How The Cash Buyer Hub Works
The following shows the process of joining a live bid for a residential property.
Register as a Prospective Member
Fill in the basic registration details online now. You will be accepted as a Prospective Member of CBH. To Bid on Property you require to be a full Member of CBH which involves a more detailed provision of information.
View our private exclusive listings for sale and the slated Bidding Day and Time
Take your time to conduct your research. Contact CBH to arrange a viewing before bidding. The Pre-Bidding Period lasts 7 days leading up to Bidding Day.
Place a bid and win the property
When you are ready on Bidding Day at the allotted time be prepared to spend up to 30 minutes for the duration of the bidding process
When a successful bid is made
When you are successful in your bid you are contacted by CBH to enter the legal process to conclude your purchase.
How Bidding Works
Registration
You must apply to be a Prospective Member of CBH. Once you want to make a bid you will have to provide your card details. This is to pay for the small sum required to carry out due diligence on your evidence of funding and anti-money laundering checks etc. Once clearing the diligence, you will be accepted as a Member of CBH. Only cleared Members can make bids on CBH property for sale on Bidding Day.
No offers can be made for property prior to Bidding Day or outside of the Bidding Day process.
Bidding Proces
Bidding is based on placing a bid on a discount below the market valuation. Bidding opens at the allotted time at the Base Discount Rate (BDR) which is set at 5%. The first and fastest bidder wins the bid. If there are no bidders after 60 seconds has lapsed, the bidding tool resets for another bid. 30 seconds are allowed for this reset before the next discount, which is set at 6% below market valuation. Bidding continues in this pattern in increments of 1% more discount until the 10% discount rate is reached. After the 10% discount position, the increments are reduced to 0.5% This means the next discount position is 10.5%. If no bid is made the discount reduces by 0.5% increments until the Reserve Discount Price (RDP) is reached. When this point is reached the property is removed from sale.
Due Diligence
We encourage all potential bidders to read the listing, view the property and review all the Legal Pack and material Information provided before placing a bid. It is important potential bidders carry out their due diligence to understand all the details of the property and information provided by CBH.
How a Bidding session ends
Once the Bidding session ends the winner proceeds to complete the legals for the purchase.
In accordance with the Buyers Contract with CBH, the buyer will proceed to appoint a conveyancing solicitor, and a draft purchase agreement will be signed for the property.
The appointed solicitor will proceed to complete the purchase with immediate communication with the selling solicitor.
Both buying and selling solicitor will be in possession of the CBH Service Level Agreement (SLA) which sets out the expedited conditions under which the property will be conveyed.
Once the two respective solicitors have spoken CBH, buyer and seller will be informed of the Completion Target Date (CTD) that has been set by the solicitors for completion of the property.
Buyers and sellers are advised in their documentation to be prepared for vacant possession to take place on this day regardless of any change in their circumstances.
Any private arrangements can be made between buyer and seller for the date of occupation of the property, but the legal transfer of the ownership is fixed to that date.
After a Bidding session ends
Once the Bidding session ends the winner proceeds to complete the legals for the purchase.
In accordance with the Buyers Contract with CBH, the buyer will proceed to appoint a conveyancing solicitor, and a draft purchase agreement will be signed for the property.
The appointed solicitor will proceed to complete the purchase with immediate communication with the selling solicitor.
Both buying and selling solicitor will be in possession of the CBH Service Level Agreement (SLA) which sets out the expedited conditions under which the property will be conveyed.
Once the two respective solicitors have spoken CBH, buyer and seller will be informed of the Completion Target Date (CTD) that has been set by the solicitors for completion of the property.
Buyers and sellers are advised in their documentation to be prepared for vacant possession to take place on this day regardless of any change in their circumstances.
Any private arrangements can be made between buyer and seller for the date of occupation of the property, but the legal transfer of the ownership is fixed to that date.
How the Reserve Price works
The Reserve Price (RP) is set at the outset of bidding as the maximum level of discount below the Ascertained Market Value ((AMV) that the seller will allow the bidding to go to.
If no bids are made before this limit is reached, the property is removed from the sale.
The seller can decide after the bidding completes and in discussion with CBH to place the property into another Bidding Session at a new Reserve Price where both parties agree this would be beneficial.
Buyer Expenses
Members of Buyers Market who bid on properties incur expenses to cover for the required Identity and AML checks required.
These expenses are paid directly by debit or credit card at the time of the checks and prior to the bidding as set out in CBH Ts and Cs.
Seller Fees
Sellers fees according to the Ts and Cs and currently set at 2% of the final sale price are payable directly from the proceeds of the sale.
The selling solicitor has an obligation to disperse the balance of funds remaining, after all legitimate costs are accounted for, to the seller.
The selling solicitor will treat the CBH Matching Fee as a fee due and payable on the day of completion.