How to buy a property at auction
There are several ways to purchase a property by auction, including in our Auction Events or Timed Auctions. If you’re new to auctions or need a reminder on how things work here at SDL Property Auctions then take a read of the below.
Before the auction begins, we highly recommend viewing the property you’re interested in. This allows you to get a real sense for the condition and scale of the property. You can find out more about how viewings work and how to book one by visiting our guide to viewings.
You may be considering whether it’s worth submitting an offer prior to the auction beginning. For any lot available in an Auction Event, if an offer is suitable it can be forwarded to the seller for their consideration. This must be received in writing and has to be above the guide price. If accepted, your purchase will go ahead when contracts have been exchanged.
In the event of a Timed Auction, you can submit a bid on the listing and the seller may choose to end the auction early. Not all sellers will want to consider offers prior to the auction however, and we will inform you if this is the case.
To bid in one of our Auction Events, you should submit your bidding registration form on our website by midday on the day prior to the auction. This is to ensure there is adequate time to complete your registration before the auction begins. You can bid online, on the phone or by proxy – but what does this mean?
An online bid allows you to bid along with the live stream, simply following the instructions on the website. A phone bid means a member of the team will get in touch with you on auction day before the property you’re interested in is offered for sale. They’ll take your instructions over the phone and bid on your behalf. Proxy bids are perhaps the simplest way to bid. You let us know what your maximum bid would be in advance and on day, our auctioneer will bid up that amount for you. The bids will go up in increments, so you may not end up securing the property for your maximum bid.
To bid in a Timed Auction, you’ll need to log into your EIG account through our website. You’ll be able to either submit a maximum bid or bid along in real time. Bids in Timed Auctions can be placed around the clock.
Regardless of how you bid, you’ll need to remember to stick to your budget as you will need to access the funds to buy quickly.
If you are the successful bidder, regardless of which way you placed your bid, we will take any relevant deposit and/or fees using the payment details you supplied when you registered. We will then send the legal pack and contract for your lot to you and your solicitor.
The fees and sale turnaround time depend on the lot and its sale type. For more detail regarding this and for a more in depth look at buying at auction, why not download our guide to buying at auction.
For advice about buying by auction call our team on 0800 046 5454