For Sellers or Landlords who would just like to list their properties, all you have to do is register and then submit your property. Simply choose the "listing" option, upload your details and wait for potential buyers to contact you.

AuctionYourProperty.com follows the same principles as a regular property auction. One main difference is that instead of holding the auction at an inconveniently located auction room, our auctions are all done electronically over the internet. Sellers just upload their property details (including photos) onto the website and set a reserve price. Bidders simply log on to their accounts on the day of auction and bid. The whole process is far more cost effective and efficient.

The Auctions
Each auction will start at 10am on the set day that the seller has chosen and stated on the sales particulars and close at 8pm the same day (to give people who are unable to log on at work a chance to bid).

Viewings
Unlike standard auction companies, we will not organise big block viewings once or twice a week that only last 20 minutes or so. Instead, sellers carry out their own viewings at mutually convenient times thus allowing them to build a rapport with potential buyers and also monitor exactly who comes in and out of their property.

Bidding
Bidders need to be registered members (registration is free). Then, at any time during the auction (10am-8pm), bidders can log in to their account and place a maximum bid. This bid must be higher than the current top bid.

Maximum Bids
Your maximum bid is the maximum amount you'd be willing to pay for the property. This amount is registered with AuctionYourProperty.com and kept confidential from other bidders and the seller.

Please note that your maximum bid is not necessarily the amount you will pay. As long as your maximum bid is higher than anyone else's, you will only pay one increment above the next highest maximum bid.

Bidding Increments

Bid value	Bidding Increments of
£0 - £1,000	£10
£1,000 - £20,000	£100
£20,000 - £100,000	£250
£100,000 - £500,000	£500
£500,000 +	£1,000

So, for a property with a starting price of £80,000 the bidding increases in increments of £250 until it hits £100,000 at which point the next allowed bid becomes £100,500.

This bidding system means that you can leave your maximum bid and not have to keep coming back to re-bid every time another bid is placed. It also protects the current high bidder from being outbid just as the auction is drawing to a close.

Please note: If you enter a figure that does not follow the correct bidding increments as detailed above, we will adjust your bid by rounding it down to the next valid bidding increment. For example, if you submit a maximum bid of £211,995 - this will be registered as a bid of £211,500.

Being Outbid
If you are the current high bidder and another bidder registers a higher maximum bid than you, then you will be automatically outbid. If you are outbid you will be sent an email informing you of such and you will be invited you to increase your maximum bid.

Maximum bids can be increased throughout the day if necessary right up to the close of the auction.

Tied Bids
If two or more bidders enter the same maximum bid then the bidder who entered it first will be registered as bidding that amount.

Bid Retraction
AuctionYourproperty.com does not allow the retraction of bids. Bidders should make sure they enter the amount carefully and check it before submitting.

Bidding Tip
NB - It is common for bids to be submitted at the very last minute by shrewd bidders hoping to place their bids in the dying seconds of the auction so that other bidders will not have time to react. Therefore, we strongly advise that you enter, as your maximum, the highest possible amount that you are prepared to bid to. This way you will not be outbid at the last second by an amount that you yourself would have been prepared to pay.

The End of the Auction
If the highest maximum bid does not reach the seller's reserve price then the property is unsold. In this situation the seller has a few options.

However, if the reserve price is at least met or bettered by the highest bidder then the property is sold and the winning bid is the official price of the property.

Please Note: If the property is sold, as soon as the auction is over a legally binding agreement is formed between the seller and the winning bidder.

We have a unique purchasing method, whereby the buyer does not hand over a 10% deposit cheque and exchange contracts as soon as the auction is over (as is standard procedure at regular property auctions). Instead the following procedure takes place:

• Once the auction ends, the seller and winning bidder receive confirmation emails from AuctionYourProperty.com. These emails will confirm the final price and give each party the other's respective details. It is at this point at which AuctionYourProperty.com steps out of the sale.
• In the seller's email there will be a template email that the seller will need to fill in and send to the winning bidder. This email will act to confirm the legally binding contract made between the two parties at the moment the auction ended.
• Meanwhile the winning bidder forwards a 1% non-refundable holding deposit (subject to a minimum of £500) in cleared funds to the seller's solicitor. They have one week to do this. This deposit secures the property.
• As soon as a successful auction ends, there is a 6 week timescale (unless the seller has clearly specified otherwise in the additional notes), also known as "the exclusivity period" within which the formal exchange of contracts must take place.
• This exclusivity period gives the buyer enough time to have costly bank valuations and surveys etc carried out safe in the knowledge that they can no longer be gazumped.
• Furthermore, the seller also has the peace of mind that they have a buyer in place at the winning bid price who has laid down a 1% non-refundable holding deposit (subject to a minimum of £500).
• Please note that the 1% (or £500) holding deposit is requested from the buyer as part of their contractual obligations. This holding deposit must be sent immediately to the seller's solicitors to be held by them until the exchange of contracts. Should the purchaser fail to proceed to the exchange of contracts, the holding deposit is forfeited and retained by the seller. If the seller's solicitor will not accept payment from the buyer personally, then the buyer must appoint a solicitor or a licensed conveyancer to forward the deposit on their behalf.
• The seller is contractually obliged to sell at the final bid price. Should the seller refuse to co-operate in the sale of the property, the buyer has every right to sue the seller for breach of contract. Likewise, if the buyer refuses to transfer the holding deposit in the form of cleared funds to the seller's solicitors within one week of the auction's close, then the seller will be entitled to sue the purchaser for this money and will also be free to sell the property elsewhere.

For a more detailed step by step look at buying or selling auction properties on AuctionYourProperty.com please read the following:

Seller's Guide | Buyer's Guide

We understand that buying and selling property is a daunting prospect at the best of times so if you have any queries whatsoever, then please contact us using our Contact Form and we will respond to you as soon as possible.

Why Choose AuctionYourProperty.com