How to Buy a House at an Online Property Auction – Step-by-Step Guide

Buying a House at online property Auction Made Simple

Purchasing a property through an online property auction can be a fast and efficient way to secure your dream home or investment. DNG’s Online Property Auctions provide a transparent and user-friendly bidding process, allowing buyers to participate from anywhere. Follow this step-by-step guide to successfully buy a house through DNG’s auction platform.

Step 1: Register for the Auction

To participate, you must first create an account on the DNG Online Auction Platform. Here’s how:

• Verify your email by clicking on the activation link sent to your inbox.
• Set up your account to track properties of interest and access legal documents.
• Complete bidder registration by verifying your mobile number and uploading proof of identity (passport or driver’s licence) and address (dated within the last three months)

Step 2: Accepting Terms & Conditions

Before placing a bid, you must:

Receive a confirmation email with a copy of these documents for reference.

Read and accept DNG’s Online Auction Terms & Conditions.

Review any additional property-specific documents.

Step 3: Secure Your Bidder Deposit

To place a bid, you need to register a credit or debit card for the bidder security deposit:

If you win, your card will be debited; otherwise, the hold on funds will be released.

DNG uses Stripe for secure online payments.

A ‘hold on funds’ (payment shadow) is placed, but no money is taken at this stage.

Step 4: Auctioneer Review & Approval

Once you complete registration, DNG will review your details. They may:

Approve your registration via email.

Request additional information to verify your identity.

Conduct a credit reference check (this leaves a ‘soft footprint’ that does not affect your credit score).

Step 5: Conduct Due Diligence Before Bidding

To make an informed decision, you should:

Understand the financial commitment involved in bidding.

View the property in person (if possible) to assess its condition.

Seek legal advice on the property’s legal pack and contracts.

Step 6: Placing Your Bid online property auction

Once the auction is live, you can bid in real time. Key features include:

Reserve Prices: Properties typically have a minimum reserve price, which must be met for the property to be sold.

Live Bidding: Place bids using the increment (+) and decrement (-) buttons.

Maximum (Proxy) Bidding: Set a maximum bid, and the system will automatically bid on your behalf up to that amount.

Step 7: Bidding Extensions – No Last-Second Sniping

To ensure fairness, DNG auctions have a bidding extension feature:

The auction closes only when there is 60 seconds of bidding silence.

If a bid is placed within the final 60 seconds, the auction extends by another 60 seconds.

Step 8: Winning the Auction – Legal Commitment

When the auction closes:

Completion usually happens within 20 working days.

The highest bid wins, and contracts are exchanged immediately.

Your bidder security deposit is deducted from your registered card.

The contract is signed on your behalf and sent to the solicitors.

Step 9: Post-Auction & Completion Process

If you win the auction, DNG will guide you through the next steps:

You officially take ownership of the property.

Your solicitor and the seller’s solicitor will finalise the legal process.

Any remaining balance is paid before completion.

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

• Guide Price: An estimate of the property’s price range, not an official valuation.
• Reserve Price: The minimum price the seller has agreed to accept. The reserve price may change during the auction.

Top Tips for a Successful Online Auction Purchase

Conduct due diligence to ensure a smooth purchase process.

Register early and complete verification in advance.

Set a budget and stick to it to avoid overbidding.

Use proxy bidding to stay competitive without constant monitoring.

Frequently Asked Questions (FAQs)

Q: Can I bid from outside Ireland? Yes, DNG’s online auctions allow international bidders. Ensure you meet registration requirements.

Q: What happens if I win but don’t complete the purchase? Failure to complete can result in financial penalties, so only bid if you’re serious.

Q: How much deposit do I need to secure a property? The bidder security deposit varies per auction and will be displayed during registration.

For more information about DNG online property auctions check out the below guide.

Sell a property in Cork or West Cork

Contact DNG Galvin estate agents for all your property needs.

See what properties are for sale via DNG online property auction form here