SE Sales: frequently asked questions
For information about Sale Ezy's marketing services, click here.
Can I use Sale Ezy on my phone or tablet?
Sale Ezy's online sales system is built with a responsive design, meaning it is accessible and can be used on desktop computers or on mobile or tablet if you're on the go.Ask a Question
Bidding and buying
How do I know my bidder's number is secure?
You will receive an email upon approval of your registration that provides you with a secure bidder's number specific to one property auction (you receive a new number for each subsequent auction for which you register to bid).
This number must not be given to, or be used by any other party. You are responsible for the security of this number once it is sent to you. Any bid lodged by this number will be deemed your bid. You will be liable under contract for this bid if successful at auction.
Each time you become the highest bidder, you will receive an email which again confirms you are the only person using your number.
Why can’t I use my bidder number twice?
While it may be easier for you to continue to use the same bidder number in any auction you participate in, the law requires you to re-sign up to bid in any new auction and to receive a new bidder number. This is done to protect bidders and vendors.
Why do you need me to upload my ID?
It is required by law that the agent/auctioneer is able to see and approve a bidder’s ID. When the hammer falls, if you are the successful bidder, your details will be sent to the vendor (and their solicitor and agent), and the vendor’s details will be sent to you in the form of sales advice – it is then your responsibility to ensure you verify the ID is accurate before you sign contracts or exchange funds. Your solicitor can take care of this for you by simply asking the solicitor of the other party to verify ID, or if required, an in-person or skype introduction may be made.
How much does it cost to register to be a bidder?
When registering to be a bidder, ID verification is undertaken in three ways, one of which is by the use of a nominal credit card fee of $5. This helps verify your status as a real person, that you have a valid payment method and can be a further security check if required. This is not a 'registration fee' from the agent/auctioneer, but a processing fee from Sale Ezy so we can ensure you are a real bidder with honest intentions.
Sale Ezy does not require a holding deposit or any financial guarantee as part of the auction process, as all dealings are directly with the agent or owner.
Why does the system ask me to confirm my bid after I’ve already submitted it?
Though it might seem a bit annoying, you are asked to re-confirm your bid as all bids are final and binding. It also means you can’t make a mistake and accidentally click ‘submit my bid’ and buy a house you don’t actually want to buy, or bid higher than you intended. All submitted and confirmed bids are final.
When can I view the property?
An agent is required to host a minimum of two open houses, within reasonable times, so bidders can see the property in person. To attend an open house, you will need to sign up for it – this allows the agent to expect you, and also means they can give you a more accurate understanding of their property when you meet. You can register by visiting the property display page and clicking RSVP for the time and date that suits you best. The agent will only receive your name, not your contact or any other personal details.
If you want to arrange a private inspection, click on the 'Q and A' button on the property display page, select 'inspection' from the drop down at the top of the dialogue box and send a message with a suggested time and date to the agent. Remember not to include any personal details in the message other than your name.
Alternatively, you will find the real estate agents details on the listing page of the property, and can contact the agent or their office to arrange an inspection by telephone or email.
Note: your contact details (phone and email) will not be provided to the agent when you sign up to attend an open house, only your name. This is to ensure no one is contacting you unless you ask them to.
What are the obligations of sellers and buyers?
Sale Ezy auctions take place completely online, meaning vendors and buyers aren’t in the same room to sign a contract or pay the deposit.
To protect both the vendor and the buyer, and ensure the sale proceeds as per legal requirements, Sale Ezy asks all registered bidders to ensure they have sought legal advice and discussed the contract with their legal council prior to bidding. If you are the successful purchaser, you must sign and exchange contracts and pay the deposit in the legal timeframe set by your state (usually on auction day).
Will I have time to bid?
The Sale Ezy auction process gives you time to think and make a responsible decision when you place your bid.
The auction never just cuts off at a final time. While ever there are bids placed, the auction will continue. At 'Final Call' the counter restarts when each fresh bid is placed and will continue until all bidding is exhausted. This is a fair process for both bidders and sellers.
Where do I get a contract from?
The contract for sale must be prepared by the property owner's solicitor (as per existing onsite auctions). This will then be made available for bidder access upon the bidder’s confirmation of registration to bid.
The document must be an original contract, not a draft contract and must have all documentation up to date and ready for exchange of contracts with a potential bidder.Ask a Question
Why do you need the vendor's ID?
Sale Ezy only requires a vendor's ID if they are selling their own property. This ensures we can validate they are a real person with the right to sell their property. Ultimately, it is the responsibility of the buyer and their solicitor to confirm the seller's ID before making any payments, but to help protect all users of our site we take that first step for you.Ask a Question
Is the property guaranteed to sell?
Sale Ezy, offers all sellers (property owners and their representing agents) the opportunity to list a property until sold. Agents and property owners can take advantage of each stage of our unique progressive format auction until the property is sold.
