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.