Buying Property at Auction – Everything You Need to Know

What Is an Online Property Auction?

An online property auction is a fast, transparent, and secure way to buy real estate. It works similarly to an eBay-style bidding system, where buyers compete to place the highest bid before the auction timer runs out.

At YooWin our online auction platform allows you to:

• Browse properties and view legal documents from anywhere, 24/7.
• Register and bid securely from the comfort of your home.
• Purchase properties with speed, certainty, and no lengthy negotiations.

Once the auction timer hits zero and the reserve price has been met, the highest bidder is legally committed to the purchase—ensuring a secure transaction with no risk of gazumping or sellers changing their minds.
obligation to the court, His Majesty’s Revenue and Customs (“HMRC”)  or any person investigating a crime..

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How to Register & Bid at an Online Auction

1. Register to Bid

Before placing a bid, you’ll need to:

• Create an account on our auction platform.
• Complete Anti-Money Laundering (AML) verification.
• Provide a valid payment card (for the bidder security deposit).
• Submit your solicitor’s details.

⚠️ Warning: we strongly recommend registering to ensure you can bid on your chosen property.

2. View the Properties & Legal Packs

You can arrange property viewings or check for available virtual tours on the lot page.
Download and review the legal pack, which includes details such as the title deeds, searches, and any tenancy agreements.
We highly recommend having your solicitor review the legal documents before bidding.

3. Place Your Bids

Bidding is straightforward:
When the auction opens, click the bid button to place a bid at the displayed amount.
If another buyer outbids you, you can place a higher bid to stay in the competition.
You can also set a maximum bid (proxy bidding), and the system will bid automatically on your behalf up to your limit.

⚠️ Important: If a bid is placed in the final five minutes, the auction timer will automatically extend to allow other bidders a fair chance. The auction will only finish when an entire five-minute bidding extension window passes without any further bids being placed, i.e. five minutes of ‘bidding silence’.

NB : Do not leave placing your bid to the last few seconds. It gives you no advantage, you risk your bid not being received by the server in time and you could lose the lot to another bidder.

4. Winning the Auction – What Happens Next?

If you are the highest bidder and the reserve price has been met:

When the auction ends and you are the higher bidder, contracts are automatically exchanged and the property is legally yours.
A nonrefundable deposit will be taken from your pre-authorised payment method.
Completion will take place on a pre-agreed date (usually within 20-28 days).

If you are outbid:

Your bidder security deposit will be refunded (usually within 3-5 working days).
You can continue browsing and bid on future auctions. Since you are already registered, you can get straight back to bidding!

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Understanding Key Auction Terms

Guide Price vs. Reserve Price – What’s the Difference?

Guide Price – A marketing figure indicating the expected selling price range. This is not the final sale price.

Reserve Price – The minimum price the seller will accept. If bidding does not reach this amount, the property will not sell.

Bidder Security Deposit – What You Need to Know
To ensure all bidders are serious, a bidder security payment authorisation is required before the auction, and an amount will be held on your debit card via our secure online payment method.

If you are the winning bidder, this amount will be taken from your payment details on file and will be deducted from your final purchase balance.

If you are unsuccessful, the hold on your card will be released within 72 hours. If for any reason you cannot access your funds after this time, please contact your bank directly.

Typical bidder security amounts:

• <£500,000 – £5,000 deposit
• £500,000 – £1,000,000 £15,000 deposit
• £1,000,000 – £1,500,000+ £25,000 deposit

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