How to bid on our online property auctions

Bidding on our online auctions couldn't be easier

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 Bamboo Auctions is fast, simple and most importantly secure.

With Bamboo Auctions, 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 28 days from the end of the specified time period to exchange. During the 28 day reservation period, the seller is not able to accept other offers during that 28 day period. Properties that are available for sale by this method are marked as a “Conditional”.

A Step by Step Guide to Bidding

1. Registration and Verification

Every bidder on Bamboo Auctions 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).

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 £5,000. This amount is split between a buyer fee and part payment of the purchase price. Check the “Buyer Information - Fees” document in the documents section of each property for details of the buyer fee and the FAQs below for more information on fees. We will only charge you if you are the successful bidder.
  3. You will then have 5 business days 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 28 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 £6,000 (incl. VAT) (using the payment details provided) as payment towards a reservation fee. Where applicable, you may be required to pay any outstanding amounts of the reservation fee immediately at the end of the auction. This will be specified in the reservation contract. 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 28 days to exchange and transfer the remainder of deposit (being 10% of the purchase price less the amount part paid towards the purchase price).

3. 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.


Frequently asked questions

Q. 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.

Q. 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!

Q. Do you use automatic proxy bidding?
To maintain transparency, the amount that you enter to bid is the bid that is accepted and shown on the site. There is no automatic proxy bidding system in place. With this in mind, we recommend that you keep an eye on the auction to make sure you don’t miss out. We have a time extension mechanism in place to give you time to put another bid in - 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.

Q. 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.

Q. 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.

Q. 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.

Q. 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!

Q. 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
We will contact you if you are the successful bidder and will charge you £5,000, of which, at least £2,600 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 5 business days to:

pay the remainder of 10% of the purchase price; and
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 within the 5 business days, you may forfeit the entire amount of the £5,000 holding deposit.

Conditional Online Auction
We will contact you if you are the successful bidder and will automatically charge you a fee of £6,000 (incl. VAT) (using the payment details provided). 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 28 days to exchange on the property.

You should contact your solicitor immediately after winning the bid (we will also contact you and your solicitor).

If you do not exchange on or before the expiry of the 28 day period, you will forfeit the entirety of the £6,000 and will still be liable for the full amount of the reservation fee. If due to the actions of the seller, exchange does not occur on or before the expiry of the 28 day period, then your £6,000 fee is fully refundable.

Q. Are there any fees to pay?
Traditional Online Auction
For properties where the opening bid is less than £40,000:
A fee of £1,200 (incl VAT) is payable immediately at the end of the auction period. This amount will be taken from the £5,000 that is paid at the end of the auction. Therefore, you will be required to pay the purchase price less £3,800 to the Seller.

For properties where the opening bid is £40,000 or above:
A fee of £2,400 (incl VAT) is payable immediately at the end of the auction period. This amount will be taken from the £5,000 that is paid at the end of the auction. Therefore, you will be required to pay the purchase price less £2,600 to the Seller.

Conditional Online Auction
A fee of £6,000 (incl VAT) is charged immediately at the end of the auction period and any outstanding amounts of the reservation fee is payable immediately after the end of auction.

Q. 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.