Buying at Auctions
Here are some of the benefits of selling properties through Lets Bid’s Auction:
Step 1 - Register to bid
Step 1 - Register to bid
When you see a property that you are interested in buying, we will require you to “Register to Bid” by clicking on the large yellow button that can be found on any of our partner agents listings. You will be required to follow the registration process that will prompt you to insert your personal details, such as your name and contactdetails.
Step 2 – Terms & Conditions
Step 2 – Terms & Conditions
You will then be asked to READ AND ACCEPT OUR TERMS AND CONDITIONS. Do make sure you fully understand them before clicking to accept them. We provide a link to these here: https://letsbidproperty.co.uk/terms-andconditions
Step 3 - Online Bidding Process
Step 3 - Online Bidding Process
Once you have successfully registered for Online Bidding, you will be eligible to bid online. Before making a bid we strongly recommend that you take professional legal advice and in appropriate cases, a chartered surveyor and an accountant.
YOU ACKNOWLEDGE that you are bidding in a live auction and you agree that each bid you submit will be submitted in accordance with our terms and conditions, is irrevocable and cannot be amended or corrected, even if you have submitted this in error and notified us. You agree to accept full liability for all bids submitted via your LETS BID Online Bidding account.
Step 4 - Reserving the property
Step 4 - Reserving the property
If you win a conditional auction, you will be required to sign a reservation form under which you agree to be bound by the conditions of reservation relevant to that listing. These conditions are legally binding. You will then be required to complete the ANTI-MONEY LAUNDERING and ID VERIFICATION process. An email or text message will be sent to you by our Partner Agent with a link for you to proceed and complete this process. You will be asked to provide information to verify your identity such as your name, address, date of birth as well as the last known addresses, Passport or Driving Licence and a Utility Bill dated within the last 3 months. Additional information and documents may be requested from you, so please have as many documents to hand when completing this process.
Step 5 - Offer Accepted
Step 5 - Offer Accepted
To find out if you have been successful in your bidding, you may check the results that are published online after the Sale. You agree to pay for and collect any lot that is the subject of a successful bid submitted by you or from your LETS BID Online Bidding account, in accordance with our terms and conditions. If accepted, our Partner Agent will then be in touch with you to discuss the next steps, and this will include taking your payment of the non-refundable reservation fee. Completion is usually set for 56 days after the auction but will also be confirmed in the legal pack. This gives you additional time to conduct any surveys and secure mortgage finance before proceeding to exchange of contracts, whilst the vendor undertakes not to sell to anyone else during this period.
