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Q. How will I know if anything material changes regarding the properties that I am interested in? |
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Ans. Bidders are advised to register for our email alerts on those properties that they are interested in buying. Bidders will also be advised of specific events – such as properties coming under offer and being subject to a ‘Public Notice’ period. |
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Q. How long will each auction last? |
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Ans. The auction will run from Thursday morning until Sunday evening. |
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Q. Do you know how much the property will sell for at the Auction? |
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Ans. No, the buyers determine the price! |
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Q. What does "reserve" mean? |
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Ans. It means the seller has an unpublished reserve value that the property must exceed at auction before they are obliged to sell it. A more detailed answer can be found on our website under "Important Information for Prospective Buyers". |
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Q. Are there guide prices? |
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Ans. No. We do not show guide prices. The buyer decides what the property is worth. |
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Q. Do I need to register to bid? |
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Ans. Yes, prospective buyers are required to register to get full use of the site, and to register for each auction sale. Its 100% free and the benefits include;
- Easy auction registration
- Member only email alerts
- Create private online catalogue of properties
- Print brochure of favourite properties
- Map directions to properties
- Pre-qualification to bid online
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Q. Can I purchase more than one property at this auction? |
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Ans. Yes. |
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Q. How do I bid? |
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Ans. There are multiple bidding strategies. Either bid the maximum amount you are willing to pay for the property or monitor the auction very closely and bid in increments competitively as the auction progresses! |
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Q. Should I inspect the property prior to bidding at the auction? |
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Ans. Yes. We feel that the only way for you to make an informed purchasing decision is to not only visit, view and inspect the property prior to the auction, but to also view all the related property information and disclosure documents.
If you wish to have a survey undertaken, please coordinate with the estate agent noted for that specific property. All surveys are to be carried out at the sole expense of the prospective bidder/buyer, and must be carried out prior to auction day.
By registering and bidding at the auction, you are certifying and representing that you have reviewed and accepted all relevant property information and disclosures. |
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Q. How do I organise a viewing? |
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Ans. Contact the estate agent listed under the property you are interested in and they will coordinate a viewing with you at a mutually convenient time. |
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Q. Where are the auction / legal packs made available for viewing? |
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Ans. Certain property information and disclosure documents will be available on the website. General terms and conditions and contract of sale can be found in the main website pages within our terms and conditions and documents specific to a property can be found within each property listing. All documents will be available for review and download ahead of the auction. |
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Q. What is the reason properties are removed from auction? |
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Ans. The sellers own the properties and can remove them from auction at any time. The most common reason is that we discovered something that would prevent us from passing the property with clear title deed. |
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Q. What if my bid did not meet reserve? |
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Ans. Properties will not be sold if the highest bid does not meet or exceed the Seller's reserve price; however, if the highest provisional bid is under but close to the reserve, the auctioneer may, on behalf of the bidder, submit the bid to the Seller who will have 24 hours from the close of the auction to accept or reject the provisional bid. In the event that your provisional bid is accepted, you will become the winning bidder and will be required to complete the steps below. |
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Q. What happens if I am the winning bidder? |
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Ans. If you are a winning bidder:
- Your credit/debit card will be charged £500 as of a holding deposit.
- REDC UK will verify your identity and address and carry out anti-money laundering checks.
- You will receive an email containing the Memorandum of Sale together with the bank details and transfer instructions for our Trust Account.
