Buyer's Guide - Cyprus
Buying a property through BidX1 is easy. The process is straight-forward and user-friendly, and our teams are on hand to help with everything from property viewings to the registration process.
Everything can be arranged remotely on your phone, laptop or tablet, so you can register and bid on a property wherever you are, on whatever device you’re most comfortable using.
Find your property
Each property is managed by one of our specialist surveyors. They will be available to answer any of your questions in the run-up to bidding.
Each property has a reserve price – the lowest price that the seller is willing to accept for the property. It’s an important figure, as no property can sell for less than this. We’ll always provide an indication of the reserve to give you an idea of where bidding will start. You will see this listed as ‘Reserve’ for each property.
Open viewings for each property are also listed so you’ll be able to visit the property and arrange a survey if required.
The BidX1 platform is fully transparent. All relevant legal documentation relating to a property is provided by the seller’s solicitor and available on our website along with the other information relating to the property. You’ll need an account to view these legal documents; it only takes a minute to create one.
Examining the legal documents is an important part of the process because our digital sales are unconditional – once a property is sold on the BidX1 platform, a legal contract has been formed and the successful bidder is legally obliged to complete the purchase.
If you’re interested in a property and want to bid, you’ll need to register with us. A full registration guide is available here. This is a straight-forward process and involves providing proof of identification, a selfie photo and proof of address, as well as providing a bidding deposit. You will also need to accept our T & C's in order to be approved to bid. The deposit amount will depend on the reserve for the property – usually the higher the reserve price of an asset, the larger the bidding deposit required.
The security provided by the registration process is important, providing a foundation of trust for both buyers and sellers. Property sales don’t have to be complex and confusing; our bidders know that all parties have completed the same registration process, pre-committed a deposit and if successful, will be legally bound to complete the sale.
Placing bids at our auctions is easy. As properties cannot be sold for less than the reserve price, we’ll set an appropriate starting bid. This amount will be made public the day before the auction and it’s the lowest bid that can be placed on the property. For example, you won’t be able to place an opening bid of €1,000 on a property reserved at €4m.
Once bidding opens, all registered bidders are free to place bids on their chosen properties. Although bidding on all properties will open at the same time, each lot will have a different closing time - make sure to check the opening and closing times on your chosen properties so you’re ready to go on the day.
Bidding takes place on the relevant property page – the same page you’ve been visiting to get information about the property and to register for bidding.
Our default bid amount is €1,000. This means that €1,000 is the lowest bid you can place, and that you’ll only be able to bid in multiples of €1,000 eg. €2,000, €3,000, €4,000 etc.
The sale process is fully transparent: all bids are logged and displayed on the property page in real-time, and we’ll notify you on screen when you’re the highest bidder so you’ll know exactly what’s happening at all times. There’s no need to worry about privacy though – bidders are only identified by a number.
Instant vs Max Bids
If you don’t want to place bids manually, you can set a Maximum Bid. In this case, the computer will enter bids for you – but only to maintain your position as the winning bidder and only up to the maximum amount that you’ve specified. Your Maximum Bid can’t be viewed publicly, so only you will know how high you’re willing to go.
Each lot has a separate closing time which will be listed on the property page. Don’t worry, it’s not a case of ‘fastest finger first’ as the clock runs down. If a bid is placed within 60 seconds of the closing time, an additional 60 seconds will be added to the clock. We call this an Extension Period, and it gives everyone a fair and equal chance to place an additional counter-bid if they wish to do so. This will continue to happen until a full 60 seconds passes with no bids being placed.
Once bidding has closed, we immediately sign contracts on behalf of both buyer and seller. If you’ve been successful – congratulations! – you will need to arrange payment of a 10% deposit within ten working days. A proportion of this 10% has already been provided by the bidding deposit you committed during registration, so you only need to pay the balance. Don’t worry; we’ll give you a call on the day to discuss any queries.
If you’ve been out-bid – there’s always next time!
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 got questions?