What are Online Auctions

What are Online Auctions

What are jacksonwall Online Auctions?

In a world where so many purchases and sales are made on online auction sites, we felt it was a natural progression to do the same in the real estate industry.

You can now buy or sell your property through the ease and convenience of online property auctions with jacksonwall in conjunction with AuctionWorks.

How do they work?

Simply register with us and you will be able to bid.

An auction can be set at anywhere between 1 to 14 days.  You will know the duration before any auction starts.  You will also see a starting bid.  This bid is a starting guide, not a vendor bid.

While each bid is visible online in real time along side the bidder's unique ID number, the bidder's details remain confidential at all times.  With each bid, the system will declare whether the reserve price has been met or not.  Each of your bids will be confirmed by email and SMS and you will be notified if you have been outbid.

All parties are sent notifications at the '24 hours remaining' and the '1 hour remaining' points of the auction.

At the Final Call stage, any bids received within the last 5 mins will push the clock out a further 5 minutes.  This keeps the process fair for all bidders.

The Virtual Hammer 

If your last bid is the highest at the time the clock runs out and the reserve has been met, the property is yours!

Once the virtual hammer falls there is a binding contract in place.  All deposits are to be paid with a 24 hour period through us.

If the reserve has not been met and the property passes in, the system works much the same as a live auction, the highest bidder will be shown the reserve and can then negotiate an outcome exclusively for 60 minutes.