Whether you are selling an investment property or your home, we believe that the process should be exciting and stress free.
That’s why Phillip Arnold Auctions is fast, certain and most importantly secure.
With Phillip Arnold Auctions, a sale is effective immediately at the end of the auction. If you are the successful bidder, you will be legally obliged to complete the sale of the property. We operate in much the same way as if you were bidding in a live auction room, but we’re online. Phillip Arnold Auctions uses technology provided by Bamboo Auctions.
Exchange occurs at the end of the auction. This means that if the reserve is met or exceeded and the auction timer reaches zero, the successful bidder is legally obliged to pay the purchase price and you will be legally obliged to sell 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.
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.
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.
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.