In order to be able to register for and bid in the online-only auction, you must first create a Paul Fosh Auctions Online Auction account at https://paulfosh.eigonlineauctions.com. Once this is done you can sign into the online-only auction with your username (email address) and password and then subsequently register for the particular lot you wish to bid on. This is done by clicking on the "authorise to bid" button on the lot page.
You may not need to but, existing clients may be required to log into their account and provide additional information to be able to bid on a specific lot.
To sign up as a user you will be asked to provide your contact information, including name, address, email address and telephone number. To bid in an auction you will be required to register for the particular property, enter your solicitor's details and subsequently upload a copy of your driving licence/ passport and supply proof of address, such as a utility bill (no more than 3 months old). Once this has been done, Paul Fosh Auctions will review your registration and you will be notified when your registration is approved.
A bidder security of £3,000 is required to bid in the auction and this is payable by credit/debit card. Bidders will be prompted to insert their card details once they have selected to register for a particular property. The pre – authorisation will be processed by Sage Pay (Sage Pay is global payment service provider http://www.sagepay.co.uk). The bidder security will be secured on a "pre- authorised" basis. Please note that you will need to register and supply a bidder security for each property you wish to bid on.
Buying property at auction is different to buying property privately and we strongly advise potential purchasers to check that they have read and understood all the various legal documents, including the contract for sale and the terms & conditions. It is important that you obtain independent legal advice before bidding. The vendor's solicitors prepare legal packs containing (where applicable) Energy performance certificate (EPC), special conditions of sale, title deeds, leases, office copy Land Registry entries, searches and replies to pre-contract enquiries. These will be available to download from https://paulfosh.eigonlineauctions.com. These documents should be passed to your legal adviser. They will help you make an informed decision about the lot. If you need further legal information please contact the vendor's solicitor whose details will be in the legal pack. Remember that you buy subject to all documentation and terms of contract whether or not you have read them.
The reserve price is the lowest price that the Vendor is prepared to accept for the property. If the bidding does not reach the reserve price, then the Vendor is not required to sell the property. The reserve price itself will not be disclosed.
Bidding is increased in set increments which will normally be from £250 on a less expensive lot up to £2,000 on a lot that is more expensive. However, the bidder has the option to customise their own bid with the + & - buttons.
You can register to bid in the online auction at any point before the lot closes providing that you can complete the full registration process (i.e. Uploading ID/ proof of address and supplying the bidder security). Once you have completed this process Paul Fosh Auctions will review your registration and you will be notified once it has been approved.
In a time-based auction, you cannot cancel a bid once it has been submitted. You may adjust a maximum bid entered (a "Max Bid") upwards, in situations when the current bidding is still below the submitted maximum bid amount.
Once the bidding on a lot closes, your screen will either state that you are the successful/ unsuccessful bidder. All successful bidders in Paul Fosh Auctions’ online-only auction will be notified by email once the lot closes.
As part of the registration process you will be required to authorise Paul Fosh Auctions to sign the contracts on your behalf. Once the contracts have been signed, they will be sent to the vendor, the purchaser and their respective solicitors.
The bidder security of £3,000 will be used as partial payment against the 10% deposit required (subject to a minimum of £3,000 whichever the greater). Successful bidders must pay the balance of the 10% deposit within 2 working days of the auction date. This can be paid by Telegraphic Transfer "TT" or by Bank Transfer (BACS).
The bidder security of £3,000 is held on your credit/debit card on a "pre authorised" basis. If you are unsuccessful, the hold will be released.
Yes, you may browse the lots offered for sale in the auction, and can bid in the online-only auction via your mobile device, but for an optimal experience, we recommend that you browse and bid from a laptop or desktop computer.
In order to bid on a lot, a registered user must submit, by credit card, a pre-authorised payment of £3,000, known as the "Bidder Security". The Bidder Security is frozen on your card and will only be taken if you are a winning bidder. The pre-authorised payment is processed by Sage Pay (Sage Pay is global payment service provider http://www.sagepay.co.uk).
You will be required to submit a Bidder Security for each lot to be bid on. If you wish to place multiple bids at any one time, you will be required to register a bidder security for each property.
If you are the winning bidder on a lot you will be required to pay a "Deposit" of 10% of the purchase price (subject to a minimum of £3,000, whichever the greater). The pre-authorised bidder security of £3,000 will act as part payment towards the 10% deposit due. Winning bidders will be required to pay the balance of the 10% deposit within 2 working days. This can be paid by Telegraphic Transfer "TT" or by bank transfer (BACS). Once you are the winning bidder for a lot, you will receive a notification which will outline the account details to transfer the funds to.
If you are an unsuccessful bidder in an online auction, the hold on your credit / debit card will be released automatically on the day of the auction. The time it takes to release on your card/ in your account will depend on your own bank and in the event that it does not release on your card you will need to contact your bank directly. Please note that this could take 5 – 10 working days. If you pay the bidder security deposit by bank transfer, you will need to send Paul Fosh Auctions your bank details for the refund. Again this could take 5 – 10 working days to re-appear in your account.