and following the prompts, making sure to select ‘internet’ as your method of bidding. Within 30 minutes of submitting your form, you’ll receive an email from Credas to verify your ID online.
What details do I need?
To stay organised and prepared when filling out the bidding form, and to ensure you are authorised to bid, we recommend that you have the following items to hand:
- Financial details to make a payment, should your bid be successful.
- The Credas app downloaded to your mobile device or tablet.
- An auction passport from Essential Information Group (if you do not have one, you can create one using this registration service).
- Solicitor details (you won’t need this to bid, but it will be useful to have them ready if your bid is successful).
What happens once I’ve filled in the bidding form?
When you have completed both the form and your online ID verification, we will request your payment details. It is important to know that we will NOT take any payment from you at this stage and that this will only happen if you are a successful bidder. Following registration, you will receive an email from the Essential Information Group asking you to accept the T&Cs of online bidding – you must create your auction passport prior to accepting the terms in this email. This email should also provide you with your personal login details to allow you to bid, so when auction day arrives use these details to log in and place your bid(s).
It is important to note that SDL Property Auctions are unlikely to contact you prior to the auction unless there are changes made to the lot or event you are bidding on, so make sure that you are punctual and have everything ready for the day.
How to bid via Internet on the day
The key to successfully placing a bid online relies on organisation. When the day of the auction arrives, make sure that your device is connected to the internet prior to the auction commencing, and ensure that you are logged into the system in good time.
It is recommended that you stay in a distraction-free environment so that you can listen to the auctioneer and carefully follow the instructions given to you. When the property comes up that you’re interested in, you’ll be able to submit your bids, paying attention to the interest in the property. Make sure you know exactly what your budget is and do not be tempted to go over this amount, as you will be legally bound to the sale and must pay your due fees immediately. The auctioneer will keep you informed of bids coming through the internet and other methods such as phone calls or proxy.
What happens after the property auction?
If your bid is successful and you win the auction, we will take any relevant fees and your deposit from the payment details you provided. Remember that auctions are legally binding sales that happen quickly, and it is essential that you have your finances in place.
When all fees are paid and the sale is confirmed, we will be in contact with you and your solicitor to provide all paperwork necessary to carry out the contract exchange. The online bidding process will then be completed, easily and faff-free.
If you have any further questions about how to bid on an online auction, you can contact a member of our team and we’d be happy to help.
Internet bidding… that was easy.