Everything you need to know about a virtual auction

It’s no surprise that we’ve seen the rise of virtual auctions over recent months. With public auctions and open homes on pause due to lockdowns and social distancing rules restricting face-to-face meetings, the real estate auction process has quickly moved online.

A Covid safe property purchase

For years people have taken virtual tours of properties before viewing them in person. At the same time, they’ve watched, or even participated in, live-streamed auctions. But today, virtual auctions have risen in popularity because they enable property sales with next to no personal contact.

Check out the virtual tour.

One of the significant differences in home buying since the pandemic is reliance on virtual tours. Before the pandemic, virtual tours were predominantly used by overseas buyers who couldn’t get to view a property or prospective buyers wanting to shortlist properties to view in person.

The rise of new technologies

As each step in a real estate transaction becomes digitised, there’s no doubt that virtual auctions will become commonplace. That’s in part because the pandemic has accelerated a shift in mindset, where we’re becoming increasingly comfortable living out new aspects of our lives online. But it’s also down to the emerging technologies that have made it all possible.

Register to bid

When you’ve viewed a property online or in-person, and you’ve decided you’d like to bid at the virtual auction, it’s time to head over to the virtual auction portal and complete the registration form. Once you’ve provided your ID – usually your driving licence showing your current address – you’re fully verified and ready to start bidding on the big day.

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Bid from the comfort of your own home

The beauty of a virtual auction is that you can bid from the comfort of your own home, which for many is far preferable, and a much calmer experience.

Is there any risk?

When you decide to buy at an auction – whether that’s a public or virtual auction – it’s essential to be aware there is no cooling-off period. Quite simply, if you win the bid, the property is yours. Therefore, you must ensure you have the funds to buy the property or approved financing in place before registering to take part.

How does the process work for the buyer?

Virtual auction online portals are easy to use and can, of course, be accessed from anywhere in the world. In addition, the process is secure, legally compliant, and your details are completely confidential.

All bids are visible to everyone involved, but the bidder’s details are not shown. As the auction edges towards its conclusion, there’s a final call countdown, so you’ll always get one last chance to bid before the auction closes.

How does the process work for the seller?

The seller is notified when their reserve price has been met. If you’re the highest bidder, but your bid does not meet the reserve, you’ll be shown the reserve price. At the same time, if you want to increase your bid, you can enter online negotiations with the seller.

If the hammer falls on your bid, the property is yours, and the sale is binding. The final stage of the transaction is for you to contact your agent to pay your deposit and exchange contracts.

And that’s it. Buying a property at a virtual auction is a new way of doing things, but it’s a simple process, and if you’ve won the bid, all that’s left to do is celebrate!

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