Online auction sees individual properties offered with eBay style bidding on a web based platform. Marketing of the Online Auction lots includes extensive promotion, open house viewings, sometimes with legal packs in place. Bidders will register their interest, provide ID and then gain access to the bidding system. Online auctions can offer properties Unconditionally (always with a legal pack provided) with the fall of the virtual gavel effecting an exchange of contracts between buyer and seller, or alternatively, lots can be offered on a Conditional basis with the winning bidder securing a period of exclusivity (usually four weeks) to arrange any mortgage funding before exchanging contracts.
