FIND YOUR NEXT HOME OR INVESTMENT AT AUCTION

If you’re in the market for property, then you’ve come to the right place. There is a wide range of properties available at auction, and we are confident that you can find whatever you’re looking for.
 

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UNDERSTANDING A WHOOBID PROPERTY AUCTION

At whoobid our goal has been to make buying a property through auction as straightforward and stress-free as possible. Below we've included a quick overview of what you can expect to see on our listing pages and what it all means. For further information you can visit our Buying Explained Page.

QUICK OVERVIEW

• Guide Price vs Reserve Price The reserve price is agreed between the auctioneer and the seller before the auction. It acts as the seller's "safety net", a minimum price that the property can sell for on auction day. The guide price is set as an indication to what the seller’s reserve price could be. The guide price will always be within 10% of the seller’s reserve price and is often set lower to generate interest.
  In the case of a bracketed guide price the reserve price has to fall within that bracket.
• Modern Method vs Traditional Method We run both Traditional and Modern Method auctions at whoobid. The difference between the two is in the timescales. A Modern Method auction has longer timescales than a Traditional Aucton.
  The Modern Method: At the fall of the hammer buyers have essentially reserved the property at that price. They then have 28 days to reach exchange and then a further 28 days from exchange to reach completion. The extended timescales open the auction method up to mortgage buyers and other financing options that ordinarily wouldn't be available under the Traditional Method.
  The Traditional Method: At the fall of the hammer on a Traditional Method auction the property exchanges contracts immediately and the buyer then has 28 days to reach completion.
• Auction Pack For every property that goes to auction the seller and their solicitor must produce an auction pack (sometimes referred to as a legal pack). The pack contains all the necessary documents for you to legally purchase the property. This will include Title Plans and Searches such as water and drainage as well as other information about the property. There is no cost to downloading the pack but you will need to Register an Account. It is advised that you review the contents of the pack carefully and seek legal advice on the contents.
• Pre-Auction Offers You don't need to wait until auction day to secure your property purchase. Many of our sellers choose the auction process for its speed and security and the auction terms apply to all offers. If you make an offer and it is accepted by the seller before auction day the property is sold the same as if the hammer had fallen on auction day.