FREQUENTLY ASKED QUESTIONS (FAQ'S)?

Q1. What order will the Lots be offered in?

Ans. The Lots are offered as listed in the catalog.

Q2. Can I view the properties before the auction?

Ans. Yes, the viewing arrangements will be detailed within the property description or please contact the local property expert or our office.

Q3. What is the reserve price?

Ans. A reserve price is a price stipulated as the lowest acceptable by the vendor. This figure is confidential between the vendor and auctioneer (see our glossary section for more details).

Q4. Is the guide price the same as the reserve price?

Ans. No, not always. The guide is an indication given by the Auctioneer. Where the guide price is a bracket figure, the reserve price cannot exceed the top end of the bracket price. If the guide price is a single figure, then the reserve can be up to 10% in excess of this.

Q5. How do I register to bid at an auction?

Ans. To bid at an auction with us you must first register as a potential buyer on our website. You will need 2 forms of original or certified identification (one photo id and one proof of address) to register. To save your time and secure the property, please provide as many details as possible via login suits i.e. details of your solicitor, funds proof and any other information you think that helps our team and the vendor to give you first preference while finalizing the buyer.

Q6. How long does it take to offer each Lot?

Ans. Each Lot varies; until it hits the reserve price however, generally it is 28 days reverse timer as mentioned on our website. Should the Lot don’t get sold at the end of the first cycle it may go to second round with a similar pattern.

Q7. If I am a successful bidder how much deposit do I have to pay?

Ans. Normally 10% - 20% of the purchase price, however, we do recommend checking the legal pack to confirm this as some lots may vary. This is subject to a minimum deposit fee of £5,000 plus VAT.

Q8. How is the deposit payable?

Ans. Either by bank/building society drafts made payable to (99Home Ltd.) or debit card or via online bank transfer.

Q9. How much should I make my bank draft for?

Ans. 10% of your maximum offer, if you purchase the property for less than your maximum offer, the full amount of monies will be used as your deposit i.e. more than 10% deposit paid and you will pay less on completion. If you purchase the property for slightly more than your intended maximum offer you can top your deposit up with a debit card or via online stripe payment on our website / by logging in your suite.

Q10. If I am a successful purchaser when do I have to complete the purchase and pay the balance monies?

Ans. The normal completion period is 20 business days after the sale, although you should inspect the legal pack to confirm this as some Lots vary.

Q11. How can I view the legal pack and contract before the auction?

Ans. These are available to view on our website and are uploaded as and when we receive them from the appointed solicitor. They can also be sent to you via post or email if that suits you better, however, to obtain these documents you have to register with us and provide identification documents.

Q12. If I am unable to attend the auction or bid online can I bid by proxy, telephone or internet?

Ans. Yes, a proxy, telephone or online bidding form is available within the catalog or on our website when you log in your suite. This form must be completed and returned to our registered office or email on cs@websold.co.uk.

Q13. If I am unable to attend or bid at online auction, can someone bid on my behalf?

Ans. Yes, however, they must bring with them 2 forms of original identification for you and for themselves, along with an authorization letter which is a mandatory requirement. It must be noted that should you default, the bidder will be liable.

Q14. Can I make an offer prior to the auction ends?

Ans. Yes, some vendors will consider selling prior to the auction ends but only on the condition that an unconditional contract is exchanged before the auction cycle ends with cleared funds deposited via solicitors.

Q15. How can I make this offer?

Ans. Offers must be made online via logging suite, or in writing or by email to the auction department. Verbal offers will not be accepted; any offers made after the timing has ended, then the offer may not be valid or discarded without giving any reason/notification. Offers may not be acknowledged in some cases if it reaches late to us, but you will be contacted within 7 days if your offer is accepted.

Q16. Can I have the property surveyed before the auction?

Ans. Yes, your surveyor must contact us for access, the payment you made for the survey is at risk and it is not guaranteed of purchase, as the sale is subject to contract. The vendor / Websold will not reimburse the cost of the survey to the buyer in any circumstances whatsoever.

Q17. Do some Lots not sell?

Ans. Yes, if a reserve price is not reached the Lot will not sell. We continue to market most unsold properties after the auction so you may still purchase these Lots, however, all post-auction sales are under auction terms.

Q18. Are there any further costs to pay in addition to the sale price?

