FAQs: South Africa
What makes an auction different from a private treaty sale?
Unlike the private treaty process, auction properties are not sold ‘subject to contract’, ‘subject to finance’ or ‘subject to survey’. When a lot is sold, a legal and binding contract has been formed: if you are the successful bidder, you are legally obliged to complete the sale.
We strongly advise potential purchasers to check that they have read and understood all the various legal documents and terms & conditions prior to bidding.
Can I view a property before the auction?
We generally hold 2 open viewings for each lot. Viewing times are listed on the relevant property page, below the property images. Please note that it may be a few days from the launch of the catalogue before viewing times have been arranged.
Where can I view the legal documents relating to a property?
Conditions of Sale, Title deeds, SG Diagrams, leases etc. can be downloaded from the relevant property page. Simply click on the ‘Legals’ tab below the images of the property.
These documents will help you and/or your legal adviser to make an informed decision about the lot.
Please note that you will need to create a BidX1 account to access the legal documents. This is free and takes less than two minutes.
Can I get a Bond for the property?
You do not need to pay for the entire bid amount in cash; you can arrange for finance or bond approval should you require. However, the guarantees are generally due 30 days from date of acceptance of your offer and the sale is not subject to the purchaser obtaining finance or bond approval. Please note that all auction properties are not sold without any suspensive conditions – if you are the successful bidder, you are legally obliged to complete the sale. We strongly advise that you make yourself acquainted with the Conditions of Sale.
What does ‘Guide Price’ mean?
Each property has an Undisclosed Reserve Price – the lowest price that the seller is willing to accept for the property. All offers will be presented to the seller and the seller may decide to sell the property for an amount that is below the reserve price.
The Guide Price is simply a guide from the auctioneer to bidders indicating a suggested price range. This does not reflect the Reserve Price or the Opening Bid and the seller has the opportunity to accept the highest bid.
What do I need to register to bid?
When registering to participate in a BidX1 Digital Auction you will need to have the following information to hand:
Bidder Information – Details of the individual placing the bid including name, address & phone number.
Bidder Identification Documents – we will need the following:
- Proof of Identification (copy of current ID or driving licence)
- Proof of Address (bank statement or utility bill dated within the last 3 months)
Purchaser Information – Details of the individual or other Legal Entity purchasing the property, if different from the bidder, including name, address & phone number.
- If the purchaser is a private individual, we require a copy of their ID and Proof of Address (bank statement or utility bill dated within the last 3 months)
- If the purchaser is another Legal Entity, we require a resolution signed by all relevant parties together with the registration documents and registered address
Payment Information – Credit/Debit Card details or Proof of Payment for a direct bank deposit.
How do I register to bid on a property?
The registration process is easy, and a full Registration Guide is available for further details.
- Create a BidX1 Account
- Navigate to the property that you wish to bid on
- Click on the pink 'Login/Register to Bid' button in the bidding section on the right-hand side of the page
- Complete the following sections:
- Fill in your personal details
- Read and accept the Terms & Conditions
- Confirm your selected lot(s)
- Payment of Deposit (refundable if you are not the highest bidder)
After these steps have been completed, we will review your registration and let you know once you are approved to bid.
What is the Bidders Registration Deposit?
A deposit must be provided at the time of registration. This amount will be dependent on the value which has been placed on the property and the number of lots you wish to bid on, subject to change. The amount required is displayed in the bidding section for each property, to the right of the main image.
Payment of the deposit can be made via debit/credit card or bank transfer. If you pay via debit/credit card, the deposit will be taken from your card only if you are the successful purchaser of the property. If you are not the successful bidder, the hold on your card will be released (or bank transfer returned in line with our terms and conditions).
How do I place a bid?
Once your bidding registration application has been authorised by the BidX1 Team and the bidding period opens, you are free to place bids on your approved lot. 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.
Placing a bid is easy:
- Log into your BidX1 account
- Click into the property you are approved to bid on
- On the right-hand side of the page, you will see the bidding section. Here you can decide the amount that you want to bid, your Next Bid, by using the + and – buttons.
When you're happy with the bid amount, you can either:
- Place Instant Bid - This will place a single bid for the amount you have specified.
- Set Max Bid - This will set a Maximum Bid for the amount specified. The computer will then enter bids for you, only as it becomes necessary to keep your position as the winning bidder, and only up to the maximum bid price that you’ve specified. Your Max Bid cannot be viewed publicly.
In both cases, you will be asked to confirm your bid amount before it is placed.
We will keep you informed of your bidding via email – you will receive an email for your records each time you place a bid and, if you are out-bid, a further email will be sent to notify you of this.
Please note that if a bid is placed within 60 seconds of the lot’s closing time, an additional 60 seconds will be added. This is known as an extension period. During an extension period, any further bid that is placed will result in the clock re-setting again for a further 60 seconds, giving all registered bidders a fair and equal opportunity to place another bid. This will continue to happen until a full 60 seconds passes with no bids being placed.
When does bidding open?
Bidding typically opens on all lots at the same time on the day of the auction. The opening time will be clearly advertised across all lots.
When does bidding close?
Although bidding on all lots usually opens at the same time on auction day, the closing time for each lot is different – this time will be advertised on the relevant lot page. Lots can begin to close from 9am, sometimes sooner, and usually follow a staggered closing pattern of one lot every 2 - 5 minutes. Make sure you check your approved lot(s) closing times in advance of Auction Day.
Please note that if a bid is placed within 60 seconds of the lot’s closing time, an additional 60 seconds will be added. This is known as an extension period and is detailed further below.
Can I place bids over the phone?
No; our auctions are fully online and we cannot accept bids over the phone.
However, our bidding technology is compatible with mobile phones, allowing you to place a bid from anywhere in the world with a working internet connection. We have also developed a Maximum Bidding function, which will place bids for you up to a pre-set limit decided by you.
What happens if I have an unreliable internet connection?
We have developed a number of features into our online auction platform to help in this instance:
Our platform can usually detect when there is a connectivity issue between your device and our bidding system. In such instances we will inform you with on-screen prompts outlining the current connectivity issue e.g. slow speeds, complete loss of connectivity detected etc.
Our platform will allow you to enter an automatic bid with a pre-set maximum amount that can’t be viewed publicly. The computer will enter bids for you, only as it becomes necessary to keep your position as the winning bidder, and only up to the maximum bid price that you’ve specified.
If this maximum bid is overtaken, you will be notified via email and can enter another higher bid if you so choose.
Our platform will allow you to be logged in as a registered bidder on multiple devices simultaneously. This can mitigate the risk of losing broadband connection, or mobile connection.
What is an extension period?
The closing time for each lot on auction day is different – this time will be advertised on the relevant lot page. However, if a bid is placed within 60 seconds of the lot’s closing time, an additional 60 seconds will be added. This is known as an extension period.
During an extension period, any further bid that is placed will result in the clock re-setting again for a further 60 seconds, giving all registered bidders a fair and equal opportunity to place another bid. This will continue to happen until a full 60 seconds passes with no bids being placed.
Due to variations in browser and connection speeds, bidders are advised to make a bid with at least 10 seconds remaining on the clock.
What is a Maximum Bid?
Our platform will allow you enter an automatic bid with a pre-set maximum amount. This is known as a Maximum Bid, and it cannot be viewed publicly. The computer will enter bids for you, only as it becomes necessary to keep your position as the winning bidder, and only up to the maximum bid price that you’ve specified.
If this maximum bid is overtaken, you will be notified via email and can enter another higher bid if you so choose. It is important to note that once set, a maximum bid cannot be cancelled.