BIDS / BUYER OVERVIEW OF THE SALES PROCESS
Additional Information
Register with Ease:
You’ve seen your dream property and you’re ready to make it yours... time to register. Simply register with a Broker and satisfy the ID check (fulfilling FINTRAC regulations) who will then submit your confidential details to Bidithomes & Auctions Canada with your signed Agreement of Purchase and Sale.
Your First Bid:
Your First Bid is a Signed Agreement of Purchase and Sale. Once submitted the registration process is legally binding. When you decide to make your first bid, you will need: To ensure any financing you may require is in place; bids are legally enforceable contracts and are cash bids without any conditions.
The Auction:
The duration of an auction will be stated in the MLS listing and most auctions will have a soft close (meaning once new bids are no longer being made within 24 hours after the original close is set). You will be made aware of the duration of the auction before the auction begins and will also see a starting bid appear. It’s important to note that this is a starting guide, not a vendor bid.
The Final Auctioneer Call Stage:
At the Final Call Stage, any bids received within the last 24 hours will extend the close by a further 24 hours; all bidders will be notified.
The Hammer Falls:
If you are the highest bidder at the end of the auction and the reserve has been met, then CONGRATULATIONS, the property is yours! Your Broker will be contacted by the auctioneer with instructions for making the deposit; you will have to notify the Auction House of who your attorney will be in order to complete the sale.
It Pays to Be On Top!
If the Reserve is not met then as the top registered bidder, your Broker will receive the exclusive right to negotiate an outcome for 24 hours after the auction closes. Your Broker will facilitate this process provide you with one further great opportunity to negotiate a successful outcome.
Commissions - HOW IT WORKS..
Agent/Broker Commissions/ PROCESSING FEE:
PURCHASE PRICE: The accepted bid amount which the Buyer has agreed to pay an additional processing fee plus HST, for the associated Auctioneering fees & expenses, which will be added to the total purchase price of the property.
DEPOSIT REQUIRED: Within 24 hours of acceptance of the Agreement of Purchase and Sale (APS), the winning buyer agrees to pay a non-refundable deposit of 2% plus HST, or a flat fee marketing for all private sales payable to Action Auctions Inc.
BULLY BIDS: Since this is an action; practically bully bids are not possible. This is a soft close auction which makes the bidding process fair and fully transparent.
SHOWINGS: The Auctioneer will indicate when the auctioned property is available for showings and this will be disclosed both online at Bidithomes and on MLS. Brokers from any brokerages can show their clients through the home within those indicated time slots and may also request private time slots through an online portal called Showing Time. We do recommend as much time leeway as possible for showings.
* BROKER/AGENT SALES COMMISSIONS ARE PROTECTED.
FAQ'S Real Property Auction Sales
How do I register to bid on a property for sale?
Registration is simple. Contact your Real Estate Broker or Our Selling Brokerage and you will be assisted step by step through the process. Our Selling Brokerage details can be found on the Bidithomes posting page. Bidders must provide proof of identity (typically a Driver's Licence or Passport). The Broker will enter you into the auction system and an email will be sent out to your Broker to finalize your registration online. You will receive a bidder's number.
How do I obtain a contract for the sale of the property?
Contracts for all auction properties will be made available to your Broker or through ours.
Can I retract a bid after I have made it?
No, a bid cannot be retracted after it has been submitted.
Will I know when the reserve has been reached?
No. Our system will not indicate when the reserve has been reached. Additionally, all registered bidders will receive email and SMS/TEXT notifications when new bids have been received by the Auction House.
Can I communicate with the Broker during the auction?
Absolutely! We encourage a two-way communication between Buyers and Brokers. You will communicate with your designated Broker outside of the platform via email or telephone or text.
Can the property owner place a bid?
No. Under and our terms and conditions, an owner cannot place a bid.