Venmore Auction December Catalogue 25 (1) - Flipbook - Page 26
3. Jane logs on to bid. The minimum bid amount is £98,000 but Jane places a maximum bid of
£105,000.
The system automatically increases Jane9s bid to meet the reserve and she is now the highest
bidder at £100,000.
4.Tom is notified that he has been outbid. If no further bids are placed Jane would win the lot for
£100,000.
5.If, however, Tom then places a maximum bid of £105,000, the bidding would jump to £105,000
and the bid would be with Jane as she bid that amount first.
BIDDING
EXTENSIONS
FALL OF
THE GAVEL
THE BIDDING EXTENSION WINDOW ELIMINATES 8BID SNIPING9
Unlike eBay, bid sniping is impossible on our online auction platform. All auctions will close as per
their advertised 8Auction End Date9, however if a bid is placed within the final 30 seconds of the
auction9s scheduled end time the auction will be extended by an additional 30 seconds – known
as the 8bidding extension window9.
If a bid is placed in the bidding extension window, the countdown clock will immediately reset to
30 seconds again, and the auction will only finish when an entire 30 second bidding extension
window passes without any further bids being placed, i.e. 30 seconds of 'bidding silence'.
This ensures every bidder has a fair and equal opportunity to place another bid. Additionally, if
you do leave your bid until the final few seconds you could risk your bid not being received by
the platform server until after the closing time, and therefore not being accepted.
LEGAL POSITION WHEN YOU9VE WON THE AUCTION
We offer property for sale by immediate, unconditional contract. This means that the fall of the
electronic gavel constitutes an exchange of contracts between the buyer and seller. Both parties
are legally bound to complete the transaction – usually within 20 working days following the close
of the auction but this will be confirmed within the legal documentation.
Please note at this point the system will take the Holding Fee from your registered credit or debit
card (all under bidders will have their hold on funds released). If at this point you do not complete
the transaction within the allotted timescales, the £7,000 Holding Fee will be non-refundable.
AUCTION
FEES
WE9LL GUIDE YOU THROUGH TO COMPLETION
If you are the successful purchaser, we9ll be in touch following the online auction to discuss the
next steps. The system will have already taken the Holding Fee from your registered credit or debit
card (all under bidders will have their hold on funds released); the contract will then be signed on
your behalf with copies being sent to both your solicitor and the seller9s solicitor.
* The 10% deposit (less the £7,000 Holding Fee) and Bidder9s Premium must be paid
electronically, or otherwise, within 24 hours.
FOR MORE INFORMATION CONTACT VENMORE AUCTIONS ON 0151 236 6746
PAYMENTS
EXPLAINED
HOW THE PAYMENT REGISTRATION WORKS
In order to bid online you are required to submit details of a credit or debit card. When you register
your card, we will be placing a hold on funds on your credit card (or bank account if you use a
debit card), to the value of the Holding Fee. This means that the amount we9re holding will affect
the available amount you have to spend on your card, as the amount will be ring-fenced and you
will not be able to spend it until the hold has been released.
If you are the winning bidder then the amount will be taken in full from your registered credit card
or bank account immediately following the close of the auction. If you are not a winning bidder
then the hold on funds will be released from your card, but be aware that it can take anything from
a few hours up to several days for the hold to be released (dependent on the card issuer). If in
doubt, contact your card issuer. Please be aware that you will not have access to the funds until the
hold has been released.
