Property Auctions – Buying


PROPERTY AUCTIONS TORQUAY, PAIGNTON & TEIGNBRIDGE


Here at iMove Estate Agents we have two different types of property auctions that we offer through our online platform, the traditional approach and the modern method of auction. We will talk you through both individually…

Traditional Property Auctions


Our traditional auctions enable a property to be sold through our online platform in a way that is consistent with auctions you may have come across before. A property is listed online and advertised with a guide price that is an indication of a sellers minimum expectations and the reserve price is not usually in excess of 10% above the guide.

The property being auctioned will have an auction pack produced that will be accessible from the listing once you have registered as a buyer, this may take a week or so to be produced. It is strongly advised that you look through the auction pack in detail and seek legal advice. You will be able to see the date and time that the auction goes live and you will be able to place bids on the property.

Please be aware that unlike an ‘Ebay’ style auction there can be no last minute bids, if this occurs the timer will increase by 3 minutes to give other bidders a fair chance to counter-bid. The bids that you place are legally binding and if you are the successful bidder at the end of the auction, the bidders fees will automatically be taken from your chosen account and contracts are exchanged, you then have 28 days to complete the sale. We please ask you to make sure you look at the fees payable and take these into consideration when making your bid as these are paid in excess of the property price.

Modern Property Auctions


Our modern method auctions allow a property to be put to auction whereby the property does not exchange when the clock times out, it does however grant the buyer exclusivity rights to buy the property at the winning price. This approach allows more time for buyers to arrange such things as finance that are often tricky with traditional auctions.

A property is listed online and advertised with a guide price that is an indication of a sellers minimum expectations and the reserve price is not usually in excess of 10% above the guide. The property being auctioned will have an auction pack produced that will be accessible from the listing once you have registered as a buyer, this may take a week or so to be produced. It is strongly advised that you look through the auction pack in detail and seek legal advice. You will be able to see the date and time that the auction goes live and you will be able to place bids on the property.

Please be aware that unlike an ‘Ebay’ style auction there can be no last minute bids, if this occurs the timer will increase by 3 minutes to give other bidders a fair chance to counter-bid. The bids that you place are legally binding and if you are the successful bidder at the end of the auction, the bidders fees will automatically be taken from your chosen account and you will need to exchange contracts within 28 days, you will then have a maximum of 28 days to complete the purchase. We please ask you to make sure you look at the fees payable and take these into consideration when making your bids as these are paid in excess of the property price.
Please note that details of the contract, terms and conditions and fees payable can be found on the listing and in the auction packs for those listings and we strongly advise you read and seek legal advice.

Call us on 01803 367 191 & get your property auction started.

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