Purchasing a property with Online Property Auctions Scotland is a straightforward process, via our online auction platform.
The following steps will take you through the entire process - from scoping out a property....to submitting a winning bid....to completing the purchase.
If you still have questions about the auction process, or anything else regarding our properties - contact us here, or call us on 0141 266 0125 and one of our team will be happy to assist.
All of our available properties are listed on www.opascotland.com. You’ll find the latest properties in the Auction section of the site.
Prior to being listed on the site, each property is valued by our experts and given a Reserve Price. The Reserve Price is the lowest sales figure the vendor is willing to accept for a property. Please note, the Reserve Price may not be disclosed prior to an auction beginning.
Our property listings contain the photographs of the property, floor plans, full descriptions as well as all the legal information relating to the property.
Also included in our listings is a Guide Price. The Guide Price is there to give potential buyers and idea as to how much the property could be worth. The Guide Price is not necessarily the figure which a property will sell for, that is very much dependent on bidding in the auction.
If you would like to view a particular property, contact us here or call us. Viewing availability flexibility will vary from property to property.
We urge you to examine all legal documentation carefully and to take professional legal advice. As per ballroom auctions, when a property is sold on Online Property Auctions Scotland’s auction platform it is with an unconditional contract, meaning the successful bidder is legally obliged to complete the purchase. Therefore, do make sure you have done all your legal due diligence on the property before the auction, a surveyor has carried out relevant checks if required and your mortgage or finances are in place.
To be able to bid in one of our online auctions, you’ll first need to register with us. You can create an account with Online Property Auctions Scotland here, we’ll then send you an email to enable you to verify your account.
You are also required to register for every auction you wish to partake in. Click on the auction you wish to bid in, then click the link to register. At this point please read the Auction Terms and Conditions.
We take security very seriously and, just like with any property sale, we do require you to provide proof of identity. This must be in the name of the individual who will be logged on and placing the bids on the day as we undertake legal due diligence on every single bidder prior to the auction.
We will send you a link to verify all of your security details via a third party application called Credas. Note, you will be required to download the Credas app on your mobile device to be able to verify your details.
Within the initial verification email will be a unique reference number. Enter this number in the Credas app to begin the process.
After you have verified your details with Credas, we will approve your auction registration.
To provide security for both the buyer and the seller, any bidder will have a Pre-Authorisation Instruction for the buyer’s premium of the greater of either £2,950 / 3.25% plus VAT on their credit or debit card when registering to make a bid for a Lot at an Auction.
In the event of the bid being unsuccessful the Pre-Authorisation Instruction will be automatically cancelled. In the event of a successful bid, the holding charge will be automatically processed as the Buyer’s Premium.
As the Buyer’s Premium may be calculated as a percentage of the final sale price, the amount may be different to that of the Pre-Authorisation Instruction and will need to be amended post-auction.
Our auctions generally begin at 9am. Allow plenty of time to log in to your Online Property Auctions Scotland account. The auction platform can be accessed via desktop, tablet or mobile device.
Occasionally, lots will have a lower bid amount, but this will very much depend on the property’s Reserve Price.
Once bidding has opened, all approved bidders are free to place bids on their chosen properties. Please note that all bidding opens at the same time, however each lot will have their own individual closing time.
To bid on your property, you need to go to the relevant property page. This is the same page that contains the legal documents and viewing times.
Our default bid amount is £1,000. This means that £1,000 is the lowest bid you can place, and that you will only be able to bid in increments of £1,000.
Your name and details will remain anonymous to other bidders throughout the auction, and after the auction has finished.
You will receive a notification on screen and by email when you are the highest bidder and another one to say if you have been out-bid.
If you don’t want to place bids manually, you can set a Maximum Bid. This means the computer will enter the bids for you – but only to maintain your position as the leading bidder and only up to the maximum amount you have specified. Your Maximum Bid can’t be viewed publicly so only you will know how high you’re willing to go.
As mentioned previously, each lot has a separate closing time. But don’t worry, if people are still bidding on the property and the time runs out, the clock will be extended for an additional period of time. This is called the Extension Period and it will happen every time a bid is placed after the initial closing time, ensuring everyone has a fair and equal chance to place an additional counterbid if they wish to do so. The Extension Period will be usually be 60 seconds per bid.
Once the bidding has finished, we exchange contracts immediately on behalf of both the buyer and seller. If you’ve been successful – congratulations! – you will need to arrange payment of a 10% deposit within two working days. A member of our team will be in touch to discuss the outstanding amount and how to pay. These funds will be transferred to a dedicated client money account and subsequently transferred to the seller’s solicitor.
If you have been outbid there is always next time, and there may still be time to bid on our other lots within the auction.
That’s it. An online auction platform backed by market-leading property expertise, allowing you to bid from anywhere in the world, on any device – securely, efficiently & confidently.
If you have any further questions, please don’t hesitate to contact us. You can also sign up to our mailing list to ensure that you don’t miss out on any future opportunities.