Online Property Auction query - Can an online auction be closed early?

[Albablue80]

Hi all,

Question: Can an online timed property auction be closed early?

Now, allow me to provide some context. I decided in the new year I was going to buy a house at auction, but I run into a strange situation with the platform, where I don't know where I legally stand.

The online auction was a traditional auction sale with property requiring some work.

First thing I'll say is, I believe it was a timed auction and open for a duration of 2 weeks. Let's say 9th Jan to 23rd Jan 12 noon.

I had done all my due diligence, read the home report survey, legal rep went over the auction pack, I even had a viewing etc,

I placed a bid online (£110k) through my approved auction passport account.

I went back online to view the auction progress, and it was finished. The property was listed and marked Sold, even on other portals like Rightmove, Zoopla, OTM etc.

Yet, I believe there was time remaining and it did not hit the end period.

Over the phone, I was told there was a higher bid offline (£130k) that the seller was happy just to accept - so as a result, the auction was ended earlier.

However, this bid was not registered or placed online. It was not a sealed auction, so no higher bid is visible.

Which brings me back to my initial question: How can this be possible? Can an online property auction be closed early due to a private offers / proxy bids?

To my understanding, private offers only work Pre-Auction or Post-Auction.

Although to be honest, I would not have bid high as £130k anyway, but as far as I am aware, my bid online was the highest bid and the auction was closed.

I wasn't consulted about the decision, but even if I was, I don't accept how that would change the auction format.

Surely, once an auction is set (start and end period), it's a legal time frame? Regardless whether it's hours or days or weeks?

Who regulates this stuff? RICS?

I would really appreciate if anybody has any knowledge around this.

Thanks

[atticus]

start with the site ts and cs.

[Albablue80]

Thank you for your reply. Definitely have a good review of the Terms and Conditions of Sale for Scotland and very little to no thing about date, period of auction, early finish etc

the closest to modification is - “The auctioneers reserve the right to modify the specified date of entry in the auction contract as per any negotiation between purchaser and seller.” - Which isn’t really the same.

I’m more curious now if this type of thing (auction being closed early) is allowed if individualised to the site (T&Cs) or it’s globally regulated in terms of code of practice and shouldn’t happen.

Moving the goal posts to suit accordingly doesn’t seem very fair on the consumer and false advertisement must also be considered.