- Please ensure that within 24 hours of receipt of the email you:
- Execute the Memorandum of Sale and return it to us by faxing it to 0844 858 4075 or scanning and emailing it to CustomerServiceUK@redcgroup.com; and
- Pay the balance of the required 10% deposit by way of electronic transfer as outlined in the email and in accordance with the transfer instructions
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Q. What if I change my mind? Can I cancel the transaction after the fact? |
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Ans. No. Once the online auction ends, a legally binding contract has been established. That is why it is so important, and required, for you to conduct all your due-diligence prior to auction day. The buyer is responsible for the entire purchase price if they back out of the purchase. |
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Q. Can I list my own property for sale in your auction? |
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Ans. No. Only properties represented by an estate agent with Zoopla can put your property in this section. So make sure you list with a Zoopla agent! Web reference: http://www.zoopla.co.uk/estate-agents/england/ |
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Q. Why do some properties not have a last sale price shown? |
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Ans. We only have access to data going back to 1995. If the property last sold before this we may not have the information. Also for some properties, the last sale price was before significant physical changes to the property (e.g. a large house divided into flats) and so would be potentially misleading. |
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Q. Why does the close time of the auction extend by 2 minutes after bids made towards the end? |
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Ans. Our online bidding platform automatically extends the bidding time to allow potential buyers time to make counter-bids. |
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Finance |
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Q. What does "Cash only" mean? |
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Ans. It means that the buyer must qualify as a cash buyer without the use of a mortgage. It does not mean that you have to pay the entire purchase price on the day the Auction closes. |
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Q. How will I get financing if I'm the winning bidder? |
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Ans. First Complete, a mortgage broker, will be offering competitive financing terms if you would like to pre-qualify, please telephone 0845 309 3016. |
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Q. What if I want to use my own lender? |
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Ans.You are free to use your own lender. However, there is no financing contingency, so the buyer is liable for the entire purchase price. |
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Q. Can the bidders provide their own financing? |
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Ans.Yes, but please understand that the buyer is liable for the entire purchase price even if they can't complete on time. |
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Q. What is the Holding Deposit? |
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Ans.The Holding Deposit is £500.00. The holding deposit is deducted from winning bidder’s credit card only when the auction closes. |
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Q. Why do you take my credit card details? |
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Ans.REDC UK will use these details to verify your card as being valid and to confirm your identity as required by law. |
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Q. What is the Purchase Deposit? |
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Ans.The Purchase Deposit is 10% of the winning bid amount. If you are the winning bidder, the Holding Deposit will be charged to the credit card that you pre-authorised at the time of registration and the balance of the Purchase Deposit must be paid through electronic transfer within 24 hours of the close of the auction. |
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Q. How do you get paid? |
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Ans. The 2% Buyers Premium. Our fees will be deducted from the 10% deposit. |
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Q. Example of how premium is applied: |
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Ans. Let's assume you are the winning bidder on a property at £100,000.00. The buyer's premium would be £2,000.00 plus VAT (£350.00) making the final purchase price £102,350.00. The 10% deposit is based on the final purchase price. |
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Q. What are the completion costs? |
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Ans. The additional costs associated with the purchase such as registration of the property with the land registry, stamp duty tax, VAT, etc will be the buyer's responsibility. |
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Inspection Process |
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Q. How much do you think it will need in repairs? |
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Ans. This varies per property. All properties are sold "AS IS" so it is very important for a bidder to actually see the property for themselves and make their own assessments. All homes are available for viewing. Please contact the estate agent in the particulars of each listing to schedule your appointment. |
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Q. What do you mean when you say "As Is"? |
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Ans. This means that the seller will not be making any repairs or improvements to the property. |
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Q. Can I bring a contractor/surveyor with me during inspection? |
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Ans. Yes! We encourage all prospective buyers to do so. |
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Q. Will I be able to negotiate the price if I am the winning bidder because of any faults the property may have? |
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Ans. Unfortunately, no. |
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Q. Do you know how much the rents are in the area? |
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Ans. No. If you are looking to purchase a property to let, we recommend that you research the rentals in the area. This information can be found at www.zoopla.com |
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Completion Process |
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Q. What if I do not have my own solicitor? |
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Ans. No problem. We have a licensed conveyancer referral program. For more information, please phone Enact Direct Legal Solutions at 0844 244 3335. |
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Post Auction |
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Q. What happens to the properties that do not sell? |
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Ans. We sell almost all of the properties at auction. Register TODAY so you don't miss out on this amazing opportunity! |
Media |
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Q. I'd like to do a story about the auction. |
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Ans. For media inquiries:
The Wrigglesworth Consultancy
1 Pemberton Row
London
EC4A 3BG
t: +44(0)207 427 1400
f: +44(0)207 845 7910 |
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| We'll see you at the Auction!! |
