You’ve seen your dream property and you’re ready to make it yours, so your first step is to simply register with the agent and satisfy the ID check (fulfilling the Province of BC Government regulations) who will then enter your confidential details into the CreOnlineAuction platform.
You will finalise the registration process online. When you decide to make your first bid, you will need to choose a bidder number which is valid for the duration of one auction only. You are now ready to bid.
The duration of an auction can be set anywhere between 1 and 14 days. You will be made aware of the duration before the auction starts. You will also see a starting bid appear. It’s important to note that this is a starting guide, not a vendor bid.
At the Final Call Stage, any bids received within the last 3 minutes will push the clock out a further 3 minutes – that keeps things fair for all bidders
If you are the highest bidder at the time the clock runs out and the reserve has been met, then congratulations, the property is yours!
If the reserve has not been reached and the property passes in, the highest bidder will immediately be shown the reserve price. As the top bidder, they will receive the exclusive right to negotiate an outcome for 60 minutes. Your agent will facilitate this process and this is a great opportunity to negotiate a successful outcome.
As the successful bidder you will need to contact the agent and arrange to meet to exchange contracts. This needs to be done by 5pm the following day after the fall of the virtual hammer (as per registration conditions). At this time you will pay your deposit as per normal auction process.Now it’s time to crack open the champagne and celebrate!
Our online bidding platform allows vendors and agents to maximise the value of a property by encouraging buyers from anywhere in the world to compete in a comfortable and secure environment.
Once registered, uploading a property is a piece of cake and can be completed easy and soon. We suggestion you have a Agent but This is by no means mandatory. Otherwise CreOnlineAuction will provide a highly experienced Agent for you. If you need help Please Contact us.
The actual auction commences after the normal marketing campaign comes to an end and is typically 5 days long but can range anywhere from 1 to 14 days. Other critical auction information such as the reserve price, bid increments and starting bid can all be decided and specified later.
As prospective buyers view the property, the agent encourages them to pre-register for the auction even if they are unsure they will bid. All bidders must prove their identity with the agents using an institutional form of photo identification which shows current residential address (e.g. typically a current drivers licence).
Before the auction commences we will set the reserve price under your instruction plus other auction parameters such as the starting bid and minimum bid increments. This is the time for the agent to call all registered bidders and ensure they have completed registration and are ready to go.
Once the auction is "in session" bidding can commence. They can login to the website via their computer or mobile device to securely bid. They are notified in real-time if they are outbid, where there is 1h left and if reserve is met. Agents can see everything via their dashboard. Because an auction typically runs anywhere from 1-5 days, everyone has time to consider their options and agents have time to encourage bidders to participate.
CreOnlineAuction allows you, the seller and agent the time and space to make decisions. It allows you to see the competition and gives you the flexibility to review your reserve or cast your “vendor bid”.
Once the virtual hammer falls at a price you are happy with, your selling agent will finalise the transaction by exchanging contracts offline. Bidders ARE NOT required to pay for the property, or any part of it, via our platform.
If the reserve has not been reached and the property passes in, the highest bidder will immediately be shown the reserve price. As the top bidder, they will receive the exclusive right to negotiate an outcome for 60 minutes. The agent will facilitate this process between vendor and bidder
