Welcome to HomeMod Property Auctions
A fast, certain & transparent approach to buying property at auction.
A fast, certain & transparent approach to buying property at auction.
Our mission is simple, to assist you to buy your property by auction as quickly & efficiently as possible, for the best price with the least amount of stress.
The most common way to buy a home in the United Kingdom is through a private treaty sale. However, for vendors who want to complete their property purchase fast & securely, it may be an inefficient option.
Your online property auction plarform, HomeMod Auctions, provides an alternative to purchasers, giving you the opportunity to buy your property in a transparent, secure & fast manner.
Buying property at auction isn’t only for the experienced investor looking for their next renovation project, & despite what you may have been led to believe, you don’t have to be a cash buyer & you can obtain mortgages on many of the properties!
We can assist you whether you’re searching for a renovation project or a property that you can move into right away. We offer properties in all areas of the United Kingdom.
We have a large selection of properties for sale, and we’re seeing an increasing number of sellers.
An increasing number of private purchasers are finding their next home at auction. So, if you’re searching for a property, there are several fantastic advantages to purchasing at auction.
You’ll have nothing to worry about. Nobody will gazump you, and there are no lengthy property chains to cause delays.
It’s crucial to understand that purchasing in an auction is a serious commitment. You are legally obligated to complete the purchase if you’re the winning bidder. However, if you’re serious about purchasing a home, this is an excellent approach to acquire one fast and painlessly.
We realise that you may not be used to purchasing at an auction, so we’ll guide you through the process.
Bidding on our Online Auctions couldn’t be easier…
Always check the listing and the legal pack before bidding as terms and conditions can vary.
Whether you are buying an investment property or your dream home, we believe that the process should be exciting and stress free. That’s why Homemod is fast, simple and most importantly secure.
With Homemod, you have two different methods of sale:
1. A traditional online auction, where exchange occurs online, immediately at the end of the specified time period. If you are the successful bidder, you will be legally obliged to complete the sale of the property. The auction operates in much the same way as if you were selling in a live auction room, but it’s online. Properties that are available for sale by this method are marked as a “Traditional”.
2. A conditional online auction, which, if you are the successful bidder, provides you with 20 working days from the end of the specified time period to exchange. During the 20 working day reservation period, the seller is not able to accept other offers during that 20 working day period. Properties that are available for sale by this method are marked as a “Conditional”.
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A Step by Step Guide to Bidding:
1 – Registration and Verification
Every bidder on Homemod must first create an account. This is very simple, and we only ask for your email address to do so. To register, simply click the link in the top right hand corner of the page and complete the online form. Once you have registered, you will be able to search, download legal documents, arrange site viewings, and contact the Auctioneers and the solicitors if you have queries on the property.
We are committed to carrying out identity and anti-money laundering checks and so in order to bid, you will need to be authorised. Don’t worry, the process is quick and easy, you’ll need to complete a short form, as well as provide either a passport MRZ number or driving licence number. Verification is carried out online and results are immediate. This check will leave a soft footprint on your credit report (but it should not affect your credit rating).
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2 – Place your Bid
Once you are fully authorised you will be free to place a bid.
To place a bid, you will have to follow a few steps, which we have designed to be as user friendly as possible:
Traditional Online Auction Properties.
Exchange occurs online, immediately at the end of the specified time period – you’ll be legally bound to complete the purchase of the property.
1. Insert details of your solicitor/conveyancer – we need this information so that we can ensure a smooth exchange/completion process if you win the bid. We will only contact your solicitor/conveyancer if you are the successful bidder.
2. Insert payment details – If you are the successful bidder, we will charge you a buyer fee and a deposit contribution which is held in a secure client account as agent for the seller as a holding deposit (see below for further details on Fees). You should check the “Buyer Information – Fees” document contained as part of the legal documents for each property. We will only charge you if you are the successful bidder.
3. You will then have by 12 pm the next business day to transfer the remainder of deposit (being 10% of the purchase price less the amount part paid towards the purchase price – you will be contacted by the auctioneer as to how to do this) and submit all signed documents.
Conditional Online Auction
At the end of the specified time period – you’ll enter into a reservation agreement with the seller and have 20 working days within which to exchange. If you fail to do so, you may lose your reservation fee.
1. Insert payment details –If you are the successful bidder, we will automatically charge you the minimum amount (using the payment details provided). Please check the “FEES” section for this figure. The listing agent will collect the remainder of the fee straight away. We will only charge you if you are the successful bidder.
2. By placing the bid, you are authorising the auctioneer to sign the reservation agreement on your behalf.
3. You then have 20 working days to exchange and transfer the remainder of deposit (being 10% of the purchase price less the amount part paid towards the purchase price).
Confirm terms and submit your bid!
We encourage responsible bidding. Remember that if you are the successful bidder, you will be legally obliged to pay the full amount of the purchase price.
