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STEP BY STEP GUIDE TO ONLINE AUCTIONS

STEP 1 – REGISTER

If you have not already registered for an account, you can register in minutes at www.iamsold.ie or on any of our regional auction websites.

You will then be sent a verification link to your email address. Once verified, you can access your account at any time and view all properties and available legal packs. Here you can see current highest bid, a register of bids received and the end time for the auction.

STEP 2 – UPLOAD ID & PROOF OF ADDRESS

Once you have decided to bid on a particular property, you can then register to bid on the property.

To register, click on the “View & Accept The Terms of Auction” on the top of the page for the property. You will need to upload an ID & proof of address such as a utility bill or bank statement from the last 3 months and fill in your correct details and buying position.

STEP 3 – SOLICITOR PREFERENCES

STEP 4 – AUCTION TERMS

As part of the registration the buyer will confirm they are satisfied with the legal pack provided, the deposits & charges and the terms and conditions of the auction.

STEP 5 – COMPLETE YOUR REGISTRATION TO BID

To complete your registration to bid you will need to pay a €50 registration fee immediately by inputting your card details in the payment box.

If you selected to pay your Bidder Security Deposit of €6,500 by “pre-authorisation” a hold will be put on your nominated card which will last for 7 days. The pre-authorised “Bidder Security Deposit” will only be fully debited from your card if you are the successful bidder. If you selected to pay your Bidder Security Deposit by Merchant Services or Bank Transfer a member of the Auction Team will contact you once yourA bid registration is submitted by pressing the save and finish button.

STEP 6 – BIDDING AUTHORISATION

Once the above steps have been completed, the bidding application is complete.

The bid registration will be verified and reviewed by a staff member and you will receive an email authorising you to bid on the subject property, if all is in order.

STEP 7 – PLACING YOUR BIDS

You will clearly see the current bids on each property. To bid, you must bid at least €500 more than the current highest bid.

Bidding is open for 30 minutes at the end of the auction period which generally runs for between 30 and 45 days. However, vendors can also decide to accept bids before the end of the auction, so it is important to register your interest early. If a bid is placed within the final 2 minutes of the designated closing time, the auction end time will automatically reset back to 2 minutes remaining on the online auction.

STEP 8 – SUCCESSFUL BIDDER

Once you have secured the property of interest, contracts for the property will immediately be signed on your behalf.

If there is a balance of deposit for the 10%, this will need to be paid by debit card or bank transfer within 2 working days. The contracts will be sent to the solicitors for the vendors and the purchaser and the sale will close usually within 4 weeks.

Download our Step by Step Guide to Online Auctions

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