South Africa: Do's & Don'ts when buying property online
Buying and selling property digitally is becoming far more commonplace in South Africa, disrupting what has until recently been a very traditional property market.
It’s a convenient, effective and transparent process but the prospect of bidding online can still seem daunting for first-timers. With that in mind, we asked MC du Toit, CEO of Sales at BidX1 South Africa, to outline his top tips for potential buyers.
Do your homework
Make sure you’ve done your research beforehand. Take the time to attend one of our viewings so you can physically inspect the property. Download and read the conditions of sale and all the relevant information relating to the property - even the legal documentation is available to view on the BidX1 platform, so you’ll be able to complete full due diligence prior to bidding.
Finally, talk to one of our specialist property professionals; they can answer any questions you may have about the property or the bidding process.
Know your limit
Before the bidding opens, decide on the maximum amount that you are willing to spend on the property. This will give you confidence in your decisions on the day of the sale and ensure that you don't exceed what you can afford – know your limit and stick to it on the day.
Don’t make assumptions
Don’t make the mistake of assuming that bidding on a property will be higher than you are prepared to pay. I have seen numerous buyers lose out on their ideal property, often their dream home, because they made assumptions that the seller would not accept their offer or that other bidders would be willing to pay more than they are.
I don't know how many times someone has phoned me after bidding has closed to tell me ‘I would have bid on that property!’ And my question to them is always ‘why didn’t you?!’. If you are interested in a property, register for bidding – you have nothing to lose as registration deposits are fully refundable.
Talk to us
We have a team of experts on hand to discuss the properties or assist with registration and bidding queries. Don’t hesitate to reach out – give us a call or drop us an email - it's what we're here for!
Overall, MC is keen to dispel any fears surrounding digital property transactions:
“The process is completely secure. Bidders have to register and provide FICA documentation, as well as source of funds, eliminating any fictitious bids being placed. It’s also transparent, as everyone can see the bidding as it unfolds, with each bid logged and displayed in real-time on the website. We have lots of resources available for first-time bidders and I’d encourage people to take a look at those – or simply give us a call and we can talk you through the process.”
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