How To Bid - The Full A-To-Z Guide
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Why Choose RightHomes4U
RightHomes4U Auctions stands out due to their modern methods, extensive network, and focus on secure and efficient property sales. They offer various auction options, including modern method of auction (MOMA), and have a strong history and reputation in the industry.
Quick and Easy Process
Bidding is simple and can be done in various ways (in person, online, etc.)
Wide Range of Properties
Auctions offer a diverse selection of properties, often with no onward chain
Security and Transparency
The auction process provides transparency, and a sale is agreed upon the fall of the hammer.
No Upfront Costs
Buyers typically pay fees, and deposits are secured.
The Bidding Process
You need to register and be verified by us before you’re authorised to place a bid. Secure Sales must complete in fixed timescales of either 28 or 56 days, so make sure you read the terms of sale and download and read the legal pack before placing your bid.
All bids are visible via our Online Bidding Platform, and once verified you’re able to bid anywhere, anytime before the secure sale ends. The very nature of secure sale is a quick and secure sale, therefore there isn’t much time to second guess yourself once bidding commences.
Make sure you familiarise yourself with the properties and any legal documents that are available, so you have all of the information you need to make a clear and informed decision about your prospective purchases.
This is the advertised price for the property and the opening figure for bids.
This is the minimum price that the vendor is willing to sell the lot for in the secure sale. The reserve price is never published or listed, this is a private figure between the vendor and the secure sale facilitator. Both the reserve price and starting bid can be subject to change.
Terms
- Pay a 5% Non-refundable Deposit and a Reservation Fee of up to 5% plus VAT (to a minimum of £5,000 plus VAT).
- Be legally bound to buy the property/lot and the vendor is legally bound to sell.
- The sale must complete within 28 days.
Upon the fall of the hammer, the buyer must…
- Pay a non-refundable Reservation Fee of up to 5% plus VAT (to a minimum of £5,000 plus VAT).
- Exchange contracts within 28 days and pay a 5% Non refundable Deposit (unless the Legal Pack indicates differently).
- Complete the purchase within an additional 28 days of the exchange.
Reservation fee denotes a different set of charges to the regular secure sale lots. Reservation fee lots will be either unconditional or conditional. The reservation fee does not contribute toward the purchase price. Please read the above differences between these secure sale formats carefully so you understand the associated costs of each one and the requirements of each secure sale. All ‘%’ quoted above are based on the sale price of the property which is assumed by the winning bid.
