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Online bidding needs research

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Buying and selling property via on-line auctions is becoming far more common, says MC du Toit, chief executive BidX1 South Africa.

The company is staging its next major disposal on February 26 at 8am.

Du Toit provides some guidelines for potential buyers of both residential and commercial property.

Do your homework and research the market. View all available information on the property before bidding.

Talk to a BidX1 specialist property professional who can answer all your questions.

When bidding, do not exceed what you can afford. Before you start bidding, ensure you have decided on your limit, and then stick to it.

Don’t think a property will receive bids way over what you are prepared to pay.

Buyers miss a property when they have made their own assumptions that a seller will not accept their offer, or that other buyers will bid more, and thus miss an opportunity to acquire a desired property.

Some buyers say post-auction: “But I would have bid on that property”.

Du Toit says: “My question to them then is: Why didn’t you bid? Always ensure you are registered to bid as you just never know.”

He says bidders should physically inspect the property at a viewing day, download and fully understand the conditions of sale, and read all the relevant information regarding the specific property, all of which are available on the BidX1 website.

“An opening bid is declared for each property or lot, which is the price at which bidding will commence.

“To bid, you need to register – generally with payment of a fixed registration fee which is fully refundable should you not be the successful bidder. If you are successful, a deposit of 10% of the amount bid will need to be paid,” he says.

For further information about the auction, see https://bidx1.com or call 0211403541.

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