The Buyers Guide to auction

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The Buyers Guide

Buyer benefits

 

A quick & easy bidding process

  • Buying a property through our auction couldn’t be easier. You can bid from your desk, from the comfort of your home, 24 hours a day, 365 days a year.

 

A wide range of properties

  • Auction provides buyers with the opportunity to purchase a wide range of realistically priced properties quickly and easily. All of the properties advertised through our property auction are offered by committed sellers.

 

A secure transaction

  • The auction method also gives transparency for both buyer and seller as the sale is in the public domain so the fear of gazumping or re-negotiation is completely removed.

 

You can buy with a mortgage

  • Depending on which auction option has been selected, you will have between 28 – 56 days to complete your property purchase. The auction team can guide you through the process and steps needed to buy one of the properties we offer for sale. 

Check which method the property you are interested in is being sold under

Properties can be sold under two methods; Unconditional or Conditional auction.

Unconditional Auction Method

Contracts are legally exchanged immediately after the auction with completion taking place within the next 28 days. The buyers is required to pay a 10% deposit upfront and the balance on completion. Complete security is provided but this is the fastest method of sale.

Conditional Auction Method  

Once the buyer is happy to proceed with the property purchase and has a bid accepted, they pay a Reservation Deposit and sign the reservation form. This exclusively reserves the property for the buyer at the agreed price to exchange contracts within 28 days and complete within a further 28 days. This auction method is suitable for all types of purchasers. The Reservation Deposit is 5% of the purchase price with a minimum of €6000. On exchange of contracts, the buyer pays a further 5% Contract Deposit and the final balance is due on completion.

Deposits

Potential buyers can arrange to view the property, arrange a survey and have their solicitor check the legal documents as normal. If they are interested in a property they can put a bid forward and if accepted they pay a non-refundable Deposit which gives them exclusive rights to purchase the property. This provides security for the buyer as they have exclusive rights to purchase the property and fixed timescales to plan for the move. If the sale falls through due to an act of the seller, the Deposit will be refunded in full

 

Legal Packs

Prospective buyers can request the legal documents to ensure they are satisfied with the legal aspects of the property. Buyers are also free to undertake a survey on the property to ensure they are 100% happy to proceed with the purchase. 

If you are unsure about any of the information provided in this guide, please do not hesitate to contact a member of the Auction Department for further clarification

Our Bidding Process

Our Bidding Process

Ok great, so you've seen a property in our auction that you want to bid on. Before you start you must be registered to bid. You can register to bid by navigating to the auction home page and clicking on the registration section in the top right hand corner on any page of the our website.

However if you prefer you can call the auction department to register or place a bid on your behalf. Our team of property professionals can talk you through the bidding process and answer any questions you may have. 

Before placing a bid we strongly advise that you carry out market research and due diligence on any property you are interested in bidding on. Make sure to review any legal documents we have for the subject property, these will be contained in the Legal Pack which can be provided to you. The information contained within the Legal Pack provides more information to help you to make informed decisions on whether or not to bid on the property and at what level. 

We recommend that before bidding you visually inspect the property internally and are completely happy with what's on offer. Full terms and conditions are viewable in the bidding section of each property page; please review the terms and conditions relevant to the property you are interested in. If you have any questions you can call the Auction Department where our team of professionals will only be too happy to help. 

 

Starting Bids

These are prices published for each property and are the level at which the bidding will commence. Starting bids are for guidance only and are not reserve prices. These prices may occasionally change throughout the marketing period. Both the reserve and starting bid are subject to change.

 

 

Online Auction

A proportion of the properties offered for sale on the site are only offered through the online auction. Bidders benefit from being able to bid from the comfort of their own home 24 hours a day, 365 days a year. The auction software provides every bidder the chance to have one last bid as for every bid made in the last 10 minutes, the auction end time will be increased by 2 minutes making sure the highest bid wins the auction. Online auctions are identifiable by the purple bar located across the bottom section of the main picture on the individual property page. Properties can also be sold before the end of the auction period, should a vendor decide to accept a bid. 

The Online Auction will start with an end date that will be clearly stated on the property details page in the “Countdown Clock”. If the vendor decides to alter the auction date we will make every endeavour to contact all parties who have registered an interest to advise of the changes to the auction timeframes. Once the new end date has been set and all parties have been advised the auction will continue as normal.

 

Public Auction 

If the property is flagged as “Public Auction” then the property will be offered for sale at one of our regional auction events, however it may still be possible to place a bid but you will need to contact the auction team to discuss doing so. Around 50% of the properties on the site are listed for sale by auction at one of our regional auction events. While these properties are listed on the website bids can be made before the auction end date however buyers are encouraged to come to the public auction and bid. Public Auction properties are identifiable by the blue bar located across the bottom section of the main picture on the individual property page. There are a number of ways to bid remotely if you cannot make the auction date so please contact the auction team who will be more than happy to discuss the process with you.