After final call, if the property is not sold, best offer continues displaying the property and allows potential buyers to submit offers for consideration, with contracts sent to all parties upon acceptance of an offer. You can leave a property on best offer for as long as you choose, and you can also select to use best offer prior to the final call start date (in fact, we'd recommend it!).
A successful sale comes down to a lot of factors – ensuring an accurate and competitive price, a robust marketing process, and a simple sales process (that’s where our platform comes in). We want to ensure all agents and owners successfully sell listed properties, and our bidders find the perfect property, so we are here to help as much or as little as you require.Ask a Question
Do I need a pest and building inspections conducted on my property?
A building and pest report not only gives a listing more credibility, it also limits the amount of people booking to go through an owner's home - if you have 10 buyers, they may require 10 pest and building inspections.
The report is optional in some states and mandatory in others, but we encourage all agents/owners to commission a building and pest report and upload it when listing.Ask a Question
Completing the sale
How do we receive the contract?
The contract for a property offered for auction will be emailed to bidders when they register. If you wish to place a bid, you should print the contract and take it to your solicitor or licensed conveyancer for advice. The version you receive is the original contract and may be signed and left at your solicitor or conveyancer's so they can facilitate exchange of contracts if you are the successful purchaser. The auction you are bidding in may be using a contract requiring an electronic signature -- we highly recommend every potential buyer has the contract reviewed before signing.
Although Sale Ezy works hard to ensure the accuracy of the information which is placed on its website, due to the importance associated with the purchase of land, you should always get advice from your solicitor or licensed conveyancer. Don’t have a solicitor or conveyancer? Check out our supplier page.Ask a Question
What is the cooling off period?
There is NO COOLING OFF PERIOD if the property is sold by public auction or passed in at auction. In some states this also includes if the property is sold just before or just after an unsuccessful auction.
Best Offer and final call (all stages of the Sale Ezy auction) are conducted under auction conditions.Ask a Question
How can we sign the contract?
The auction you are bidding in may rely on either a traditional or electronic contract. Regardless, you will receive a copy of the contract as soon as you are approved to bid. We strongly advise you to take this copy to your solicitor to have it checked prior to actually submitting a bid.
If the auction uses a traditional contract, at the end of auction, you will be sent a copy of the contract again, as will your solicitor, the vendor and the agent. It is up to you and your solicitor to ensure the contract is signed, exchanged and deposit paid within the deadline specified for auction in your state or territory (usually on the day of auction).
As part of our registration process, if the property is being sold by a registered agent or auctioneer, you will also sign an agreement that permits the auctioneer to sign on your behalf if you are the winning bidder and they can't immediately get in touch with you upon hammer fall.
If the auction you are bidding in uses electronic contract, it is still important this is reviewed by your solicitor before you sign. Once the hammer falls, the contract will be sent to you, fill in your name and details and sign the contract online, then forward it to your witness to do the same, before they submit it back to the auctioneer.Ask a Question
How can we pay the deposit?
All contracts for the sale of land require a deposit to be paid. This deposit is usually 10% of the sales price. The deposit can be paid in cash, cheque, bond or electronic funds transfer. It is a requirement of all auctions that the deposit be paid on the day that the auction closes. You might wish to consider providing your deposit to your solicitor to be held by them prior to the day of auction to reduce stress. You might also contact your bank beforehand to increase your limit to allow an electronic transfer on the day of sale. Please ensure you validate the ID of the vendor prior to providing any funds.
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If you do not pay your deposit on time, the contract will be void (this is a legal part of the exchange of contracts). It is important purchasers prepare themselves carefully for the payment of the deposit. Fund transfers may be limited to a set amount, so confirm with your bank you are able to transfer the full amount of the deposit well before auction day, or before you intend to bid if in Best offer (the first phase of the auction). Your bank may be able to change your limit for a one off transaction if your limit is below the required amount.
What about financial ability to purchase?
When the hammer falls at an auction, a contract is formed between vendor and purchaser. This means that the vendor and purchaser are duty-bound to complete the contract. It is absolutely vital purchasers place themselves in a position to settle the sale. Diligent purchasers should arrange and have finance approved prior to the fall of the hammer. It is worth noting that failure to settle a property may result in you losing your deposit or being sued for 10% of the purchase price and any other losses suffered by the vendor.Ask a Question
Auction terminology and process
What are the bid increments?
A bid increment is the minimum amount the offer must increase by each time someone bids.
Best Offer has no mandated bid increment as no bidder is aware of the amount the last bidder has offered.
During final call, the minimum bid increment is $5,000. The Auction Display Box will display ‘minimum bid’: this tells you the current bid, plus the bid increment so you know what to bid next. You may bid above the minimum bid amount displayed at any time, but never below it. During first, second and third call (within final call), the minimum bid increment will drop to $1,000.Ask a Question
What is Minimum Bid?
