Frequently Asked Questions How the Property Online Auction System Works?

Frequently Asked Questions How the Property Online Auction System Works? If you fail to find answers to a specific question please call our administr...
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Frequently Asked Questions How the Property Online Auction System Works?

If you fail to find answers to a specific question please call our administration office on Tel: 0330 80 80 113

Gavel Auctioneers Limited | Registered Office | C/O Ashferns | SBC House, Restmor Way | Wallington, | Surrey | SM6 7AH Direct | +44 (0) 330 80 80 113 Website | www.gavelauctioneers.com | Registered in England & Wales No.08038492

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Registration Sales Types & Terms Costs & Fees Finding Items Buying & Bidding in an Online Auction

Registration How do I register with gavelauctioneers.com as a buyer? Simply complete the registration form and accept our Terms and Conditions, registering on the site is free. Who is allowed to buy Real Estate Lots? Anyone over the age of 18 who has registered and provided all the necessary information required by Gavel Auctioneers Ltd. Should you fail to provide suitable documentation when requested your account may be cancelled or suspended, you will then be unable to bid and participate. Document required for registration The following documents need to be lodged with us in a timely manner (usually 24hours prior to lots closing) in order for your account to be released and made active. Please ensure that you maintain contact with the Auctioneers during your registration process, before, during and after the auction process. This will ensure a smooth enjoyable bidding and buying experience.

Sales Types & Terms Opening Prices? This is the minimum bid set by the auctioneer and required at the start of an auction; the system will reject any offer below this value. What are Reserve Prices? The auctioneer retains the right to specify a "reserve price" for a lot for and on behalf of the owner / vendor. The "Reserve Price" is the minimum at which a vendor / owner is willing to sell an item. If an offer is made at or above this price, the vendor / owner is obliged to sell. The Reserve Price is not disclosed to buyers, but buyers will be notified if and when the Reserve Price has been met. The vendor / owner are only obliged to sell if the Reserve Price is met. It may occur following the close of an auction that a seller will occasionally want to sell a lot at a price below the reserve price. In such cases, we will contact you to establish if you wish to proceed with the purchase at your bid price or higher.. ('Reserve Not Met'/'Reserve Met') — The seller is obliged to sell to the highest bid if this corresponds to the reserve price or is higher. The auction commences at the opening price, 'Reserve Not Met', and bids can be made until the end of the auction. When a bid exceeds the hidden reserve price, the Lot is clearly marked with 'Reserve Met', the obligations change and bidding can & will continue. Maximum Bid Feature A buyer may firstly enter a bid and then enter his maximum, the maximum bid is never disclosed to other buyers, in this scenario the Gavel Auctioneers software will then bid on the buyers behalf if other bids are received on the same lot. The bids will only be increased by the minimum increments set in the system and Gavel Auctioneers Limited | Registered Office | C/O Ashferns | SBC House, Restmor Way | Wallington, | Surrey | SM6 7AH Direct | +44 (0) 330 80 80 113 Website | www.gavelauctioneers.com | Registered in England & Wales No.08038492

only whilst other bids are being received. The system will NOT automatically default to the buyers highest bid. This system is particularly useful if the buyer is bidding on numerous lots and cannot constantly monitor bids while the auction is closing and also avoids the temptation to over pay for lots. What types of sales formats are available, and how do they differ? Gavel Auctioneers provides two different online sales formats.  Online Auctions  Tender Sales Online Auctions Online Auctions take place entirely online and are advertised in advance, interested buyers are invited to inspect the lots before the auction closes via a series of group public viewings, these dates are advertised in the sale catalogue and lot description. As a potential buyer you will need to register in order to bid and can participate from your own computer without further need to visit the auction venue. Tender Sales In this case, the prospective purchaser will again be given the opportunity to view the lots and submit a bid. The sale will be subject to a final closing date and time when all bids will have to be submitted, the vendor / owner is not obliged to accept the highest offer. Bids will not be made public and / or displayed, to that end; each buyer should place their ‘Best & Final Bid’.

Costs and Fees Who pays for value added tax (VAT), customs and excise duty and other related taxes? All VAT, customs and excise duty and other related taxes specific to the purchase of a lot or lots are the sole responsibility of the buyer unless otherwise stated. Full details of all taxes due will be detailed within the lot description. What is Buyer’s Premium? Buyer’s premium is a percentage of the final selling price of each lot purchased or a fixed minimum amount and will be invoiced to the purchaser at the close of sale for each lot. This fee is subject to VAT and is not refundable even if the purchase of the lot / property fails.

Finding Items How do I find what I want to buy? Use our search facility to find your desired property.

Buying and Bidding in an Online Auction The 10 Minute Rule? Our Online Auction Site runs a 10 Minute Rule policy to prevent sniper bidding at the end of auctions. This means that if a bid is received by the system within the last 10 minutes of a lot closing, that specific lot time countdown clock will then add 10 minutes to the remaining time on the clock the process will continue until no further bids are received within the last 10 minute window of a lot closing.

