Buying or selling your property through bidonmyhouse could not be easier.

Bidonmyhouse Options

A unique platform built exclusively for the buying and selling of property. All our services are designed to be more customer friendly and ensure a great customer experience. 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 AUCTION ROOM ANYTIME OFFER
Can anyone buy through Bidonmyhouse.co.uk? 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? 56 days 28 days 56 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. “Auction Room”Vs. “Anytime Offerr”

We offer both 'Live Bid' ,'Auction Room” and “Anytime Offer” in our unique online auction, bidding and offer portal.

"Live Bid" or what is also known as The Modern Method of Auction is an Ebay style service with a sensible start price, a secret reserve and a Buy It Now price. The new Modern Method of Auction which we refer to as “Live Bid” creates a transparent market place for the motivated residential buyers and sellers combining the best aspects of traditional auction and private-treaty sales.

"Auction Room" or what is also known as a Traditional Auction combines the traditional auction service but utilising the power of the internet and the latest technology. No more having to travel to a local venue or feeling the pressure of bidding in a crowded room. Buyers can bid from the comfort of their own environment but still experience the excitement of an auction

“Anytime Offer”is a fabulous service were we invite buyers to "Make an Offer" but without any time constraints. We called this service "Anytime", with this service created to appeal to all buyers and sellers and is a totally unique service to bidonmyhouse dispelling the pressure on sellers and buyers by having a time sensitive auction. No clock ticking – no pressure.

As a result of this the “Live Bid” and “Anytime Offer” opens the market to all potential buyers and sellers. No longer will auctions be the reserve of the professional investor or cash-rich buyer but also normal residential buyers, creating a larger market place, more interest and activity than traditional auctions.

We have outlined below the 3 selling options available via bidonmyhouse 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 "Auction 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 still wants the excitement but not the pressure of "an auction" then "Anytime Offer" must be the preferred choice.

Full legal terms are available to download via the links.

Live Bid

Buying through the “LIVE BID” service could not be simpler. You can bid online or if you do not have access to the internet you can contact us on 0800 092 4047 FREE and we can make a bid on your behalf.

The successful buyer pays a reservation fee within 48 hours from the end of the “LIVE BID”. 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.

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

“LIVE BID” is an easy to use process, still based around 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 BID” service;
  • A specified percentage of the final bid as clearly stated on the online property details is paid by you to us within 48 hrs of auction completion (this is a reservation fee and does not form part-payment of the final selling price) or the minimum fee as stated whichever is the greater.
  • Exchange of contracts must be within 28 days from the end of the auction.
  • A maximum of 28 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 bidonmyhouse will subsequently call you to outline what happens next.

Key stages you will need to complete within 48 hours of the end of the auction are as follows:

  • Payment of the reservation fee payable within 48 hours by the successful bidder.
  • Sign the reservation form and provide any relative information necessary to bidonmyhouse.
 

The agent or bidonmyhouse will contact you to request proof of funds to acquire the property and ID to comply with HMRC (MLR) rules.

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 28 days following the completion of the auction, the only fees you will have paid during this time will be the reservation fee and any conveyancing costs as with any normal property sale.

  • 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.

 
Auction Room

Buying through the “AUCTION ROOM” or what is commonly known as a traditional auction could not be simpler. Access to a Full Legal Pack which is also known as a Buyer Information Pack is made available to interested parties.

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 “Auction Room” properties will be offered with the full legal Pack as a minimum. All full legal packs are produced by third parties' direct instruction of the vendor of the property or via bidonmyhouse.

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.

If the Buyer Information Pack has been produced and provided by bidonmyhouse the successful bidder will be required to pay the cost of £166.67 + VAT (£33.33) = £200 for the cost of the preparation of the pack. This is in addition to any reservation fee or deposit payable.

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

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.

Once you are totally satisfied with your proposed purchase you can bid online or if you do not have access to the internet you can contact us on 0800 092 4047 FREE and we can make a bid on your behalf.

The successful buyer pays on the close of the auction a holding deposit which is normally 10% of the agreed price, a reservation fee and if bidonmyhouse have instructed the preparation of a Full legal Pack a fee of £200 within 2 hours from the end of the “AUCTION ROOM” auction.

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 “AUCTION 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 “AUCTION ROOM” service:
  • Legal exchange of contracts is implied immediately after the auction ends.
  • Within 2 hours of the auction end a holding deposit is due, the specified reservation fee as clearly stated on the online property details is payable and if bidonmyhouse have instructed the preparation of a Full Legal Pack a fee of £200 is also due to be paid by you. Please be aware that the reservation fee is in addition to the holding deposit and does not form part-payment of the final selling price.
  • Completion must be within 28 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 bidonmyhouse 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.
  • Pay the specified reservation fee as clearly stated on the online property details and if bidonmyhouse have instructed the preparation of a Full legal Pack a fee of £200 is also due to be paid by you. Please be aware that the reservation fee is in addition to the holding deposit and does not form part-payment of the final selling price.
  • Sign the reservation form and provide any relative information necessary to bidonmyhouse.
 

The agent or bidonmyhouse will contact you to submit ID to comply with HMRC (MLR) rules.

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 28 days.

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

Anytime Offer

Buying through the “Anytime Offer” service could not be simpler. This is a bidding/offering option with the pressure of a time-sensitive auction removed.

You can bid online or if you do not have access to the internet you can contact us on 0800 092 4047 FREE and we can make a bid on your behalf.

The successful buyer pays a reservation fee, if applicable, within 48 hours from the end of the “ANYTIME OFFER”. 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.

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

“ANYTIME 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 “ANYTIME OFFER” is still based around 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 seller's reserve price is not met this may result in no sale being agreed
The key points of “ANYTIME OFFER” service;
  • A specified percentage of the final bid as clearly stated on the online property details is paid by you to us within 48 hrs of auction completion (this is a reservation fee and does not form part-payment of the final selling price) or the minimum fee as stated whichever is the greater.
  • Exchange of contracts must be within 28 days from the end of the auction.
  • A maximum of 28 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 bidonmyhouse will subsequently call you to outline what happens next.

Key stages you will need to complete within 48 hours of the end of the auction are as follows:

  • Payment of the reservation fee payable within 48 hours by the successful bidder.
  • Sign the reservation form and provide any relative information necessary to bidonmyhouse.
 

The agent or bidonmyhouse will contact you to request proof of funds to acquire the property and ID to comply with HMRC (MLR) rules.

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 28 days following the completion of the auction, the only fees you will have paid during this time will be the reservation fee and any conveyancing costs as with any normal property sale.

  • 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.

 
Reservation Fees Vs. Vendor Paid Explained

In most cases with all our services we charge a reservation fee.

  • Reservation Fees explained.

    Most of the properties listed in the auction are subject to a reservation fee. This is a fee paid by the buyer within 48 hours on the successful bid. This is paid because in most cases the seller pays no fees to sell their property. Against each property listed there is a clear indication as to the amount. Please carefully consider this payment before you bid.

    You must consider your total purchase price before bidding as the reservation fee is in addition to the bid offer. The reservation fee amount may vary from property to property so please check the Terms & Conditions' section located under the bidding box on the page of the specific property you are interested in.

  • Vendor Paid.

    With some properties offered the reservation fee does not apply. They could however be subject to a deposit to secure the sale. The deposit is placed on a non-refundable basis and does form part of the purchase price. Upon completion of the sale, the vendor will be required to pay a fee for the sale of the property. Please check carefully as to whether or not a reservation fee is payable before placing a bid.