Timed Online Auction Day
Auction Specific Terms
Our auctions will begin at 10.30am. Allow plenty of time to log in to your Prime Property Auctions account. The auction platform can be accessed via desktop, tablet or mobile device.
Occasionally, lots will have a lower bid amount, but this will very much depend on the property’s Reserve Price.
Once bidding has opened, all approved bidders are free to place bids on their chosen properties. Please note that all bidding opens at the same time and each lot will close at 4pm, unless there is still live bidding in which the time will be extended.
To bid on the property of interest, you need to go to the relevant property page.
Our default bid amount is £1,000. This means that £1,000 is the lowest bid you can place, however the auctioneer may change bidding increments dependent on the property.
Your name and details will remain anonymous to other bidders throughout the auction, and after the auction has finished.
Maximum Bids and Time Extension Periods
You will receive a notification on screen and by email when you are the highest bidder and another one to say if you have been out-bid.
If you don’t want to place bids manually, you can set a Maximum Bid. This means the computer will enter the bids for you – but only to maintain your position as the leading bidder and only up to the maximum amount you have specified. Your Maximum Bid can’t be viewed publicly so only you will know how high you’re willing to go. Should you place a maximum bid, that is under the reserve price, your bid will immediately go to this level. Should your maximum bid be over the reserve price, your bid will immediately hit reserve and then the system will bid on your behalf should other parties bid against you.
The auction will be set to finish at 4pm but don’t worry, if people are still bidding on the property and the time runs out, the clock will be extended for an additional period of time. This is called the Extension Period and it will happen every time a bid is placed after the initial closing time, ensuring everyone has a fair and equal chance to place an additional counterbid if they wish to do so. The Extension Period will be usually be 60 seconds per bid.
Closing Time: Contracts and Final Payments
Once the bidding has finished, we exchange contracts immediately on behalf of both the buyer and seller. If you’ve been successful – congratulations! – you will need to arrange payment of a 10% deposit (subject to a minimum of £3,000 ) + buyers fee ( 3.0% + VAT subject to a minimum of £3,000 + VAT ) immediately.The Buyers fee may be charged at a higher amount, please see property schedule for further details. A member of our team will be in touch to discuss the outstanding amount and how to pay. These funds will require to be transferred to our account and subsequently transferred to the seller’s solicitor on the week of completion.
If you have been outbid there is always next time, and there may still be time to bid on our other lots within the auction.
That’s it. An online auction platform backed by market-leading property expertise, allowing you to bid from anywhere in the world, on any device – securely, efficiently & confidently.
If you have any further questions, please don’t hesitate to contact us. You can also sign up to our mailing list to ensure that you don’t miss out on any Prime Properties.
Looking for more information on how we can help?
Give us a call on 0141 459 0201 or complete the form below and a member of our team will contact you. We will privde you with an accurate auction appraisal and be able to have your property marketed and sold within days.
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