BUYER’S GUIDE TO ONLINE AUCTIONS


A GREAT NEW WAY TO BUY A PROPERTY

JD Allitt Online Auctions combine the effectiveness of a traditional auction with the efficiency of modern technology providing an Exclusivity Period at the end auction for the winning bidder to arrange surveys and finance prior to exchanging contracts, safe in the knowledge they will not be gazumped.

  1. Register on our website and agree to our Terms & Conditions, this creates your account as a member.
  2. When you want to bid on a property just log in, accept the terms & conditions for that lot and enter your card details that will only be used should you be the winning bidder to take payment for the reservation fee and buyer’s deposit using on your payment card.
  3. The sellers’ solicitor will supply a legal pack prior to auction, you should read this, take professional advice from a legal advisor and view the property prior to bidding.
  4. If you are buying with a mortgage begin the arrangement process now.
  5. Having registered you can now bid online for the property. You will be notified of bidding activity by email allowing to increase your bid if outbid.
  6. You may also enter an auto-bid that sets your maximum bid and the auction will automatically out bid other bids on your behalf until your maximum is met.
  7. When the auction finishes, at the agreed date and time, an extension of 60 seconds will be automatically added if bids are made during the last 60 seconds. This will continue until a full 60 seconds has elapsed without further bids, as would happen in a traditional auction. The 60 second extension may change for each auction.
  8. If your bid is the highest at the end of the auction you are the buyer, subject to the reserve being met.
  9. On behalf of winning bidder and the seller we complete the Exclusivity Agreement, and take payment for the non-refundable Reservation Deposit & Buyer’s premium which secures the your Exclusivity Period.
  10. The time frame for the Exclusivity Period is detailed in the Exclusivity Agreement and is there for you to arrange surveys and finance with the security of knowing that the seller will not consider other offers during that time.
  11. We liaise with you, your solicitor and the seller’s solicitor during the Exclusivity Period to see the transaction through to exchange of contracts and completion.

If you fail to exchange contracts within the Exclusivity Period or decide to walk away from the purchase you lose your Reservation Deposit and Buyer’s Premium.

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