Placing a bid in the auction
End of the auction
Placing a bid
Any user registered on the website can place a bid in property auctions.
In order to place a bid it is necessary to provide a credit card to guarantee the offer. A pre-authorisation will be requested for the auction deposit amount on this credit card.
The offer is binding and will last up to 7 days after the auction closes.
This amount will only actually be withdrawn from those who win the property at the end of the auction. All other participants will have the authorised amount released within 7 days of the auction's ending.
Winning an auction
At the end of the auction, all relevant details will be requested to the winning bidder.
Winning bid higher than the reserve price
In this case, the purchase proposal (or preliminary purchase agreement) completed and pre-approved by the seller will be sent to the buyer.
Winning bid lower than reserve price
In this case, the seller will have up to 5 working days to consider the best offer. If it is rejected, the auction will close without any winner. If it is accepted, the purchase proposal will be sent to the buyer in the usual manner.
A few easy and fast steps to get the purchase proposal done.
Upon receipt of the purchase proposal, the buyer will be asked, within 5 days, to:
- pay a confirmatory deposit equal to 10% of the offer amount;
- pay the auction fees amount equal to 3%, net of the deposit withheld from the credit card at the conclusion of the auction;
- digitally sign the purchase proposal;
At this point, the seller will have to carry out all the checks required by the law. Subsequently, the parties can set a date with the notary for the deed.
If the bidder does not proceed with the purchase
If the highest bidder decides not to proceed with the purchase, he/she will lose the deposit authorised at the time of participation in the auction. In this case, Kaaja will contact the second-highest bidder and continue the process in the same way as described above.