Provided by Billy O’Shea Properties in partnership with The Munster Property Auction
What is the difference between the online auction and the public auction event?
We hold public auction events at specific times throughout the year. We also offer the properties through our online auction where bids can be made 24/7. The online auction is very easy to use and bids can be made in person, over the phone or on the website. All bids are then made visible on the online auction allowing buyers to see the highest current bid. Interested parties can also see how much time is remaining as it is clearly displayed on the countdown clock for each property. The online auction normally run for 30-45 days and the highest bidder secures the property providing the bid is above the reserve price.
How long does an online auction last for each property?
Most of the auction properties on the site are live for between 30 days – 45 days, and at any point during this time you can place a bid on a property. To see how much time is remaining on a specific auction, click on the search section or on the property details where the time remaining will be displayed in the top left hand corner.
Booking Deposits explained
Potential buyers can arrange to view the property, arrange a survey and have their solicitor check the legal documents as normal. If they are interested in a property they can put a bid forward and if accepted they pay a non-refundable Booking Deposit which gives them exclusive rights to purchase the property. The parties are then given 28 days to exchange contracts and a further 28 days to complete. This provides security for the buyer as they have exclusive rights to purchase the property and fixed timescales to plan for the move. If the sale falls through due to an act of the vendor, the Booking Deposit will be refunded in full.
How quickly do I have to buy the property?
With the modern method of auction, when the auction closes the winning bidder has 28 days to exchange contracts and a further 28 days to complete the purchase. This additional time makes it more appealing to those buying with finance or a mortgage because there is more time to get the necessary paperwork completed.
How do I place bids?
We can take bids in a number of different methods!
If the property is going to be offered by online auction, you can:
|If you would like to make a bid of a property for sale via the online auction you can do so in person, over the phone or online. All bids are then made visible on our auction website. To bid online you will firstly have to register with us. A link to the registration form can be found on the top bar of the home page. Once you have completed the registration form you will be sent a welcome email confirming that you are registered to bid. The auction software provides every bidder the chance to have one last bid as for every bid made in the last hour, 2 minutes is added to the auction end time making sure the highest bid wins the auction.
If the property is going to be offered at an auction event, you can:
Bid in Person:
|Come along to the auction, register for a bidding paddle and start bidding. If you are the successful bidder you will be expected to pay the non-refundable Booking Deposit immediately and sign a reservation form.
Bid by Proxy or Telephone:
|To enable an auction staff member to bid on your behalf or with you on the telephone, you will be required to fill out a simple form which will grant them permission to do so. If you wish to discuss the method of remote bidding just give the auction department a call where we will only be too happy to talk you through the option that will best suit you.
Is the bid binding?
In the modern method of auction, the bid obliges you to pay a non-refundable deposit and sign the reservation form. It does not bind you to buy the property but reserves you the right to exchange contracts on the property at an agreed price within 28 days of the bid being accepted.
Can a bid be accepted before a public auction event?
If you would like to place a bid before the public auction, this will be dealt with on a case by case basis. By law we must put all bids forward to the seller and it is their decision if they choose to accept an early bid. Whenever a bid is accepted, the non-refundable Booking Deposit must be paid down and the terms and conditions of the auction still apply.
What if the reserve price is not met?
If the reserve price is not met during the auction, we will communicate with the seller and any interested parties to see if a sale can still be achieved. If you are interested in an unsold lot please contact a member of the auction team.
Prospective buyers can request the legal documents to ensure they are satisfied with the legal aspects of the property. Buyers are also free to undertake a survey on the property to ensure they are 100% happy to proceed with the purchase.