 

Reserve Price

This is the minimum price that is acceptable to the vendor for selling a subject lot in the auction. We do not generally publish reserve prices; this figure is a private agreement between the vendor and the auctioneer. Both the reserve and starting bid can be subject to change. 

 

Bidding Process

Once you have made a bid, you will be kept up to date by email and via your auction dashboard which can be accessed by logging into our site. This will keep you up to speed with any properties that you have placed a bid on, or that you are watching. 

When counter-bidding on a property you must increase by a minimum of €500 from the previous bid. 

Once you have made the bid via the online system, you will be contacted by a member of our staff to make sure you are happy and to answer any questions you may have. 

We will have a number of questions for you regarding your buying position and we will need to obtain some proof of ID, address and also information regarding your funding of the purchase and any mortgage offers or decisions in principle. 

All properties will continue to be offered for sale until the end of the auction period unless we are instructed by our vendor to accept an offer prior to the completion of the auction. You must register your interest in the property at the earliest opportunity to avoid disappointment, either by "watching" the subject, or by contacting us directly. 

Once an online auction has ended and your bid is successful or if you have an offer accepted over the course of the auction period, there will be a maximum 2 hour period when you will be required to pay the deposit and sign the contract for sale or reservation form. 

The deposit is to be paid by bankers draft, debit/credit card or bank transfer. Please note, we will not proceed with the transaction until we are in receipt of cleared funds. 

Once the contract for sale or reservation form has been signed by the buyer and payment of the deposit has been confirmed, memorandums of sale will be issued to the buyer, the buyer's solicitor, the vendor and the vendor's solicitor.

Please note, if you are the successful bidder at one of our regional public auction events you will be required to pay a deposit and sign sales contracts / reservation form immediately following the fall of the hammer. 

 

Exchange of Contracts

The point at which vendor and purchaser sign the contract for sale which creates a binding agreement between the parties. 

 

Closing of Sale

This is the date you must make full payment for the property. The property is now yours and the vendor must handover the keys and vacate the property, congratulations! 

If you are unsure about any of the information provided in this guide, please do not hesitate to contact a member of the Auction Department for further clarification.

Buyer's FAQ

Below are a selection of common queries from our buyers. If you need any further help in understanding the selling terms and process, don't hesitate to get in touch.

How quickly do I have to buy the property?

Depending on which auction method is being used, the buyer will have between 28 and 56 days to complete the purchase.

How do I place bids?

We can take bids in a number of different methods!

If the property is going to be offered by online auction:

Bidding online:

If you would like to make a bid on a property for sale via the online auction you can do so in person, over the phone or online. All bids are then made visible on our auction website. To bid online you will firstly have to register with us or you can contact the auction team directly who can arrange to bid on your behalf.

If the property is going to be offered at a public auction event:

Bid in Person:

Come along to the auction, register for a bidding paddle and start bidding. If you are the successful bidder you will be expected to pay the Deposit immediately and sign the sales contracts or reservation form.

Bid by Proxy or Telephone:

To enable an auction staff member to bid on your behalf or with you on the telephone, you will be required to fill out a simple form which will grant them permission to do so. If you wish to discuss the method of remote bidding just give the auction department a call where we will only be too happy to talk you through the option that will best suit you.

Is the bid binding?

In unconditional auction, the bid is binding and secures the property exclusively for the successful bidder. In the conditional auction, the bid obliges you to pay a non-refundable deposit and sign the reservation form. It does not bind you to buy the property but reserves you the right to exchange contracts on the property at an agreed price within 28 days of the bid being accepted.

Can a bid be accepted before a public auction event?

If you would like to place a bid before the public auction, this will be dealt with on a case by case basis. By law we must put all bids forward to the seller and it is their decision if they choose to accept an early bid. Whenever a bid is accepted, the non-refundable Booking Deposit must be paid down and the terms and conditions of the auction still apply.

What if the reserve price is not met?

If the reserve price is not met during the auction, we will communicate with the seller and any interested parties to see if a sale can still be achieved. If you are interested in an unsold lot please contact a member of the auction team.

Legal documents & surveys

Prospective buyers can request the legal documents to ensure they are satisfied with the legal aspects of the property. Buyers are also free to undertake a survey on the property to ensure they are 100% happy to proceed with the purchase.

If you are unsure about any of the information provided in this guide, please do not hesitate to contact a member of the Auction Department for further clarification.

Terms & Conditions

Properties are offered for sale under two main methods:

Modern Method of Auction Conditions
Traditional Auction Terms

If you are interested in bidding on a specific property, you will need to check the amount of deposit payable and also the terms and conditions the property is offered under.

This information is located on each individual property page.

If you are unsure about any of the information provided, please do not hesitate to contact a member of the Auction Department for further clarification.