BidWin.org | Auction Rules
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Auction Rules

RULE

PURPOSE OF RULE

1. Only licenced Agents and Property Managers can list on behalf of their vendors

1. Security and integrity of all listings

2. Only Professional Investors, Property Developers can list directly on their behalf. These vendors must be successfully identified and verified against secure government databases

2. Professional Investors and Property Developer are classified a commercial user

3. All bidders must be successfully identified and verified against secure government databases and pay a $2000 bidders bond (credit card hold, no charge)

3. Only genuine bidders permitted

4. No vendor bid permitted

4. Only buyers permitted to bid

5. All properties are reserved

5. Genuine commitment by Vendor to sell at a minimum price

6. Reserve price is never disclosed

6. All bids are binding, so disclosure is irrelevant

7. Each auction has a Listing Date, START DATE and END DATE.

7. Different period has different Auction Rules

8. Before START DATE, Vender can accept Early Bird offer and auction will be cancelled.

8. Allow traditional sale before auction starts

9. Between START DATE and END DATE: If a bid is placed within the 24 hours before the END DATE, the auction will be automatically extended 24 hours from the bid being made.

9. Expose each bid long enough for contest before auction ends

10. Vendor can accept "Buy Now Price" bid to end the auction.

10, Vender has the option to sell sooner

11 No bid can be withdrawn before the End date.

11, Prevent Fraud bid

12, After End Date, each bid made is binding for up to 24hrs

12, .Prevent anyone being outbid at an awkward time (ie early morning)

13. After the END DATE: Auction ends when a bid stands uncontested for 24 hours

13. After the END DATE, end of auction is driven by extent of bidding, not a set date

14.After End Date:Vender can ACCEPT ANY CURRENT BID within 24hrs of it being made

14, Encourage timely bidding and maintain momentum

15. Opening Bid is to meaningfully advise the market of where bidding will commence

15. An early, meaningful guide as to purchase price

16. Bidding permitted 24/7

16. Convenience

17. Must at least bid at the next minimum bid amount

17. Prevent irrelevant bids (ie $100)

18. Next minimum bid increases slightly each hour

18. Encourage timely bidding and maintain momentum

19. No exorbitant bids permitted

19. Security reasons

20. A maximum of 5 consecutive bids permitted

20. Security reasons

21. Local Office exchanges on behalf of vendor and purchaser

21. Legally binding contract must be created as soon as possible

22 No cooling off period (all bid must be firm, no conditions are permitted)

22. Standard auction rules and conditions

23. Purchaser to pay Agent required deposit within 48hrs of exchange

23. Condition of registering to bid and contract condition