Guidance notes for Buyers

Welcome to the exciting world of online property auctions. Please familiarise yourself with our 'How it Works' section to fully appreciate how the online auction works.

The following is meant to be a brief guide to assist you in buying a property through the Nethouseauctions website.

• During the 6 week marketing take ample time to inspect the Property Details, arrange viewings with the sellers estate agents and confirm the accuracy of the property details with the sellers estate agents.
  
  
• Assuming you intend to bid, leave plenty of time to arrange your finances
  
  
• Take any professional advice you may need. If you do not already have a solicitor click Soliciors (England & Wales) or Solicitors (Scotland).
  
  
• Your solicitor will check the Legal Pack (available from the Sellers's solicitors) and make any other pre-contract enquiries.
  
  
• In order to bid, YOU MUST FIRST REGISTER BY CLICKING HERE. This enables us to validate your e-mail address and activate your bidding account.
  
  
• You will then need to pay a Commitment Fee to your solicitors and pre-sign the Auction Contract (this procedure is explained fully in "How it works").
  
  
• This Commitment Fee comprises two elements- a Pre-contract Deposit of 5% of the Guide Price or £2,000 (whichever is the greater) plus the Buyers Premium of £250- and the exact amount of this fee will be shown in the details of the property advertised on this site.
  
  
• You will then need to ask your solicitor to complete the Buyers Solicitors Undertaking on your behalf.
  
  
• As soon as your solicitor has completed and sent back the Solicitors undertaking to Nethouseauctions, you will be sent an e-mail with your unique Bidders Authorisation Code and Bidders ID including log in details to allow you to access and activate the 'Bidding Zone' from your account.
  
  
• As soon as you have logged into the 'Bidding Zone', you can choose to bid either automatically up to a maximum amount or manually.
  
  
• Make sure you check any Addendum or last minute changes with Vendors agents
  
  
• If you are not certain, do not bid. You risk losing your Commitment Deposit.
  
  
• You can start bidding at any time during the specified 24 hour period . "Sudden Death" bidding commences thereafter.
  
  
• If you are the successful bidder, your solicitor will automatically exchange contracts on your behalf using the 5% Pre-contract Deposit.
  
  
• Completion on the balance of the purchase price is usually within 28 days
  
  

Should you have any other questions please contact the sellers estate agent offering the Lot you are interested in.

Please note that Nethouseauctions do not at any time handle any clients monies during these transactions.