Ans. Yes, pay an auction fee (‘Buyer’s Fee’). This is usually £ 6000.00 (including VAT) or 2.4% of the sold price, however, sometimes a different fee applies and will be listed on the Lot – make sure you check the information relating to each individual Lot. The auction fee does not contribute to the purchase price. Any further additional costs, which are payable in addition to the purchase price will be included within the special conditions that are attached to the contract. Therefore, all prospective purchasers must inspect the legal packs and we strongly advise that all prospective purchasers request a legal representative to go through he pack for every Lot that you may wish to bid on, in order to be made fully aware of any additional costs if applicable, i.e Stamp Duty Land Tax (SDLT).

Q19. If I do not complete the sale, are there any penalties?

Ans. Yes, firstly you will lose your deposit and admin fees, furthermore, the Vendor may sue you for the balance owed and any further losses caused

Q20. Will I be able to get a mortgage on the property?

Ans. Not all properties are suitable for mortgage security and we strongly recommend that you arrange for an independent survey to be carried out if you require mortgage finance before bidding on the property.

Q21. How do I know whether the details given in the catalog change or property is withdrawn or sold prior?

Ans. An addendum is available on our website (www.websold.co.uk) at all times and is updated regularly and is also available at the auction’s page with special notes. Alternatively, you can register for our email alert service by emailing us on cs@websold.co.uk It is essential that you see the addendum prior to bidding.

Q22. Can I go on the permanent mailing list to receive future auction catalogues?

Ans. Yes, please follow this link to complete the form on our catalogue page or simply email us on cs@websold.co.uk.

Q23. What are the benefits of websold online auctions?

Ans. Our simple and straightforward online auction puts your property in front of thousands of potential buyers. The online auctions enable you to reach buyers irrespective of their geographic or personal limitations. You will be not paying any fees to sell your property and there is no hidden cost.

Online auctions also allow you to:

• Attract a wider pool of motivated bidders
• Generate higher selling prices due to increased competition
• Add excitement and interest to your traditional live auctions

Q24. Will online auctions help me achieve higher sale prices?

Ans. In almost every case, online auctions result in higher prices. And the reason is simple; more bidders, more bids!.

Q25. Do live online auctions replace traditional auctions?

Ans. Online auctions do not replace traditional auctions, they enhance them. With a rich history all over the UK, we understand that traditional live auctions are already an important sales strategy for selling your property. Adding an online channel so you can sell your property, will simply broaden the existing buyer's market and encourage more bidders to compete on the last day or before the end of the auction.

Q26. How do live online auctions work?

Ans. Live auctions are streamed from our robust system, property can be listed from various regions around the UK. The dedicated login suite gives vendors a control to monitor the bidding and buyers can monitor all onsite and online. We may contact the bidder from time to time if their bidding is overbid by others.

Q27. Do online bidders experience a technical delay?

Ans. We believe that delays must be kept to an absolute minimum – which is why we’ve spent so many years testing and refining our infrastructure and webcast technologies. Our streaming platform is one of the fastest on the market. With a good working internet speed, any delay that might occur (if any) lasts no more than a third of a second. And that’s quick! In fact, it feels almost instantaneous. This means your online bidders are in no way disadvantaged when competing with other bidders.

Q28. About timed online auctions, are timed auctions just like eBay?

Ans. Although buyers will be bidding for your property in ‘eBay style’, the auction is running from our company’s website. This means you have complete control over the auction and do not need to worry, as we keep complete transparency and update to all the bidders throughout the bidding cycle.

Q29. The property bidders, is there a cost to online bidders?

Ans. Yes, the buyers pay the fees at the time of the exchange (on a successful bid ), as stated in the legal pack and advert. We do not charge the vendor for selling the property via our online auction.

Q30. How do bidders register?

Ans. Bidders register on our website via the online auction portal. After they’ve registered, they receive login details and start bidding once their profile is approved and formalities are completed.

Q31. What do my bidders need to do to participate in a live online auction?

Ans. Bidders need to register themselves first on our website, get the AML check approved. After the verification is completed, you can login to your dashboard and you can now bid.

Q32. I am a buyer. Can websold.co.uk help me?

Ans. After bidders have been approved to bid at an online auction, they need to login via our website on auction suite and start bidding. If the offer is over bid by a higher offer, they get notification of this change. The bidder should be prepared to provide their solicitor’s details so the exchange of contract can take place if their offer gets accepted at the end of the cycle or during the bidding cycle at any time. Meanwhile, they are free to start bidding as soon as the auction starts online, they can make bids based on the auctioneer’s direction by simply clicking the ‘Bid’ button. Online bidders will be able to view all onsite and online bids in real-time on the bidder dashboard (suite).