Online house auction, how does it work?

houses auction online

Eerlijk Bieden has launched a new sales method for added transparency: the online homes auction. In addition to Closed Subscription and Regular Bidding, this provides an additional option for a transparent Bid Log. But how does this new method actually work, we explain.

The principle of a house auction

If you make an offer on a property these days, chances are it will go through a closed process. The real estate agent asks you to submit an offer (possibly before a deadline), after which there is an award. Although this method of sale goes well thanks to the technical rules of Eerlijk Bieden , it is still something of a black-box. For example, you don't know if other candidates have submitted bids, let alone how many.

With Eerlijk Bieden 's home auction, this works a little differently. First of all, you still get an invitation from the real estate agent to make a bid before a deadline, but unlike the previous sales method, you now see real-time other bids from candidates. This way you can react quickly to the bids of other candidates and never pay too much.

house auction
Sample online homes auction in Eerlijk Bieden

How does the housing auction work?

The principle is actually quite simple. You receive an invitation from the broker to participate in bidding. After a short registration you can get started immediately. The first bidder must offer at least the "starting price", all subsequent candidates bid in increments of € 500 euros. This amount was chosen to avoid an overly busy process where candidates are outbid by amounts such as €1 euro. By bidding up, this feature is similar to bidding as you may be used to from Marketplace or Holiday Auctions.

Beforehand and in between, it is always possible to adjust the condition of the bid. This way, you can respond not only to a candidate's price, but also to components such as any caveats in the bid.

Extension of deadline

This sales method should give everyone a chance to secure a dream home. Therefore, for applicants who are less proficient with the computer, a system rule has been set up that extends the deadline by two minutes if a bid is made in the last two minutes. This way, everyone has enough time to respond to a last-minute bid.

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