Gavel Auctioneers Limited | Registered Office | C/O Ashferns | SBC House, Restmor Way | Wallington, | Surrey | SM6 7AH Direct | +44 (0) 330 80 80 113 Website | www.gavelauctioneers.com | Registered in England & Wales No.08038492

How do I place a bid in an Online Auction? How Maximum bids work? To bid in an Online Auction the buyer has to be registered with Gavel Auctioneers and have bidder status. On registering you receive a password, which with your email address you can use to login by clicking on the Login Button on the website homepage. When you view the lot that may be of interest, click the "Bid Now" button the system will ask you to “Enter Your Bid” place the minimum bid suggested the system you will then be taken through a few screens to ensure that you wish to confirm and place your bid. Once placed you can also make a bid higher than the minimum, ‘Your Maximum Bid’ the system then increases your bid automatically every time you are outbid, thus allowing you to participate actively in the auction without having to follow each lot constantly. You will receive an email to confirm your latest bid. You will be able to monitor all of your bids from one screen if you click on the ‘Watch List Button’ at the top of the home page. Can I retract or change a bid in an Online Auction? Once bids are submitted you cannot remove or modify them although you can make additional bids in excess of bids already placed. You can however, change your maximum should it not have already been reached. If you make a mistake in your bidding, please contact us immediately on 0330 80 80 113 (this line is monitored 24/7), we may be able to assist before a lot closes. Am I committed in any way when I make a bid below the reserve price? No. As long as your bid lies below the reserve price, you are not committed to buying a lot. It may occur following the close of an auction that a seller will occasionally want to sell a lot at a price below the reserve price. In such cases, we will contact you to establish if you wish to proceed with the purchase at your bid price. Will I be notified if I am outbid? Your "Watch List" shows you the current status of all your bids; in addition you will also be sent an email confirming your bid or if and when you have been outbid. What is an opening price, and how does it affect my bidding? This is the minimum bid set by the auctioneer and required at the start of an auction; the system will reject any offer below this value. What is a reserve price, and how does it affect my bidding? The auctioneer retains the right to specify a "reserve price" for a lot for and on behalf of the owner / vendor. The "Reserve Price" is the minimum at which a vendor / owner is willing to sell an item. If an offer is made at or above this price, the vendor / owner is obliged to sell. The Reserve Price is not disclosed to buyers, but buyers will be notified if and when the Reserve Price has been met. The vendor / owner are only obliged to sell if the Reserve Price is met. It may occur following the close of an auction that a seller will occasionally want to sell a lot at a price below the reserve price. In such cases, we will contact you to establish if you wish to proceed with the purchase at your bid price. ('Reserve Not Met' / 'Reserve Met') — The seller is obliged to sell to the highest bid if this corresponds to the reserve price or is higher. The auction commences at the opening price, 'Reserve Not Met', and bids can be made until the end of the auction. When a bid exceeds the hidden reserve price, the product is clearly marked with 'Reserve Met', the obligations change and bidding can continue. What is a minimum bid increment and how does it affect my bidding? Is the minimum amount that has to be added to the current highest bid in order to place a new bid, the general rule is this increase is larger for high value lots. What is a maximum bid and how does it affect my bidding? A buyer may firstly enter a bid and then enter his maximum and which is never disclosed to other buyers, in this scenario the gavelauctionsonline.com system will then bid on the buyer’s behalf if other bids are received on the same lot. The bids will only be increased by the minimum increments set in the system and only whilst other bids are being received. The system will NOT automatically default to the buyers highest bid. This system is particularly useful if the buyer is bidding on numerous lots and cannot constantly monitor bids while the auction is closing and also avoids the temptation to over pay for lots. Gavel Auctioneers Limited | Registered Office | C/O Ashferns | SBC House, Restmor Way | Wallington, | Surrey | SM6 7AH Direct | +44 (0) 330 80 80 113 Website | www.gavelauctioneers.com | Registered in England & Wales No.08038492

Why did my bid price increase by more than the minimum bid increment? This happens in the case where the system receives simultaneous bids and bids below the reserve price. If two bids occur in close succession, the bid price is driven up by both bids and may appear to occur simultaneously, especially when other buyers have placed ‘maximum’ bids. How can I track all my bids? A registered user with bidder status can access the bidding activity within the ‘Watch List’ area of the home page and is able to review all current bidding activity.

More Information How can I contact you if my query isn’t answered here? If you have any queries which are not answered in this section, please call 0330 80 80 113, Monday to Friday between the hours of 08.30hrs and 18.00hrs, should you have a query out of office hours, please email [email protected]

Gavel Auctioneers Ltd, Administration Office is located at:Suite 68, Connies House, Rhymney River Bridge Rd, Cardiff, CF23 9AF

Gavel Auctioneers Limited | Registered Office | C/O Ashferns | SBC House, Restmor Way | Wallington, | Surrey | SM6 7AH Direct | +44 (0) 330 80 80 113 Website | www.gavelauctioneers.com | Registered in England & Wales No.08038492

Gavel Auctioneers “Global Knowledge – Regional Strength” Should you require additional help or clarification please call: Tel: +44 (0) 330 80 80 113 Or Email: [email protected]

If you have Surplus Assets, Real Estate or Equipment you would like to Sell, Or Turn Idle Assets to Cash Call Thomas Cole Now on +44 (0) 330 80 80 113 To Discusss how we may help, without Obligation

Gavel Auctioneers Limited | Registered Office | C/O Ashferns | SBC House, Restmor Way | Wallington, | Surrey | SM6 7AH Direct | +44 (0) 330 80 80 113 Website | www.gavelauctioneers.com | Registered in England & Wales No.08038492