Buyers Guide 5 – Auction Day

What to Expect on the Day of an Online Property Auction

 

Taking part in a property auction – especially online – can feel both exciting and a little nerve-wracking, especially if it’s your first time. But with the right preparation and a clear understanding of how the day will unfold, you can approach auction day with confidence.

 

Here’s a step-by-step guide on what to expect during an online property auction.

 

  1. Log In Early
  • On auction day, make sure you’re logged into your account well before the auction begins. This gives you time to check your internet connection, confirm your registration details, and ensure everything is ready to go.
  • You’ll need to be registered in advance, including passing anti-money laundering checks and completing your payment hold. If you haven’t done this already, you won’t be able to bid.

 

  1. Browse the Live Catalogue
  • Once logged in, you’ll have access to the live auction catalogue. Here you’ll see all the lots available, their start/end times (if staggered), reserve prices (if disclosed), and live bidding updates.
  • YooWin has a clear countdown timer and bidding panel, so you can easily follow the action.

 

  1. Place Your Bids

 

Bidding online is straightforward – just like buying on eBay but with much higher stakes!

 

Each property has a bidding window, usually starting at a guide price.

 

You’ll be able to:

  • Place bids
  • See competing bids in real time
  • Make sure you stay alert. Some lots can become competitive very quickly, and bidding can extend if a bid is placed in the final few seconds (to prevent last-minute “sniping”).

 

  1. Keep an Eye on Timing
  • Auctions can last for several hours, but you don’t have to stay glued to the screen the whole time. If you’re bidding on a specific lot, make note of its scheduled time and set reminders so you don’t miss it.

 

  1. Winning the Bid

 

If you’re the highest bidder when the timer ends – and the reserve price has been met – you’ve bought the property.

 

At this point:

  • Contracts are legally exchanged
  • A portion of your 10% deposit is taken immediately
  • The remaining portion of the 10% deposit will be due by 12pm noon the next day.
  • The balance will be due on completion, typically within 28 days (unless otherwise stated in the legal pack)

 

  1. If You Don’t Win

 

If your bid isn’t successful, your hold/deposit won’t be charged. You’re free to bid on other lots if you’re still interested – and your registration and funds remain valid for the duration of the auction.

 

  1. After the Auction Ends

 

If you’ve won, the auction team will be in touch to confirm next steps.

 

You’ll need to:

  • Pass all documents to your solicitor promptly
  • Ensure your remaining funds (or mortgage finance) are ready
  • Complete the purchase within the stated timeframe
  • If you didn’t win, it’s still worth checking unsold lots. Some properties may be available for post-auction offers – and your interest could lead to a deal.

 

Final Tips for Auction Day Success

 

  • Be prepared. Do your research, legal checks, and viewings well in advance.
  • Stay calm. Bidding can be fast-paced but stay within your limit.
  • Have your finances ready. There’s no backing out once the gavel (or digital timer) drops.

 

Good luck, and happy bidding! If you need support on the day or have questions about the platform, the YooWin team is just a phone call away.