| Online Property Auctions FAQs - Bidding
What paperwork do I need?
Before making a bid, make sure you have your finances in order. If you're getting a mortgage, ensure you have approval before bidding. When making your loan application you will need documents to prove you will be able to make the repayments on your mortgage. Once you have all your paperwork in order you can make a proper application for a Loan Approval Certificate. This may include payslips, company accounts and copies of your most recent bank statements. Your bank official will advise you on this. To facilitate the activation of your bidding account, you will need to provide this information, along with a refundable deposit, to the selling agent.
Why bid online?
When you buy a property online, the bidding process is completely transparent. You can see exactly what the other parties have bid, get access to contracts at the very start and clarify any issues you may have before the offer is accepted.
Do I need loan approval?
All winning bids on beagelsold are binding, subject to terms & conditions If you are getting a mortgage and you are interested in a property on beagelsold, the selling agent may require a copy of your loan approval before you are authorised to bid. This certificate (also known as approval in principal) means you know exactly how much you can borrow before you go looking for your new home. It also means that you can put a Binding Bid on the house you want. There is no "subject to finance" bidding on beagelsold so to avoid serious legal repercussions, do not bid beyond the limits of the finance available to you.
What extra costs can arise?
Buying a home can cost more than just the price of the property. All those extras can build up very quickly, so remember to leave money over after the purchase to pay for these inevitable expenses. Including, solicitors, engineers, mortgage application fees.
Why do I need a solicitor?
You will need a solicitor to carry out all conveyancing for your new house purchase. You can use a family solicitor or a solicitor that is recommended to you. Contracts and title documents will normally be available for inspection when a property is listed. Ensure your solicitor examines these so any issues can be addressed before the bidding closes. All queries must be dealt with BEFORE you bid.
When do I pay a deposit?
You pay a refundable deposit to the agent in the beginning. This allows you to bid and gains you access to the legal information. If your bid is successful this goes towards the purchase price. Once the bidding closes and your offer is accepted, you will have 24 hours to lodge the balance of 10% of the purchase price (normally a minimum €5,000) to the selling agents client accounts If the deposit is not paid, the property may be relisted for sale. If your bid is not successful, your initial deposit will be refunded to you. Deposits are secured by the selling agents professional indemnity insurance & PSRA fund.
How do I sign contracts?
If your bid is successful, your purchase is subject to the Terms & Conditions of Sale which you will have confirmed to have inspected and to be fully aware of. These terms and conditions state that you authorise the Auctioneer or any person authorised by the Auctioneer, at their discretion to sign the Contract for Sale on your behalf. There is then a period for closing documents to be signed & balance of funds to be paid to the vendors solicitors.
Ok, how do I bid?
If you wish to place a bid, the first thing you need to do is register. Just fill out the online form. The agent will then contact you to activate the account. This process may take 24-48 hours so we strongly recommend you register well in advance of the bidding. Once you're registered, you can simply log into your account & place a bid.
What about higher offers?
You can find out if you've been outbid in a number of ways: 1. The latest bids are displayed on the bid history of the property. 2. Your personal dashboard will show your bid status. 4. You will receive an email if you're outbid. This way, even if you're not logged in, you know your bid status.
What about name privacy?
For the sake of confidentiality we strongly recommend you do NOT use your given name as your username. This user name may be displayed to parties looking at the property & if you wish to retain a level of anonymity, we recommend you use a screen name. Your real name will still be recorded securely on your account so there will be no confusion.
What is the PSRA?
Property Services Regulatory Authority (PSRA) provide licences for property services - to auctioneers, estate agents, letting agents and management agents. Only those agents who are licensed by the PSRA can provide property services to another person. Every person who provides property services in the State, in respect of property located within or outside the State, needs to be licensed (subject to some limited exemptions). This includes Companies, Partnerships, and Sole Traders, together with their Principal Officers and Employees who provide property services, as well as Independent Contractors. It is necessary therefore for each Company and Partnership to hold a licence and for each Principal Officer and Employee of the Company or Partnership, who is engaged in the provision of property services, to hold licences. Similarly it will be necessary for a Sole Trader to hold a licence and for each of his/her Employees, who are engaged in the provision of property services, to hold licences. The PSRA licensing system has a number of consumer protections, including - * Licensees are required to have professional indemnity insurance * Annual reporting to the PSRA by an independent accountant on the safekeeping of client money * Compensation Fund to make good on financial losses caused by the dishonesty of a licensee * Access to the Authority's complaints/investigation system into allegations of improper conduct by a licensee For more information, please see Content courtesy of the Property Services Regulatory Authority.
When will the bidding end?
The bidding ends when no bids are recorded within the last 120 seconds (2 minutes) of the bidding cycle. If someone bids within the last 120 seconds (2 minutes), 300 seconds (5 minutes) are added on to allow for underbidders. This pattern will continue until bidding ceases.
How do I know I've won?
When you win, you will receive a confirmation email, subject to terms & conditions with
Selling agent details
confirmation of hammer price
link to your dashboard.
The dashboard will have the Selling Agents Clients Account details to lodge the deposit to.
What can my solicitor do on
Your solicitor plays an essential part of the buying process. We unreservedly recommend you contact them as soon as you identify a property. Once they are registered, they will be able to download legal packs, the same as you can. They will also be able to raise queries with the vendors solicitors via our site and also see what queries other solicitors have raised. This will assist them in best advising you on how to proceed.


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