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Bidders search for a property using the property search facility |
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Each property has a wealth of information that has been provided by the Lot37 agent, local map, pictures and 3d interactive floor plan. This therefore gives the bidder plenty of information about the property in order to help them decide whether they want to make a bid. |
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If the bidder wants to view the property, either before or after placing a bid, they can click on the "Request Viewing" button. Once pressed this will generate an email to the relevant Estate agent. |
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Home Information Packs ("HIPs") are now compulsory for all houses for sale. If the bidder wants to view the contents of the HIP, they can view this by clicking the "HIP" button |
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If the bidder likes the property, they have two choices: |
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a) click on the "Buy Now" button. This means that you are agreeing to purchase the house for a set price. Once you click on this a message will be sent to the selling Estate Agent who will call you promptly to discuss the terms of ‘Buy Now' for the particular property that you are interested in.
(b) click on the "Bid Now" button. The bidder will now have to place a bid. When doing this, the bidder must place a bid that is greater than both the "starting bid" and the "latest bid". |
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Properties generally remain on the auction site for 30 days. During this time, bidders receive an e-mail and/or text message alert if they are "out bid". At the end of the auction process, the highest bidder effectively wins the right to buy the property. However, some properties may be subject to shorter or longer auction periods at the determination of the Estate Agent. |
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At the close of the auction, we send an e-mail confirmation to the highest bidder. The successful bidder then has 30 days to exchange contracts on the purchase. |
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The bidder's solicitor will complete the purchase in accordance with the buyer's solicitors guidance notes. |
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The successful bidder must make sure that they have sufficient finances in place and ensure that they can exchange contracts within the 30 day period. |
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