CreOnlineAuction removes the stress associated with physical auctions. The convenience and ease of bidding for a property online when and how you want, means you, the buyer experience increased comfort and control in the process.
Read more about the full online auction process
Everything is transparent. Everything is regulated
Once you’ve found your property, contact the agent to register as a bidder. Your agent will require photo ID as well as personal details in order to register you. It’s important details are accurate, especially your mobile and email address so that you receive system notifications.
After your details are entered into the creonlineauction platform, a system-generated email will be sent to you.
You can now finalise the registration online, select a PIN, sit back, relax and get ready for the auction to start!
Bid in private, from the comfort of your home
When the auction opens, all registered bidders will be notified via email and SMS. Login using your email and PIN. To enter the auction room you must select a unique bidders number.
Your name will never be shown and only your bidder number is displayed.
There will be a starting bid (SALE OF GOODS ACT RSBC 1996 CHAPTER 410). This is not a vendor bid, but rather a benchmark where offers below will not be considered. All bids made online are recorded, and shown in real time on the screen along with the bidder’s number. All bidders will be notified by email and SMS if their bid was successfully accepted or if they have been outbid.
With each bid, the system will declare whether the reserve price has been reached or not. An email and SMS will be sent to all bidders when reserve has been reached.
A single bid on behalf of the vendor can be made during the auction and this is clearly labelled as a VENDOR BID.
Time to think. Time to decide
All parties will be sent notifications at the ‘24 hours remaining’ and ‘1 hour remaining’ points.
‘Final call’ is the last 3 minutes of the auction. Any bids received within this period will reset the clock back to 3 minutes, for fairness. If you want the property, this is the time to push home your advantage!
If you are the highest bidder when the clock runs out, the property is yours.
If the reserve is not met at the time the auction closes, the highest bidder will instantly be shown the reserve price and will have the sole and exclusive right for 60 minutes to pay that price or negotiate with the agent. For this reason, it pays to be the highest bidder when the clock runs out, even if the reserve has not been met.
The sale is now finalized auction's end.
Once the virtual hammer falls there is a binding contract in place. If you are the successful purchaser, you can relax in the knowledge that the property cannot be sold to anyone else.
Your next step will be to get in contact with your agent and to exchange contracts.
At this time you will pay your deposit. You have until 5pm the day following the auctions end to finalise this process. It is wise to discuss the best way to do this with your agent before the auction commences.
It is such a simple process.
All bids are fully disclosed, and with realtime alerts, buyers can participate with confidence.
A secure and legally compliant platform, with genuine identified bidders and enforceable contracts.
User friendly and intuitive With simple guidelines to step you through.
The final call countdown means buyers always have the chance to bid before the auction closes.
Bid or manage your auction from wherever you are 24/7.
So you can make yourdecisions in your own time without the pressure.