How to buy a house or property using Sale Ezy
Sale Ezy’s new online auction platform has been designed to make buying and selling property transparent and simple, providing you more mobility and access, so attending auctions doesn't impact on your life and other commitments.
So, how does it work?
Like many real estate websites, Sale Ezy is set up so you can search for your perfect property right from the front page. Input your search criteria, click the ‘search’ button and see property overviews, upcoming open houses and live auction dates, with detailed information about real estate for sale only a click away.
Sale Ezy’s true transparency really comes to life when you click through to a property of interest. Use the property listing page to see the building inspection report, photos and a range of other details and documents that give you a thorough understanding of where the auction will start and what you can expect from the property. Don’t forget to sign up to attend an open house or ask a question with the real-time Q and A!
If you are interested in a particular property (or even more than one), sign up to activate your free My Sale Ezy account. Once you have an account, save the property for monitoring by clicking on the bookmark star.
In your profile, you can view property thumbnails, auction and open house details. You can choose to receive email alerts that inform you of any changes to the listing and remind you to register to bid before the auction kicks off.
Registering to bid
Registering to bid is EZY! Visit the display page of the property you are interested in and click on the 'register to bid or make an offer' button. According to the law, you will need to register separately on each new property you want to bid in and show your picture ID again.This protects you and the property owner, and enables regulators to audit auction processes to ensure they are fair and transparent.
In the registration form:
- Fill in your details
- Let us know if you are an Australian citizen
- Provide your solicitor's details
- Upload your ID
- Read the tick boxes and the terms and conditions carefully, agree and submit.
- Upon submission, you'll be asked to make a minimal $5 platform processing payment. This payment enables a final security check and confirms you have a viable payment method so we don't have to hold a deposit on your card like some other online auction sites. We won't take the payment if you are successful at auction, this is just for security.
Once submitted, your ID will be checked by a third party ID validation system (used by many banks) and sent to the listing agent or auctioneer for approval (as per the law). Only once approved will you be able to bid.
If the listing agent is on stand by, this process can take as little as five minutes!
Bidding on a property
Our auction is a progressive, three part auction, as indicated by the image below. Properties will start with a slower, less-pressurised best Offer auction period, progress to the final call stage of the auction, and then, if not sold, it will move back into best Offer until sold.
Getting started: best offer
The auction starts at best offer. This segment of the auction may continue for several weeks while the property is promoted.
- During best offer, you can submit competitive bids by registering, and then clicking into the bid box, typing in your bid and clicking 'bid now'.
- Your bid/offer must always be higher than the base price or minimum bid indicated on screen. This is the lowest acceptable bid that can be made on the property -- anything below this, and the auctioneer automatically rejects it as it isn't in the best interest of the property owner (in accordance with state law).
- Once you have submitted an offer, the screen will show your bid number and the time and date of your offer, but during best offer, it will not display the amount of your offer. All other registered bidders will be notified an offer has been made.
- Your offer will be sent through to the listing agent, the auctioneer and the vendor (property owner). If the vendor and auctioneer agree it is acceptable, it will be approved, the hammer will drop and the property will legally be sold to you under auction conditions.
- Your solicitor, the property owner and their solicitor, the agent and yourself will receive another copy of the contract (though you should already have one) and a Sales Advice. You are then responsible for exchanging within the specified deadline.
The hot seat: final call
If the property doesn't sell during best offer, the clock will count down and the final call segment of the auction will commence. Usually the final call segment will consist of around an hour (recommended by Sale Ezy) of countdown that leads to 30 seconds each of 1st, 2nd and 3rd call. You can submit bids any time during that hour exactly the same way as you submitted bids during best offer.
- When you submit a bid during the final call segment of the auction, your bidder number, time and date and the amount of your bid will be displayed on screen for all to see (none of your personal details will be displayed). Other registered bidders may then bid, as long as their bid meets or is higher than the minimum bid displayed on screen.
- Until 1st call, the minimum bid will be $5,000 dollars higher than the current highest bid. During 1st, 2nd and 3rd call, it will be $1,000 above the last bid.
- The final call segment of the auction most resembles a normal stand up auction. Registered bidders take it in turns to submit bids higher than the last. Once the bid reaches or surpasses the reserve set privately by the auctioneer and property owner, the property is classed as 'ON THE MARKET' (displayed on screen). This means, when the hammer falls at the end of 3rd call, the property will be sold to the highest bidder under auction conditions, and the buyer is legally bound to proceed with the sale.
- The 30 seconds each for 1st, 2nd and 3rd call is where the auction really heats up, with people competing to get their bids in before the hammer falls as the property could be sold -- they may miss out if they don't bid!
- Whenever a bid is made during 1st, 2nd or 3rd call, it returns to 1st call and the process starts again, each with 30 more seconds on the clock.
- If no bids are made at all between 1st, 2nd and 3rd call, and the bid is above reserve, the hammer will fall at the end of 3rd call and the property will be legally sold to the highest bidder.
- If the bid is not above reserve, it will return to the best offer segment of the auction, a slower way to offer and bid, and remain their until an acceptable offer is submitted and the property is sold.
Prior to the final call segment of the auction, you will receive an email alert to remind you that final call will commence soon – it’s always good to mark this in your calendar so you don’t miss anything.