There is a Buyers Premium Fee which is the Auctioneers fee of 1% of the purchase price + VAT (subject to a £3,000 minimum fee if the property is less than £300,000) payable immediately after the auction has ended.
You need to register an account with us and complete the required AML check. Tip, you must have finances and a solicitor in place prior to bidding as the online auction exchanges contracts within 28 days and completes 14 business days later. If you need to leverage funds, we can introduce you to a finance broker and one of our panel solicitors. We will only contact your solicitor/conveyancer if you are the successful bidder.
The seller has the freedom to choose how long their auction period lasts which is from 7 to 28 days, but we recommend a bidding time of 5 days after a 28-day marketing campaign. A countdown timer is attached to each property, so bidders can see how long is left of the auction. Whenever a bid is placed in the final 30 seconds, the auction timer will automatically reset to 30 seconds. This is to allow other parties a fair chance to place another bid. The auction will end when the countdown hits zero.
You can either submit your bid either online or via proxy and you will be notified or receive alerts of any rival bids. You can keep bidding if you have been counter bid. When a bid is placed, our system will automatically snap the next bid to the minimum increment:.
Once the electronic hammer falls If you are the winning bidder, you will be required to pay the Buyers Premium Fee of 1% + VAT (subject to a minimum amount of £3,000) at the end of the auction via your credit card you registered with. At this point, the sale will become legally binding.
Each property in our online auction has its own legal pack prepared by the vendors solicitor and is available by downloading from the property details section. Remember to do your research on the property you're interested in prior to bidding. It is your responsibility to be completely satisfied with the property before the auction so you can make an educated decision whether to bid for the property or not and what your maximum bid would be. When considering purchasing a particular property at auction it is essential that you prepare by doing your due diligence research in advance.
The Opal Property Auction sales progression team will contact your solicitor/conveyancer once you are the successful bidder. You will exchange contracts within 28 days and complete in 14 business days.
No matter If you are an investor or landlord looking to expand your portfolio or if you are just getting started on the property ladder we have properties in the auction with tenants already in place which will give you an immediate return on your investment!
Why not join our other property investors and discover our 24/7 way to purchase property. Register below for access to legal packs, book a property viewing and to bid online.
Read our bidding process
Read our “Buy Now” process
To start bidding and access to the legal packs