Buy Property At Auction
Buying with SOLDFAST
SOLDFAST gives buyers access to well priced residential properties and commercial properties from all over the UK. With auctions becoming more main stream, you can now view and buy well priced investment properties without leaving your home. Some of the benefits of buying on SOLDFAST include:
- When you buy on SOLDFAST it’s final – the property is removed from all marketing channels and the sale complete quickly and efficently.
- You have time to get finance in place . Auction finance is simple to arrange- you can buy on SOLDFAST and complete with a mortgage, short term finance or of course cash.
- You can bid from wherever you are 24 hours a day – 7 days per week
- It’s an efficient and easy way to buy property.
- Transparent process with online bidding –you see what your competition is bidding in real time
All our properties are available to view and purchase ahead of auction.
Before buying at auction
Know Your Plan
- Before bidding do your own due diligence – check the information on each property, including the home report/survey and legal pack.
- Subscribe to SoldFast email alerts and pre auction marketing lists. Doing this gives you sight of new properties as they become available.
- Visit the www.soldfast.co.uk website regularly to ensure you are fully aware of all upcoming properties and auction dates.
- We have an ever changing property list brought in to auction by or partner agents – email, call us or reach us through social media any time and let us know what type of properties are of interest to you.
- Wherever practical we will facilitate a viewing of all properties in auction. This allows you to see the property for yourself and allows you to make an informed decision. An SoldFast team member or Partner Agent will be on hand to answer any questions.
- The Legal Pack for each lot will be available to download from our website
- It is important to inform your solicitors of your intention to purchase through auction so they are ready to take your instruction.
- Your solicitor can inspect the legal packs and other relevant information.
Organise Your Finances
You will need:
- To pay a reservation fee immediately to confirm sale. This does not form part of your payment towards the property – it is a buyer’s premium paid as per standard auction terms.
- and we can accept credit/debit cards or direct transfer by BACS.
- The purchase price must be paid within 56 days of the auction You can organise this with your adviser, bank or through the use of bridging or short-term finance
- You should insure the property you purchase as soon as is practical – after the exchange of contracts you will be responsible for the insurance of the property.
How to bid
Bidding online is easy and similar to bidding at a live property auction.
Within an online auction the key difference is that the buyer has 28 days to exchange contracts – whereas at a live auction contracts are exchanged that day. The advantage in this to the buyer is that it affords them time to get appropriate finance in place if required.
How to bid for a property via our online auction:
You must register to bid and once registered and accept our terms and conditions of auction.
Our terms are set out clearly when you register- by accepting these terms and bidding on for specific property lots you are agreeing to these terms so be sure to review them before bidding.
Register to bid.
By registering you will be able to bid immediately on any property
Each lot has a fixed time period and this will run for a specified period. Within this period you can bid on this lot
It is worth noting that at any time you can make an offer and request immediate consideration – in these circumstances should a bid be accepted by the seller the lot would immediately be withdrawn from auction.
Each property is sold subject to a reservation fee.
It does not form part payment of the final selling price. The fee is non-refundable should the sale falls through due to the buyer failing to conclude contract or breaching the terms and conditions.
Each property has a starting bid. This is the amount at which the bidding will start.
The reserve price is the minimum price the seller will accept for the property. Reserve prices are not shown publicly and this figure is known only to the seller, SoldFast and the seller’s agent.
Buy it now price.
This is the price which the seller would accept immediately and the auction process would end if this figure was unconditionally offered.