How it works.Listing a property for auction: For sale or rental
1) Register to buy, sell, rent, or let property (Sales and lettings are limited to professional property companies)
2) On completion of your registration you will be able to log in to the website using the user name and password you have chosen.
3) Your account is activated, and you can now select options from your personal members home page.
4) To sell or let property you will need to list two properties at your first listing.
5) To upload property you will need to select "add property" at the top of the members home page, and follow the simple upload procedure.
6) The system will allow you to upload all relevant service information to your listing during the initial upload, or during the 14 day pre-auction period.
7) For sales it is a legal requirement to upload a "Home Information Pack" (HIP) before you can list a property on our website.
8) For lettings it is a legal requirement to upload an "Energy Performance Certificate" (Epc) before you can list a property on our website.
9) If you do not have the essential service information, which is noted in red on the property upload form,you can order these and other services via your members home page. You will need to ensure that you have the essential services (Hip/Epc) prior to listing your property.
10) Once you have completed your listing the property will show in the "My properties" section of your members home page.
11) Assuming that you are happy with your listing, and that you have uploaded two properties, you can publish the properties onto the website by clicking the "publish property" icon (red crossed circle) on the property information bar at the top of your members home page.
12) Once a property is published you cannot remove it. If for any reason the property needs to be removed from the site, you can request this service via the property delete button on your members home page. The sale or letting fee will become payable via credit card for this service at the point of removal.
13) Following you initial uploads you can list as many properties as you like.
Bidding on a property: For sale
1) You will need to be financially qualified to bid on a sale property. To obtain qualification you will need to apply via the button on your members home page. You will then be contacted by a financial representative who will confirm your financial status. If you require finance please apply via the button on your members home page.
2) Once financially qualified your bid account will be activated and you will be able to bid on property.
Bidding on a property: For let
1) You will need to be credit checked and tenant referenced to enable you to bid for a rental property. You can apply for these services from your members home page.
2) Once you have been qualified, your bid account will be activated and you will be able to bid on property.
The Auction Process
1) Once a property is listed it enters a 14 day preview period on the website. This allows all property details to be uploaded to the listing.
2) During the preview period viewings can be arranged via the property listing page, surveys can be undertaken independently or through Auction my property via a request from the members home page. The property is then given exposure to the market prior to the "live auction".
3) The property can be secured at any time during the 28 day auction period by using the "buy/rent it now" button on the property listing page. This will end the auction, and the property will be sold/let for the "buy/rent it now" price stated on the listing.
4) A property must have all legal documentation, and relevant services uploaded to its listing by the end of the 14 day preview to allow it to enter the 7 day "live auction". The uploading of documentation is denoted by the grey buttons on the property listing page turning green.
5) At the end of the live 7 day auction the property sells or is rented to the highest bidder above the reserve.
After the Auction: Sale Property
1) In the case of a sale property, the buyer is sent an e-mail confirming the sale which directs them to the shopping cart where they are required to pay the property "security fee" by secure credit card payment.This fee is retained by Auction my property Ltd as the "sale Fee" and will be deducted from the final payment on completion. The fee is therefore paid by the vendor or their agent.
2) The buyer, and the buyer and sellers solicitors are sent e-mails confirming the sale.
3) The buyers solicitor has 48 hours from the end of the auction to transfer the 10% deposit to the sellers solicitor. In the case of an auction that ends on a Saturday or Sunday, the deposit must be with the sellers solicitor no later than the following Wednesday at 10.00am.
4) The buyers solicitor will download a copy of the sale contract from the property viewing page and ensure that this is signed by the buyer and returned by registered post/courier to the sellers solicitor within 48 hours.
5) Once the contract is signed the buyers solicitor informs the sellers solicitor by telephone that the contract has been signed thus concluding the exchange of contracts.
6) Following the exchange of contracts and the completion of any outstanding legal work the property moves to completion. At this stage the buyers solicitor will forward the balance of the sale total less the 10% deposit, and the "security fee". The sale then completes.
7) As with a normal property auction there is a 28 day completion period following the end of the 7 day "live" on line auction process. However Auction my property Ltd will task legal and service providers to complete within 28 days from the start of the auction "preview period". It is understood that not all sales will complete within this time scale, and Auction my property Ltd will not accept responsibility for any property sale that does not complete within this time scale.
8) On completion keys are exchanged, the sale is completed, and the seller moves out of the property.
After the Auction: Rental Property
1) An e-mail is sent to the new tenant confirming their rental of the property and which directs them to the shopping cart where they will be required to pay the "security fee"
2) The landlord or their agent will be sent e-mails confirming the rental, with contact details for the new tenant.
2) The tenant then downloads the Tenancy agreement from the property viewing page, and sends the signed agreement and required deposit less the "security fee" to the landlord or their agent within 48 hours of the end of the auction.
3) The deposit will be lodged with a regulated tenancy deposit scheme by the landlord or their agent on receipt.
4) Once the deposit is paid, and the tenancy agreement has been signed and returned, the landlord or their agent will contact the tenant to arrange the handing over of the keys.