{"id":39,"date":"2020-08-31T18:25:03","date_gmt":"2020-08-31T18:25:03","guid":{"rendered":"https:\/\/auctions.truuli.co.uk\/?page_id=39"},"modified":"2020-11-18T07:39:05","modified_gmt":"2020-11-18T07:39:05","slug":"buyers-auction-guide","status":"publish","type":"page","link":"https:\/\/auctions.truuli.co.uk\/index.php\/buyers-auction-guide\/","title":{"rendered":"Buyers Auction Guide"},"content":{"rendered":"\t\t
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Buyers Auction Guide\u200b<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Online Auctions Buying Guide<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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It provides all the benefits synonymous with traditional auctions, including speed, transparency and reduced risk of gazumping or double-selling, but with the added advantage of being able to bid pressure-free 24 hours a day, 7 days a week, from the comfort of your own home or office via desktop, tablet or mobile phone.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tREGISTRATION\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tSTRAIGHTFORWARD PROCESS FROM START TO FINISH
\nTo bid at Truuli Online Auctions, you will first need to create an account. This requires you to verify your email address, by clicking\nan activation link that we\u2019ll send to you via email. Once you\u2019ve created an account you can \u2018watch\u2019 the lots that you\u2019re interested in (you\u2019ll\nbe kept up-to-date throughout the auction cycle), as well as gain access to the legal packs. In order to place a bid on a lot you will need to\ncomplete the bidder registration steps, as detailed below.\nPlease note, the first time you register to bid you will also be asked to verify your mobile number so that we can easily keep in touch in the\nevent of you purchasing a lot.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tACCEPT TERMS\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tENSURE YOU READ, UNDERSTAND AND ACCEPT THE TERMS AND CONDITIONS
\nYou will be asked to read and accept our Online Auction \u2018Terms and Conditions\u2019. Additionally, there may be specific documentation relating\nto the sale of the property you\u2019re registering to bid on that will need to be read and accepted before you are able to bid.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tBUYERS PREMIUM\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tREGISTER YOUR CREDIT OR DEBIT CARD FOR THE BIDDER SECURITY
\nIn order to bid online you will be required to register a credit or debit card for the Buyers Premium. We use Stripe who provide a secure,\nonline card registration facility, and they will attempt to authenticate your card with your card issuer. The Buyers Premium amount and\nadministration fee will be clearly displayed when registering your card.\nOn the fall of the electronic gavel, the winning bidder\u2019s card will be automatically debited for the Buyers Premium amount and admin fee.\nPlease note that no card details are ever stored on our servers \u2013 the debit transaction is fully administered by SagePay.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tAML CHECK\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tCOMPLETE AN ONLINE ANTI-MONEY LAUNDERING CHECK
\nTruuli Online Auctions are required by law to carry out an online anti-money laundering check on all persons wishing to bid. You will\nbe asked to provide information to verify your identity, including your date of birth, addresses for the last 3 years and at least one of\npassport, driving licence or national insurance number.\nThis check leaves a \u2018soft footprint\u2019 on your credit report but should not affect your credit rating.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tDUE DILIGENCE\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tRECOMMENDED DUE DILIGENCE BEFORE BIDDING
\nIn general terms, you are strongly advised to view the property and take professional advice as to its condition and suitability. You should\nalso ensure that you thoroughly read and understand the legal pack and any other associated documentation available online and take\nproper legal advice accordingly. Finally, you must ensure that you understand the contract you are entering into and the financial\ncommitment that you will be liable for should you be the successful bidder.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tBIDDING\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tSTRESS-FREE BIDDING FROM THE COMFORT OF YOUR OWN HOME
\nWhen the auction opens, you will be able to place bids in line with the pre-determined bid increment levels, using the bid increase (+) and\ndecrease (\u2013) buttons provided. Every time you submit a bid you will be clearly shown whether your bid was successful, and a full list of all\nbids are displayed on-screen.

\nMaximum (Proxy) Bids<\/B>
\nYou are not restricted to placing a bid at the minimum bid amount but can instead increase your bid and place a maximum (proxy) bid in\nthe system. By setting a maximum bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up\nto your maximum bid amount. If you are outbid, you will be notified via email, so you can opt to increase your bid if you so choose.

\n\nReserve Prices<\/B>
\nVirtually every lot is sold subject to a reserve price, the minimum price that the auctioneer is authorised to sell for on the day. When you\nsubmit a maximum bid, the actual bid placed by the system will depend on whether the reserve price has been met, as defined below.
\nIf your maximum bid is below the reserve price<\/B>
\n- The system will place an immediate bid at your maximum bid amount.

\nIf your maximum bid is at or above the reserve price<\/B>
\n- The system will automatically increase your bid to be at the reserve and will only bid again on your behalf if you are subsequently outbid\nby another bidder (up to your maximum bid amount).
\n- If another bidder has already placed the same maximum bid or higher, they will be the highest bidder and the system will notify you via\nemail, so you can place another bid.

