Auction Options

A unique platform built exclusively for the buying and selling of real estate. All our services are designed to be more customer friendly and based around fixed timescale. All the services are there to ensure each sellers achieves the true market potential for their property but buyers are confident they have only paid a true open market valuation.

 
 
Auction Options
How do the Options Compare?
  LIVE BID BID ROOM MAKE AN OFFER
Can anyone buy through auction? YES YES YES
Can a property be bought with a mortgage? YES Mortgage in Principle should be secured YES
How long does it take to exchange? 28 days Immediately at end of auction 28 days
How long does it take to complete? 30 day 5 days 60 days
What market is this type of auction aimed at? Everyone Sellers wanting predictable timescale Everyone
How much will the property sell for? Best Market Price Potentially less than Market Price Best Market Price
Will this method limit the number of buyers? No Potentially No
Is a Full Legal Pack required? No Yes No
 
“Live Bid” Vs. “Bid Room”Vs. “Make an Offer”

Biddinghouse.com brings you the best-in-class features like Live Bid, Bid Room and Make an Offer to help you experience an element of ease in the entire process of buying and selling of property.

"LIVE BID", one of the main prime features of  21st-century auction, provides a transparent market platform to all the interested buyers and sellers. Thus, combining the traditional method with a modern approach.

With "BID ROOM", need to travel distances to reach the venue and pressure in a crowded room have been done away with. Now buyers can bid with comfort while experiencing the excitement of auction at the same hand.

To eliminate constraints of time limit, biddinghouse.com has come up with a feature called “MAKE AN OFFER’’. It removes the pressure on both and sellers by initiating a process that does not waste your valuable time. Thus, No Clock Ticking No Pressure.

As a result of these features, auctions has no longer remained the game of cash rich buyers and professional investors. With this innovative marketplace, even a normal residential buyer can conduct their property related process easily.

We have outlined below the 3 options available via bidding house including a comparison of each option.

The choice a seller makes in deciding which of our services to us is dependent on many factors and personal considerations.

If a seller wants a predictable sale at the end of the auction then "Bid Room" is probably the best option for them. Alternatively, if a seller wants all the excitement of an online auction with a more relaxed approach then "Live Bid" is probably best but if a seller wants still the excitement but without any pressure of "an auction" then "Make an Offer" must be the preferred choice.

Live Bid

Liked a property? Get yourself registered with us and pay a nominal registration fee. Place your bid in the given time frame. In case you got lucky then you can be the owner of the property.

No extra cost apart from nominal registration fees based on actual property price will be charged from bidders.

“LIVE BID” should not be confused with the “BID ROOM” or what is also know as a traditional method, where a legal exchange of contracts is required immediately after the auction ends.

“LIVE BID” is a easy to use process, still based on a fixed timescale but allowing longer periods for exchange and completion to further assist the buyer and seller.

Please note - The property start price is not always a true reflection of the sellers minimum reserve price. If the sellers reserve price is not met this may result in no sale being agreed
The key points of “LIVE AUCTIONS” service;
  • A specified registration fee based on the actual property value is paid by you to take part in the live bid process.
  • Exchange of contracts must be within 30days from the end of the auction.
  • A maximum of 30 days for practical completion of the sale.
 

If you are the successful bidder you will be informed electronically from the real-time auction database and someone from bidding house will subsequently call you to outline what happens next.

Once the above elements have been completed, we will require you to confirm your solicitor or conveyancer to commence the formal purchasing process.

As with any property purchase there are two legally binding stages which must occur:
  • Exchange of contracts:

    By accepting our terms you are agreeing to exchange contract within 30 days following the completion of the auction, the only fees you will have paid during this time will be the registration fee.

  • Practical Completion of contracts:

    This is the formal sale and purchase of the property whereby all fees, funds and property particulars are finally agreed and the transfer of title and legal ownership occurs.

 
Bid Room

Biddinghouse.com has come up with fusion of tradition and modernity with its feature called Bid Room

Just get yourself registered, select the interesting property and place your bid on it. All the selected bidders will then be called for inspection of the property and finally a ballroom auction will be held. The highest bidder will be announced the owner of the property

The Buyer Information Pack contains key information and documents relating to the property that is being sold. This information is available for all interested parties to review prior to placing any online bid. It is recommended that any interested parties review the documents contained within the Buyer Information Pack and satisfy their own enquiries with regard to the content contained within. We recommend that you seek independent legal advice before placing any bids.

All “Bid Room” properties will be offered with the full legal Pack a minimum. All full legal Packs are produced by third parties direct instruction of the vendor of the property or via bidding house.

Our Full Legal Pack or Buyer Information Pack includes the main searches available required for mortgage purposes. These searches normally take the longest to be returned therefore they may not be immediately available to view but will be automatically updated to the website listing when they become available.

Should you require any further specific searches you will be able to order these through your solicitor or contact bidding house.

We urge you not to bid on any property of interest until you are totally satisfied with all elements of your potential purchase and after thorough discussions with your legal advisers.

There is a need by every bidder to deposit an earnest amount in proportion of the actual price of the property. Only successful buyer’s deposited earnest amount will be adjusted in the property’s decided price, whereas the deducted amount of other bidders will be refunded.

This reservation fee has been kept as low as possible to assist the buyer but to ensure that the seller receives the best price for their property. The successful buyer should also take into consideration that they have secured the purchase of a competitively priced property sold to them by a motivated seller.

Please be fully aware that with “BID ROOM” or what is also know as a traditional method a legal exchange of contracts is implied immediately after the auction ends.

Please note - The property start price is not always a true reflection of the seller's minimum reserve price. If the sellers reserve price is not met this may result in no sale being agreed
The key points of “BID ROOM” service;
  • Legal exchange of contracts is implied immediately after the auction ends.
  • Completion must be within 5 days from the end of the auction.
 

If you are the successful bidder you will be informed electronically from the real-time auction database and someone from bidding house will subsequently call you to outline what happens next.

Key stages you will need to complete within 2 hours of the end of the auction are as follows:

  • Pay the holding deposit.
  • Sign the reservation form and provide any relative information necessary to bidding house.

Once the above elements have been completed, we will require you to confirm your solicitor or conveyancer to commence the formal purchasing process to ensure completion takes place within 5 days.

Once the property completes the transfer of title and legal ownership occurs.

Make an Offer

Buying through the “Make an Offer” service could not be simpler. This is a bidding option with the pressure of a time sensitive auction removed. Now you can easily make an offer on all the properties you are interested in. 

One of the best things of Make an Offer is that there is no need for you to pay any amount during the whole process. That means you are getting a fantastic chance to own your dream property in just free of cost, simply by registering with biddinghouse.com. 

“Make an Offer” should not be confused with the “BID ROOM” or what is also know as a traditional method, where a legal exchange of contracts is required immediately after the auction ends.

“Make an Offer” is an easy to use process whereby you simply bid with every bid submitted to the sellers for consideration. Once the seller is happy with the offer the process starts but “Make an Offer” is still based on a fixed timescale but allowing longer periods for exchange and completion to further assist the buyer and seller.

Please note - The property start price is not always a true reflection of the seller's minimum reserve price. If the sellers reserve price is not met this may result in no sale being agreed
The key points of “Make an Offer” service;
  • Exchange of contracts must be within 60 days from the end of the auction.
  • A maximum of 60 days for practical completion of the sale.

If you are the successful bidder you will be informed electronically from the real-time auction database and someone from bidding house will subsequently call you to outline what happens next.