Selling with our Online Auctions couldn’t be easier...
Whether you are selling an investment property or your home, we believe that the process should be exciting and stress free.
That’s why Bamboo Auctions is fast, certain and most importantly secure.
With Bamboo Auctions, you have a choice of selling online by two different methods:
- A traditional online auction, where a sale is effective immediately at the end of the specified time period. Exchange occurs online, immediately if your agreed reserve is met or exceeded at the end of your chosen time period. The successful buyer is legally obliged to complete the sale of the property. The auction operates in much the same way as if you were selling in a live auction room, but it’s online. Properties that are available for sale by this method are marked as a “Traditional”.
- A conditional online auction, which provides the successful buyer with 20 working days from the end of the specified time period to exchange. This gives the buyer the chance to raise finance, which is likely to encourage additional buyers to be interested in your property. Properties that are available for sale by this method are marked as a “Conditional”.
Whatever the method of sale, all bidders on our site are pre-authorised and are required to input their payment details in advance of making a bid. Successful bidders are required to make a payment immediately at the end of the auction, so you know that buyers are committed to completing the sale.
A Step by Step Guide to Selling your Property
Choose between a traditional online auction and conditional online auction:
Traditional Auction | Conditional Auction |
| Exchange occurs online, immediately at the end of your chosen time period. | A reservation agreement is entered into between you and the buyer immediately at the end of the auction, with exchange occurring up to 20 working days later. |
| Exchange in up to 30 days from listing online | Exchange in up to 56 days from listing online |
| Attract cash buyers (or buyers with pre-arranged financing) | Attract additional buyers - including those who require a mortgage to purchase |
| Buyer pays a deposit as part payment of the purchase price | No deposit as exchange has not occured |
Exchange (for Traditional Online Auctions)
If the reserve is met or exceeded and the auction timer reaches zero, the successful bidder is legally obliged to purchase the property. To ensure that the successful bidder proceeds, the buyer is automatically charged a holding deposit, which is held in a secure client account, pursuant to the terms of a holding deposit agreement.
Exchange occurs online, immediately at the end of the timer and we will automatically generate a sale memorandum to evidence this exchange. Unless you specifically wish to sign the sale memorandum, your auctioneer will sign this on your behalf to evidence the sale.
Remember that if there is a successful bid, you will be legally obliged to sell the property for the full amount of the purchase price.
Reservation period begins (for Conditional Online Auctions)
If the reserve is met or exceeded and the auction timer reaches zero, an exclusivity period begins in relation to that property. The successful bidder is contractually required to exchange on the property on or before the expiry of 20 working days from the end of the auction. To ensure that the successful bidder proceeds, the buyer is automatically charged a reservation fee which is payable to your auctioneer/agent for conducting the auction and effecting the sale of the property. The auctioneer will be authorised to sign the reservation agreement on both your’s and the buyer’s behalf.
If, by your act, you fail to exchange on or before the expiry of 20 working days from the end of the auction, the reservation fee shall be fully refunded to the buyer and you may be liable to pay a fee to the auctioneer for services rendered as part of selling your property. You should check your terms and conditions before listing. If the buyer fails to exchange on or before the expiry of 20 working days from the end of the auction, they will forfeit the full amount of the holding deposit. You will be free to relist the property for sale online or sell the property to a third party.
Frequently asked questions
Yes, although you may be charged a withdrawal fee. We understand that you might have to withdraw your property, so we reserve the right to waive this fee in extenuating circumstances. Note however that if the auction period has ended and you receive a bid that is in excess of your reserve, you will be legally obliged to complete the sale of the property (if you select the traditional online auction).
Identity and anti-money laundering checks are carried out on all bidders before they place a bid. This process involves buyers providing passport and/or driving licence details, which is checked against a variety of sources, including the electoral roll and with credit check providers.
Traditional Online Auction
Before placing a bid, all bidders must also input details of their solicitor and also their payment details. If a bidder is successful, they are automatically charged a holding deposit, which is held as agent for you (less any admin fees payable and subject to any online auction listing terms and conditions). This amount will be set off against the amount of the 10% deposit, which is payable by the buyer by 12pm the next business day of the end of the auction.
Conditional Online Auction
Before placing a bid, all bidders must enter their payment details. If a bidder is successful, they are automatically charged a reservation fee payable to the agent for conducting the auction.
The holding deposit (being the amount stated in the holding deposit agreement for the specific property in question, less any admin fees) will, subject to the online auction listing terms and conditions, be transferred to you to once the remainder of the 10% of the deposit is paid by the buyer.A successful bidder has by 12pm the next business day to transfer the full deposit (which is 10% of the winning bid amount).
In the unlikely event that a bidder fails to transfer the full deposit amount, we will still transfer the holding deposit to your solicitor for your account (less any admin fees).
