Buyer's Guide - UK
Buying property with BidX1 is a straightforward and simple process. The following steps will take you from viewing your chosen property to bidding on the day of a sale.
You should find all the answers to your questions below, however if you have any further queries you can contact our experienced team of property professionals who are on hand to help.
Find your property
Each property is managed by one of our surveyors and they will be able to help you with any questions you may have in the run up to bidding.
The property is listed with a Guide Price, which is an indication of the seller’s current minimum sale price. It may not be the figure at which the property will sell, and it may change prior to the sales day. We will always provide an indication of this so you know at what price the bidding will start. You can read more about Guide Prices and other terminology in our FAQ section.
All information relating to the property will be listed on the individual property pages. Here, you will find different tabs for the property description, location map, viewing details and legal documentation.
Open viewings are arranged for most properties and you are welcome to attend any of the advertised slots. Your surveyor is welcome to attend too.
Property Legal Documents and Due Diligence
The BidX1 platform is fully transparent and once the property is listed on our website you will be able to access all of the legal documents which have been provided by the seller’s solicitor.
We urge you to examine the documentation carefully and to take professional legal advice as our digital sales are unconditional. This means the successful bidder is legally contracted to complete the purchase. Therefore, do make sure you have done all your legal due diligence on the property before the sale, a surveyor has carried out relevant checks if required and your mortgage or finances are in place.
BidX1 Registration Process and Deposits
If you are interested in a property and want to bid, you will need to register with us. The registration process is straightforward and can be done by clicking the ‘Sign Up’ button on the top right of the website or by clicking the ‘Register To Bid’ button on each property page.
We take security very seriously and, just like with any property sale, we do require you to provide proof of identity. This must be in the name of the individual who will be logged on and placing the bids on the day of the sale as we undertake legal due diligence on every single bidder prior to the auction.
You are required to provide the following:
- One form of photographic identification such as driving licence or passport
- Two documents showing proof of address such as utility bill or a bank statement
- One selfie (a photograph taken of yourself)
If you are purchasing a property through a company or on behalf of someone else, you will be required to supply alternative documentation. This is clearly explained in the registration process.
To provide security for both the buyer and the seller, BidX1 take a small deposit before the day of the sale which is fully refunded if you are not successful. You are required to provide the following:
- Bidding security deposit dependant on the property Guide Price
- Administration fee is applicable for each property you wish to bid on
Your funds are held in a secure bank account until the property has been sold. Please note that if you are not the successful bidder, your bidding security deposit and administration fee will be returned to you in full within five working days.
On the day of the sale allow plenty of time to log in to your BidX1 account. Our platform can be accessed from desktop, tablet or mobile so you aren’t confined to a location. In fact, statistics show that over 40% of bidders use a mobile device to bid on our platform.
Once bidding has opened approved bidders are free to place bids on their chosen properties. All bidding opens at the same time, however each lot will have their own individual closing time.
To bid on the property you need to go to the relevant property page. Our default bid amount is £1,000. This means that £1,000 is the lowest bid you can place and that you will only be able to bid in multiples of £1,000. For example, £2,000, £3,000, £4,000 etc. Occasionally, lots will have a lower bid amount, but this is normally for ground rents or properties with a lower Guide Price.
You will receive a notification on screen and by email when you are the highest bidder and another one to say if you have been out-bid.
As our sales process is fully transparent, you will be able to see all of the bids placed on the property. They are logged and recorded on the property page in real-time. But don’t worry, your name will not be shown as bidders are identified by their own unique bidding number.
Maximum Bids and Time Extension Periods
If you don’t want to place bids manually, you can set a Maximum Bid. This means the computer will enter the bids for you – but only to maintain your position as the winning bidder and only up to the maximum amount you have specified. Your Maximum Bid can’t be viewed publicly so only you will know how high you’re willing to go.
As mentioned previously, each lot has a separate closing time. But if people are still bidding and the time runs out the clock will be extended for an additional 60 seconds. We call this an Extension Period and it will happen every time a bid is placed after the initial closing time, ensuring everyone has a fair and equal chance to place an additional counterbid if they wish to do so.
Closing Time: Contracts and Final Payments
Once the bidding has finished the virtual hammer will fall, indicating exchange of contracts on behalf of both the buyer and seller. If you’ve been successful – congratulations! – you will need to arrange payment of a 10% deposit within two working days. A proportion of this 10% has already been provided by the bidding deposit you submitted during registration, so you only need to pay the balance. A member of our team will be in touch to discuss the outstanding amount and how to pay.
If you’ve been out-bid, there is always next time. Your bidder security deposit and administration fee will be returned to you in full within 5-10 working days.
That’s it. A digital platform backed by market-leading property expertise, allowing you to bid from anywhere in the world, on any device – securely, efficiently & confidently.
Still have questions?