Online Auction Guide

In order to bid at a DNG Online Auction you will first need to create an account. This requires you to verify your email address, by clicking an activation link that we’ll send to you via email. Once you’ve created an account you can ‘watch’ lots that you’re interested in (you’ll be kept up-to-date throughout the auction cycle), as well as gain access to the legal packs. In order to place a bid on a lot you will need to complete the bidder registration steps, as detailed below.

Please note, the first time you register to buy a property at an auction you will also be asked to verify your mobile number and upload copies of your photo ID (e.g. driver’s licence or passport) and recent proof of address (dated within the last 3 months). This is required so we can easily keep in touch and help us confirm your identity in the event of you purchasing a lot.

ENSURE YOU READ, UNDERSTAND AND ACCEPT THE TERMS AND CONDITIONS
You will be asked to read and accept our Online Auction ‘Terms and Conditions. Additionally, there may be specific documentation relating to the sale of the property you’re registering to bid on that will need to be read and accepted before you are able to bid.

Once accepted, you will receive a copy of the document(s) via email for your own records.

REGISTER YOUR CREDIT OR DEBIT CARD FOR THE BIDDER SECURITY
In order to bid online you will be required to register a credit or debit card for the bidder security deposit. We use Stripe who provide a secure, online card registration facility, and they will attempt to place a ‘hold on funds’ on your account for the bidder security amount (often known as a ‘payment shadow’ as no money is taken at this stage). The bidder security amount will be clearly displayed when registering your card.

On the fall of the electronic gavel, the winning bidder’s card will be automatically debited for the bidder security amount, whilst all the unsuccessful bidder’s cards will have their shadow payments released (this can take several days depending on the card provider). For more information about this process please read the detailed explanation at the end of this document.

What is a Guide Price?

A Guide Price is an indication as to where the Reserve is currently set. It is not necessarily what the auctioneer expects to sell the lot for, and should not be taken as a valuation or estimate of sale price. The reserve will not exceed the Guide Price by more than 10% if it is a single figure Guide price, and if a Guide Price range is quoted, the Reserve will fall within that range.

What is a Reserve Price?

The Reserve is the minimum figure that the Auctioneer is currently authorised by the vendor to sell the property for. Please note that the Reserve is liable to change throughout the course of the marketing campaign for the property. The Auctioneer reserves the right to lower the Reserve during the auction to a level that matches the existing highest bid. In the event that there were no further bids, the bidder who placed that ‘highest bid’ will be declared the purchaser at the end of the auction process.

STRESS-FREE BIDDING FROM THE COMFORT OF YOUR OWN HOME
When the auction opens, you will be able to place bids in line with the predetermined bid increment levels, using the bid increase (+) and decrease (–) buttons provided. Every time you submit a bid you will be clearly shown whether your bid was successful, and a full list of all bids is displayed on-screen at all times.

Maximum (Proxy) Bids
You are not restricted to placing a bid at the minimum bid amount, but can instead increase your bid and place a maximum (proxy) bid in the system. By setting a maximum bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your maximum bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.

Reserve Prices
Virtually every lot is sold subject to a reserve price (the minimum price that the auctioneer is authorised to sell for on the day). When you submit a maximum bid, the actual bid placed by the system will depend on whether the reserve price has been met, as defined below. If your maximum bid is below the reserve price the system will place an immediate bid at your maximum bid amount.

If your maximum bid is at or above the reserve price the system will automatically increase your bid to be at the reserve, and will only bid again on your behalf if you are subsequently outbid by another bidder (up to your maximum bid amount). If another bidder has already placed the same maximum bid or higher, they will be the highest bidder and the system will notify you via email so you can place another bid.

NB: Your maximum bid is kept completely confidential – its presence or amount is not disclosed to the auctioneer, vendor, or any other bidder.

Bidding Example

• The current bid on a lot is €90,000. The reserve price has been set at €100,000 (not disclosed).
• Tom wants to bid. The minimum bid amount is €91,000 but Tom decides to place a maximum bid of €97,000. This is below the reserve price, so the system places a bid for Tom at his maximum bid amount and he becomes the highest bidder at €97,000.
• Jane logs on to bid. The minimum bid amount is €98,000 but Jane places a maximum bid of €105,000. The system automatically increases Jane’s bid to meet the reserve and she is now the highest bidder at €100,000. Jane still has a proxy bid of £105,000 “in the system”, which will automatically bid on her behalf if anyone else makes a bid.
  Tom is notified that he has been outbid. If no further bids are placed Jane would win the lot for €100,000.
• If Tom attempts to place a bid of £101,000, Jane’s proxy will instantaneously outbid him at £102,000 as this is the lowest bid required to make her the highest bidder.
• If, however, Tom then places a maximum bid of €105,000, the bidding would jump to €105,000 and the bid would be with Jane as she bid that amount first.

THE BIDDING EXTENSION WINDOW ELIMINATES ‘BID SNIPING’
Unlike eBay, bid sniping is impossible on our online auction platform. All auctions will close as per their advertised ‘Auction End Date’, however if a bid is placed within the final 60 seconds of the auction’s scheduled end time the auction will be extended by an additional 60 seconds – known as the ‘bidding extension window’.

If a bid is placed in the bidding extension window, the countdown clock will immediately reset to 60 seconds again, and the auction will only finish when an entire 60 second bidding extension window passes without any further bids being placed, i.e. 60 seconds of 'bidding silence'. This ensures every bidder has a fair and equal opportunity to place another bid.

Do not leave your bid to the last few seconds as you risk your bid not being received by the server in time, and you could lose the lot to another bidder.

HOW THE PAYMENT REGISTRATION WORKS

In order to bid online you are required to submit details of a credit or debit card. When you register your card, we will be placing a hold on funds on your credit card (or bank account if you use a debit card), to the value of the bidder security deposit. This means that the amount we’re holding will affect the available amount you have to spend on your card, as the amount will be ring-fenced and you will not be able to spend it until the hold has been released.

If you are the winning bidder then the amount will be taken in full from your registered credit card or bank account immediately following the close of the auction. If you are not a winning bidder then the hold on funds will be released from your card, but be aware that it can take anything from a few hours up to several days for the hold to be released (dependent on the card issuer). If in doubt, contact your card issuer.
Please be aware that you will not have access to the funds until the hold has been released.

Please see two example payment registrations below:
Scenario 1:

• Tom has a credit card with an overall limit of €5,000, and a current available balance of €4,500
• Tom registers to bid on an online auction lot which has a bidder deposit of €2,500 applicable
• Tom registers his credit card – a hold on funds is placed on the card to the value of €2,500 The available balance to spend on the card is now €2,000
• Tom goes out shopping and buys a new laptop for €1,500 The available balance on Tom’s card is now only €500
• Tom bids on the online auction but is unsuccessful and doesn’t win. The auction closes and the system automatically instructs Stripe to release the hold on funds from Tom’s card
• The available balance on Tom’s card will revert to €3,000 once the ‘release’ has taken place

Scenario 2:

• Jane has a debit card for a bank account with a current balance of €2,750
• Jane registers to bid on an online auction lot which has a bidder deposit of €2,500 applicable
• Jane registers her debit card – a hold on funds is placed on Jane’s bank account, to the value of €2,500
• The available balance in Jane’s bank account is now only €250
• Jane goes shopping and buys a new mobile phone for €300, pushing her €50 into an overdraft
• Jane bids on the online auction and wins the auction. The auction closes and €2,500 is immediately taken from her bank account. Jane remains €50 overdrawn