A two bedroom apartment is on sale on bidornuy.co.za. And not just any sale. The apartment is up for grabs at a R1, no reserve auction
Yes, it does mean that the property – a two-bedroom apartment in a Helderkruin, Gauteng secure complex – has to go to the highest bidder, whatever the amount of that bid may be at the close of the auction.
The auction, presented by Private Property on bidorbuy.co.za, opens on Wednesday 5 November at eight in the morning and closes a week later, on Wednesday 12 November at five o’clock in the afternoon. Each time a new bid is placed within the last minutes, the auction will automatically extend for three more minutes.
bidorbuy users are certain to welcome this property auction. It is a fantastic way to acquire a new house: with a mere click of the mouse. And with the auction starting from R1, this has got to be the fairest way of buying and selling property.
How to bid for your home
- Register on bidorbuy.co.za with your credit card details. To do this, you need to follow the “Click here to authorise yourself for bidding” link from the R1 property listing on bidorbuy. Read more about the credit card requirement below, under the subheading entitled Why does bidorbuy need your credit card details.
- Place your bid.
- Since bidorbuy will keep you updated on the progress of the bidding, you do not have to stay online.
- In case a competitor has outbid you, place your next best bid or bids, being mindful not to go over your budget.
- If you win the auction, a Private Property consultant will contact you and set up an appointment with an attorney and the seller. Private Property can also help you with bond finance if you need a home loan.
Why does bidorbuy need your credit card details?
- While no money will be deducted from your account at the initial stage, bidorbuy will put a hold on your credit card for the amount of R5000.
- If you are the winning bidder, the R5000 will be taken off your credit card as your deposit on the purchase price.
- If your bid is not successful, no money will be deducted from your account (which means that you do not pay a cent).
- If you win the auction but do not proceed with the sale for any reason, you will forfeit the deposit. That means you would have lost R5000. Therefore, plan your bidding strategy well and check your credit-worthiness with your bank.