Do bids in Yopa work like in online auctions?

pieroabcd

Hi,
I've found a property in Yopa that I'd like to bid on, but it's not clear at all if it's being sold at auction or if it's an ordinary sale. After the viewing there's an option to make an offer and that's it.
I've also searched their online informaiton but there's nothing about auctions for buyers. There's only some basic stuff for sellers.

I wouldn't want to find myself unable to withdraw my offer after the hammer has fallen, that would bind me to the sale even before the exchange.

Does anyone have experience with that site?

Thanks

user1977

pieroabcd said:

I wouldn't want to find myself unable to withdraw my offer after the hammer has fallen, that would bind me to the sale even before the exchange.

Then you should avoid their "auctions", which appear to be the "modern method of auction"

https://yopa.gotoproperties.co.uk/document/247/guide-to-buying-at-auction

(I mean, strictly speaking you wouldn't be bound to proceed with the purchase if you pulled out before exchange of the "proper" contract, but you'd lose the fees you paid on bidding).

pieroabcd

Yes, the terms of the auctions are clear, but it's not clear if all sales on Yopa are done through bids or ony a part of them, if there's a way to tell what you are biddin on (if an auction or an ordinary sale).
Maybe it's not for me :-)

user1977

It would be a bit odd for it to be any sort of auction without a clue in the listing.

pinkteapot

I've offered on a house through Yopa before and it was just like offering on any normal house. Instead of phoning the EA and telling them my offer, I filled in a form on Yopa and it was submitted to the vendor to consider. 

It did feel a bit like bidding on eBay.   

If there's nothing at all, anywhere, to say it's an auction, it probably isn't. But you could always phone Yopa or email the vendor through the system and double check to be on the safe side. 

Woolsery

When a person offers their house via Yopa you may be fairly sure they aren't very clued-up and think the expense of a local agent isn't worth it. Of course, it may well mean they're tight gits with neglible understanding or inclination towards negotiation, but at least forewarned is forearmed!

silvercar

Woolsery said:

When a person offers their house via Yopa you may be fairly sure they aren't very clued-up and think the expense of a local agent isn't worth it. Of course, it may well mean they're tight gits with neglible understanding or inclination towards negotiation, but at least forewarned is forearmed!

Having just helped a family member to buy a property sold through yopa, I agree with your analysis. It definitely wasn’t an auction, we made an offer, seller rejected it saying it was the same as a previous offer but if we offered X more he would accept. If we couldn’t offer X more he would go to final offers from both buyers and see where he ended up.