Minimum Bid is the minimum amount that will be accepted as a bid during any particular stage of the auction. During best offer, minimum bid is set at a stable figure, and any bids made under this amount will be automatically excluded from the auction as they are not in the best interest of the vendor (as per law).
During final call, minimum bid indicates the figure, at minimum, that must be bid in order for the bid to be included in the auction, and not automatically excluded. The minimum bid will change based on the last bid and current bid increment. For example, if the last bid is 500,000, and the minimum bid increment is $5000, the new minimum bid will be $505,000, then it will be $510,000 and so on. You may bid above minimum bid (and this may be a good strategy to keep other bidders on their toes!), but you may not bid below it.
If the property doesn't sell during final call, and it proceeds back to best offer, the minimum bid will again become stable, automatically set at the highest bid achieved during final call.
Due to restrictions on displaying/communicating prices for auction properties in QLD and Victoria, the minimum bid will not be displayed on properties for sale in these states during the Best Offer stage of the auction. In Victoria, agents may choose to display an expected selling price/range (within the legislated requirements of the state) in the property features section of the listing, in addition to uploading required documentation to the 'documents' section of the listing.Ask a Question
What is a Vendor Bid?
A ‘Vendor Bid’ is a bid made by or on behalf of the seller by the auctioneer. Vendors are allowed only one bid per auction under Sale Ezy auction conditions, regardless of the conditions in the state of the property. This bid will help start the auction or increase momentum.
Vendor bids are never placed and cannot be placed after the auction has reached reserve. The vendor bid will be displayed clearly as a 'vendor' bid so bidders can see it was placed by the vendor. Vendors do not have to place a vendor bid.
A vendor bid may not be made during an auction not conducted by an agent or auctioneer, that is, if you sell your own property, you may not make a vendor bid.Ask a Question
What is a reserve price?
The reserve price is the minimum amount the vendor will accept to sell their property. The final call section of the auction is subject to a reserve price. When the bid price reaches 'reserve', ‘on the market’ will appear on screen. This does not occur during best offer as all offers above minimum will be considered, and if the offers reach reserve, the highest remaining offer above reserve will be successful.
Where the winning bid reaches or is above the reserve price during final call, a binding contract is formed. This means that the vendor cannot refuse to sell and the purchaser cannot refuse to buy. Both parties are then bound to sign and exchange contracts for the sale of land.Ask a Question
What is auction protocol?
All bids will be displayed in the Auction Display Box. A bidder must be careful when making a bid. Once a bid is logged, a bidder cannot withdraw that bid. The bidder becomes bound to that bid if it is the winning bid and it has reached or is above the reserve price. This means that the bidder is the purchaser and must proceed to signing the contract. Remember, failure to sign the contract or settle the property allows the vendor to take legal action against the buyer.Ask a Question
What is the auction period?
The Auction period is the period of time from which best offer of final call begins to when the property is sold. The specific time period is undefined -- it may be one hour or several weeks, depending on the instructions of the property owner or auctioneer.
We recommend running best offer during the entire promotional period (it will automatically pause for three days before transitioning to best offer), and running final call for a maximum of one hour.Ask a Question
What is a bid log?
A log of all bids is available to the Office of Fair Trading and government compliance agencies to confirm the transparency of the auction process and prevent dummy bidding and other illegal practices.Ask a Question
What is best offer?
Best offer is Sale Ezy's private offers system.
Registered buyers submit offers online. The offer time, date and bidder number are displayed on screen for all to see, but the offer value is not displayed. All other registered buyers are notified an offer has been made.
The property owner and/or auctioneer are notified of the offer and the amount, they have 24 hours to accept the offer and sell the property or the offer is automatically withdrawn by the buyer.
Best offer will run indefinitely until the property is sold.
Though it feels like private treaty or tender, without the pressure of a traditional auction, it is conducted under auction conditions and all offers are legally binding.Ask a Question
What is final call?
Final call is Sale Ezy's public bidding system and is conducted under auction conditions, meaning every bid is binding and the winning bidder and property owner are legally required to proceed with exchange and sale.
Approximately an hour will present on a count down clock, during which competing bidders can make public bids -- the on screen log will show all viewers the bidder number, time and date of bid and the bid amount (no personal details). You may bid as many times as you like.
Once the count down finishes, 30 seconds each will be added to the clock for 1st, 2nd and 3rd call -- if a new bid is made in that time, the clock will return to 1st call and continue to cycle through 30 seconds each until no more bids are made.
At the end of 3rd call, if there are no more bids and the bid is above reserve, the property will be legally sold to the highest bidder. If the bid is below reserve, the property will transition to a best offer phase of auction.Ask a Question