Buying Property with BidX1 UK
Buying a property through the BidX1 digital auction platform is a straightforward and simple process.
The following steps will take you from viewing your chosen property to registering on our platform and bidding on auction day. You should find all the answers to your questions below, but we also have a handy ‘Guide to Bidding’ video if you prefer. You can watch that here.
If you still have any questions, you can contact one of our expert surveyors by telephone or email and they will be happy to help you.
Properties Listed on the BidX1 Website
We list all of our available auction properties on the BidX1 website. You can find the latest digital catalogues here.
Once we are instructed to sell a residential or commercial property, it is assigned to one of our experienced surveyors. They are your point of contact and will be able to answer any questions you may have in the run up to the auction day.
Prior to being listed on the BidX1 website, each property is valued in line with current market trends and given a Reserve Price. The Reserve Price is the lowest sales figure the vendor is willing to accept for that property. We will always provide an indication of this so you know at what price the bidding will start. You can read more about Reserve Prices and other auction terminology in our FAQ section.
Once the property has been listed on our website, you can find all the information you need 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 each property and you are welcome to attend any of the advertised slots. Your surveyor is welcome to attend too.
Property Legal Details and Due Diligence
We pride ourselves on our transparent auction process. 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. Just like at ballroom auctions, when a property is sold on the BidX1 digital auction platform it is with an unconditional contract. This means the successful bidder is legally obliged to complete the purchase. Therefore, do make sure you have done all your legal due diligence on the property before the auction, a surveyor has carried out relevant checks if required and your mortgage or finances are in place.
BidX1 Registration Process and Deposits
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 ‘Log In / Register’ 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 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 auction which is fully refunded if you are not the successful bidder. You are required to provide the following:
- Bidding security deposit. The amount depends on the Reserve Price for the property.
- Administration fee of £1,000 (inc. VAT). This is required 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 morning of the auction you will receive an email to let you know that bidding has opened; this is generally 8am. 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 42% of bidders use their smartphone to bid on our platform. It’s that simple!
Once bidding has opened, all approved bidders are free to place bids on their chosen properties. Please note that all bidding opens at the same time, however each lot will have their own individual closing time.
To bid on your property, you need to go to the relevant property page. This is the same page that contains the legal documents and viewing times.
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 Reserve Price.
As properties cannot be sold for less than the Reserve Price, we will set an initial starting bid. You are unable to place any bid lower than this figure. For example, if a property has a Reserve Price of £400,000, you cannot make a bid of £100,000.
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 don’t worry, if people are still bidding on the property 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, we exchange contracts immediately 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 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.
If you have any further questions, please don’t hesitate to contact one of our experienced surveyors. You can also sign up to our mailing list here to ensure you don’t miss out on any future BidX1 auctions.