Real Estate Investor Magazine South Africa June/ July 2019 | Page 22

TECHNOLOGY
TECHNOLOGY
Useful tips when bidding
online to buy a home
The technological age of purchasing a home has arrived
BY GAYE DE VILLIERS
T
he use of technology is ever growing with the age of online
purchasing becoming a regular occurrence for South Af-
ricans. This has led to the birth of online auction property
transactions, making it easier for locals to purchase a new home.
CEO of Property Sales for BidX1 South Africa, MC du
Toit comments on how online property auctions are becoming
increasingly popular.
“Now acquiring property for sale on auction via an on-line
platform is rapidly becoming a convenient and secure way of
transacting. It’s a whole lot easier and quicker than physically
attending an auction at a specified location, plus it’s secure, and
provides an opportunity to acquire a property at a value-for-money,
market-related price,” he said
He adds that there is flexibility in the commission structure
when purchasing property online in an auction.
“In many instances there is no buyer’s commission, or there is a
reduced commission from that which buyers are used to seeing at
normal auction sales. Bidders are advised to check the details of the
property of interest to make sure what the commission and deposit
structure is.”
Online property auctions take place in real time, providing a key
benefit for potential buyers as they can purchase a home bid from
anywhere in the world using a computer or handheld device.
Safety is a priority as online property auctions with Bid1X
buyers go through a rigorous process. All users must register
and provide FICA documentation – including identification,
a residential address and a source of funds. All the submitted
documentation eliminates any fictitious bids being placed. The
process is completely transparent as all bidders can see bids being
placed and is recorded.
Registered users can view previous properties sold online and
the bids that they went for.
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JUNE/JULY 2019 SA Real Estate Investor Magazine
Du Toit has provided a list of useful tips on
how to bid online to purchase a home:
Potential buyers should familiarise themselves with the
catalogue of properties on offer, choosing which properties are of
interest to them. This step helps to narrow down to a set of options
they might want to bid on.
“Before participating in an on-line auction, I strongly
recommend that you physically inspect the property at one of
our show-days, download and fully understand the conditions of
sale and read all the relevant information regarding the specific
property of interest, all of which are available for each property on
our website,” said du Toit
Each property has its own legal tab with access to all the
information required to make an informed decision. In additional,
BidX1 has professional property brokers on hand who can assist
in answering various questions via the telephone or online. These
property brokers can provide further insight into the process of
bidding along with advice and assistance during the auction.
An opening bid is the prices at which the property or lot starts at,