\nNB: Your maximum bid is kept completely confidential \u2013 its presence or amount are not disclosed to the auctioneer, vendor or any other\nbidder.

\nBidding example:<\/B>
\n1. The current bid on a lot is \u00a390,000. The reserve price has been set at \u00a3100,000 (not disclosed) and the lots bidding increments are set\nat \u00a31,000.
\n2. Tom wants to bid. The minimum bid amount is \u00a391,000 but Tom decides to place a maximum bid of \u00a397,000. As this is below the reserve\nprice of \u00a3100,000 (not disclosed), the system places a bid for Tom at his maximum bid amount and he becomes the highest bidder at\n\u00a397,000.
\n3. Jane logs on to bid. The minimum bid amount is \u00a398,000 but Jane places a maximum bid of \u00a3105,000. The system automatically increases\nJane\u2019s bid to meet the reserve and she is now the highest bidder at \u00a3100,000.
\n4. Tom is notified that he has been outbid. If no further bids are placed Jane would win the lot for \u00a3100,000.
\n5. If, however, Tom then places a maximum bid of \u00a3105,000, the bidding would jump to \u00a3105,000 and the bid would be with Jane as she\nbid that amount first.
\n6. Alternatively, if Tom increased his maximum bid to \u00a3106,000, the winning bid would be with Tom.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tBIDDING EXTENSIONS\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tTHE BIDDING EXTENSION WINDOW ENSURES A FAIR CHANCE FOR EVERYONE<\/B>
\nThe online auction will normally close as per the advertised \u2018Auction End Date and Time\u2019. However, if a bid is placed within the final 60\nseconds of the auction\u2019s scheduled end time, the auction will be extended by an additional 60 seconds \u2013 known as the \u2018bidding extension\nwindow\u2019.

\nIf a bid is placed in the \u2018bidding extension window\u2019, the clock will immediately reset to 60 seconds again, and the auction will only finish\nwhen an entire 60-second bidding extension window passes without any further bid being placed, i.e. 60 seconds of \u2018bidding silence\u2019.\nPlease be aware the vendor has the right to bring forward, extend, close or otherwise alter the auction end date at their discretion without\nwarning.

\nBID \u2018SNIPING\u2019 \u2013 DOES IT WORK?<\/B>
\nUnlike eBay, bid sniping will not work on our online auction platform. There is no advantage in leaving your bid until the last few seconds;\nit will only trigger a 60-second bidding extension window which ensures every online bidder has a fair and equal opportunity to place another\nbid.
\nAdditionally, if you do leave your bid until the final few seconds you could risk your bid not being received by the platform server until after\nthe closing time, and therefore not being accepted.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tFALL OF THE GAVEL\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tLEGAL POSITION WHEN YOU\u2019VE WON THE AUCTION<\/B>
\nConditional Auction terms<\/B>
\nThis means that the fall of the electronic gavel secures the winning bidder with an exclusive \u2018right to exchange contracts\u2019 on the property within the prescribed time frame \u2013 usually 28 days from receipt of draft contract, but this will be confirmed in the terms and conditions of sale and\/or legal pack. Unlike the traditional, immediate\nexchange of contracts, this method gives the bidder additional time to carry out surveys and secure mortgage finance before exchanging\ncontracts, whilst the seller undertakes not to sell to anyone else during this period.\nPlease note some properties may be offered for sale by unconditional auction which requires and immediate exchange of contracts.\nAlways check the terms and conditions including in the property documents and listing prior to proceeding.

\n\nTraditional Unconditional Auction terms<\/B>
\nThis means that the fall of the electronic gavel constitutes an exchange of contracts between the buyer and seller. Both parties are legally bound to complete the transaction \u2013 usually within 20 working days following the close of the auction but this will be confirmed within the legal documentation.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tPOST AUCTION\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tWE\u2019LL GUIDE YOU THROUGH TO COMPLETION
\nIf you are the successful bidder, we\u2019ll be in touch following the online auction to discuss the next steps. The system will take the Buyer\u2019s\nPremium amount and Administration Fee from your registered credit or debit card. You may then also be required to pay Stamp Duty on\nthe Purchase Price and Buyer\u2019s Premium. You may also need to appoint a solicitor to act for you in relation to the purchase and if taking out\nfunding to purchase the property you may incur additional fees from your lender or broker.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Find Your Next Property at Auction<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tProperty Search<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Buyers Auction Guide\u200b Online Auctions Buying Guide It provides all the benefits synonymous with traditional auctions, including speed, transparency and reduced risk of gazumping or double-selling, but with the added advantage of being able to bid pressure-free 24 hours a day, 7 days a week, from the comfort of your own home or office via […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-39","page","type-page","status-publish","hentry"],"yoast_head":"\nBuyers Auction Guide - 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