With that in mind, we strongly recommend that you have funds in place before placing your bid and only bid up to your limit.
How long does each auction last?
The seller has the freedom to choose how long their auction period lasts. A countdown timer is attached to each property, so bidders can see how long is left of the auction. Whenever a bid is placed in the final 5 minutes, the auction timer will reset to 5 minutes. This is to allow other parties a fair chance to place another bid. The auction will end when the countdown hits zero.
I’ve placed my bid. Can I bid again if my bid is exceeded?
Of course! You are free to bid as many times as you feel comfortable. You will have to go through the bidding steps, so make sure you place that bid in time!
What do you mean by maximum bid?
We’ve introduced automatic maximum bids to give you a smoother auction experience. When you enter the maximum amount, you’re willing to bid on a property, we will place bids incrementally so that you’re always the highest bidder – up until your maximum limit.
By placing your maximum bid, you have the comfort of knowing that your bids are set up. No need to worry about your Internet disconnection or getting stuck in a meeting in the last minutes of an auction!
What happens if someone else places the same maximum bid as me?
In the case where two or more people have placed their maximum bids for the same amount, the earliest bidder will be listed as the highest bidder.
Why have I been outbid immediately?
If your maximum bid is immediately outbid, it means that another bidder has a higher maximum bid set up. Please increase your maximum bid if you wish to win the auction.
Are there minimum bidding increments?
Yes. When a bid is placed, we will automatically snap the next bid to the minimum increment: Please note that the auctioneer may vary the minimum increment depending on the property, so not every property will have the same minimum increment.
Remember, whenever a bid is placed in the final 5 minutes, the auction timer will reset to 5 minutes. This is to allow other parties a fair chance to place another bid.
Can I download and print legal documents?
Yes, you are free to download and print the legal documents. We recommend you use a solicitor or conveyancer to review the legal documents, but that is entirely your decision.
How do I know the seller owns the property?
The legal pack should include an official copy from the Land Registry. This document will specify who owns the property and whether there are any charges or mortgages that need to be cleared. Your solicitor can assist you with this information.
I’d like to arrange a viewing – how do I do this?
Arranging a viewing couldn’t be easier. Block viewing times will have been arranged and can be seen from the drop down box on the individual property page. Just pick the date most convenient for you, click submit and turn up at the property at your chosen time. To see if it is possible to arrange a viewing outside of these times, please contact us. Unless we specify, please don’t just turn up at the property – you might not get a chance to view it and could be left disappointed!
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I’ve won the auction. What’s next?
Firstly, congratulations! Secondly the process is slightly different depending on whether you are successful in a traditional online auction or conditional online auction:
Traditional Online Auction
If you are the successful bidder, we will charge you a buyer fee and a deposit contribution which is held in a secure client account as agent for the seller as a holding deposit (see below for further details on Fees). You should check the “Buyer Information – Fees” document contained as part of the legal documents for each property. You then have by 12pm the next business day to:
1. pay the remainder of 10% of the purchase price; and
2. submit all signed sale documentation.
You should contact your solicitor immediately after winning the bid (we will also contact you and your solicitor).
If you do not carry out these steps by 12 pm the next business day, you may forfeit the entire amount paid.
Conditional Online Auction
If you are the successful bidder, we will automatically charge you the minimum amount (using the payment details provided). Please check the “FEES” section for this figure. The listing agent will collect the remainder of the fee straight away.
Where applicable, you may be required to pay any outstanding amounts of the reservation fee immediately at the end of the auction, if your bid is successful. You should check the Reservation Contract document contained as part of the legal documents for each property. A reservation agreement is produced at the end of the auction and the auctioneer is authorised to sign this on behalf of both the successful buyer and the seller to evidence that an exclusivity agreement is in place between both parties. You then have 20 working days to exchange on the property.
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Are there any fees to pay?
Fees are specified on the individual property listing and are charged immediately at the end of the auction period. Click the “Fees Apply” link which appears underneath the timer. You can also see all fee information in the pop up that appears after you click “Bid”. If you are unsure of any fees, please contact us before bidding.
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Are there any other fees to pay?
You may be required to pay for the costs of the seller’s legal pack. This is because the seller is required to arrange for a legal pack to be prepared up front, which contains a number of searches and information that is usually carried out by a buyer in a conventional property purchase. Asking for the buyer to reimburse the seller’s legal fees is commonplace in auction sales.
We strongly advise you check the legal pack and terms of the sale before you place a bid.
Also be aware that for some properties, you may be required to pay VAT on top of the purchase price. This will generally be for commercial properties and the legal pack and/or the sale memorandum will make reference to this.
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Find your perfect property on HomeMod Auctions one of the most comprehensive home networks.
If you’d like to learn more, or talk with someone on our team, simply fill out the form to schedule a call.
