Get step-by-step instructions on how to purchase a property through our bidding platform.
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Properties may only last a few days, while others may remain on the bidding platform for up to a month, depending on the seller's and agent's choice. Our recommendation is 30 days in order to allow enough time for the buyer to view the property and evaluate the financials. We would strongly advise registering your interest in the property via the Realtor’s Globally watch list facility and viewing the property. Our bidding specialists will keep all interested parties informed and if the vendor decides to end a bidding or accept a bid prior the end of a bidding our team will notify you immediately. If we are not aware of your interest in a particular property it is difficult to update you on any changes in circumstance.
In order to start off, we must ask you to fill out a short registration form so that we may get to know you better. After you have done this, you will receive an e-mail confirmation containing a link to the registration page where you can login and begin browsing our listings. You should also check out our FAQs section before contacting us about anything else. Our phone lines are open 24/7 and we are always willing to help you out!
Bids, or offers, can bid placed at any stage during a bidding process. Even if the property is in “Pre-launch Marketing” status, although you would need to consider that the bidding has not been signed off. The procedure is that we must put any offer that is made forward to the seller. It is then up to the seller to decide if they want to consider the offer and take the property out of the bidding early. In this scenario the Reservation Fee is still payable, and the Terms and Conditions of the bidding still apply.
To ensure a smooth transaction, the buyer must pay 10% of the total bid price and sign a reservation agreement with the seller. The downpayment secures their right to purchase the property. The reservation agreement reserves their right to purchase the property at the agreed-upon price. The reservation fee acts as a downpayment of 10% of the total bid amount and must be paid within three working days after the bidding ends. A draft contract is then being processed by your solicitors. Completion and transfer of the property is generally expected within 28 days except if there is some other property issue that needs to be resolved.
Vendor contracts vary widely in their terms. When the bidding is successfully concluded, the buyer pays a non-refundable Reservation Fee. The Reservation Fee is held by agent who has registered the property for the bidding as a deposit on the total amount of the property. The Reservation Fee is used to ensure the buyer's commitment in order to proceed on the property purchase agreement.
Most vendors choose to charge a Reservation Fee as a sign of commitment to the bidding terms. The vendor does not have to cover this cost, so they are aware that you will be on the hook for it. Most vendors use online bidding because past experiences on the open market or security and speed of sale over potential price achieved. They also do this because most people will look at a total purchase price with the fee included and all of the lots available through our online bidding are priced realistically to sell. When looking to buy a property most people will look at a total purchase price with the fee included and all of the lots available through our online bidding are priced realistically to sell. As the buyer, as well as paying your Reservation Fee you also sign a Reservation Agreement which provides commitment between yourself and the seller to complete the transaction, reducing the risk of a sale not completing. The seller is also bound by these same terms."
There is a fee for each property that you are interested in bidding on and its a one time registration fee for each property of €50,00 + VAT. The bidder has the option to bid unlimited time on the same property with a one time registration fee on a single property. In case the bidder decides to proceed on bidding on a second property then again, there will be applying a new registration fee for a second property bidding.
Once bidding has ended, the agent or representative of the property, evaluates all the biddings and decides which one is the winner. The highest bid is not always the winner. For example, cash buyers are usually more preferable options rather than bidders who are looking for a loan. The bidding winner is oblidged to pay the platforms fee of 0.3%+VAT of the total amount of the bid or a minimum fee of €200,00 + VAT.
In order to register a bidding you should first have a bidders account in the platform. To create a bidding account you will need to have a valid cell phone number and a valid credit card. After creating a bidder account then go to the page of the property you are interested for bidding and place the amount you want to bid by clicking on the “Place a Bid” button.
It is a good idea to get a pre-approval from your bank before bidding on any of the properties listed on the real estate website. If something goes wrong, such as a loan falling through or a change of mind, you will still have to pay the website's commission fee. So be sure to talk to your banker for the bank's terms of approval before placing any bid.
There are several factors that buyers should consider before making an offer. Each homebuyer is different, requiring an individualized assessment of needs and wants. The property should be located near your place of employment, make sure that it's located close to your workplace so you don't waste time commuting.
All parties involved in the real estate industry have a vested interest in promoting safer investments. Real estate agents who keep up with the latest online technology are at an advantage over their competitors. Our partners include real estate agents, real estate consultants, real estate developers and other related companies.
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