FREQUENTLY ASKED QUESTIONS

(A) Auction process

(1) Whats happens if I have the lowest unique bid at the end of an auction?

You will have the right to purchase the featured property at your successful bid price. Stamp duty on the purchase of the property will be met by us. However, any other costs relating to the purchase (including legal and settlement fees) are to be met by you.

(2) What are the auction rules?

Please refer to our Auction Rules page.

(3) Can anyone place a bid?

You have to be 18 and over, and be able to enter into a contract.

(4) How many bids can I place in each auction?

You can submit as many bids as you like, depending on your bid strategy. You will receive a status message after each bid telling you whether your bid is unique or not, and whether it is the lowest or not. You can then adjust your bid strategy accordingly. Note though that there is a nominal charge of US$3 per bid.

(5) What should be my bid strategy?

The aim is to have the lowest unique bid at auction close. Some strategies used by bidders include: Try to gauge where the lowest unique bid may be. You may want to start off at a higher level if many people are bidding low. As long as your bid is unique, it may become the lowest as the bids below are 'knocked out' by no longer being unique. Bid low, continually monitor, and ensure you have made lowest unique bid. Once you have secured a lowest unique bid, sit tight, and hope it is not "knocked out". If you bid does get "knocked out", then you can consider placing another bid. Wait till the count down starts, and then bid. However, if you do this, you run the risk of the auction closing suddenly before you have made any bids. These are just some of the possibilities, and you may develop your own strategy after taking part in the auction.

(6) Do I need to register in order to bid?

Yes, registration is once-off only. After you register, simply log-in and you can start bidding.

(7) Can I get a refund on my bid?

We are very sorry, but we cannot refund charges for placing bids and providing bid status messages.

(8) Why is there a maximum bid price?

A maximum bid price is set to limit the number of bids, and to avoid bidders' concerns as to the scale or range of bidding. Hopefully, by setting a maximum bid price prospective bidders will recognise that even at the maximum bid value a successful bidder will be paying a very attractive sum for the featured property.

(B) Bid status messages

(1) What bid status message will I receive for my bid?

After you submit a bid, you will receive a message letting you know whether: (a) you have the lowest unique bid; or (b) your bid is unique but not the lowest; or (c) not unique, in which case you will be told whether the current lowest unique bid is higher or lower.

As the auction progresses, you bid status may change. Make sure to check your bid status regularly for updates. There no further charges payable as the initial charge of US$3 covers both the initial bid message and subsequent updates.

(2) My bid status message says that I have the lowest unique bid. Does that mean I'm the successful bidder?

Only if you continue to hold the lowest unique bid at auction close.

(C) Lowest unique bid

(1) Why is the current lowest unique bid not disclosed to all bidders?

This is a sealed bid auction and the value of bids will not be disclosed.

If each lowest unique bid value were disclosed all, it could result in the whole process deteriorating into a knock out race. That is, a significant number of bidders could wait until just before the end time/date of each auction then try to knockout the current lowest unique bid by matching it and positioning their own bid to be the lowest. Apart from undermining the process there is also the risk that this last minute scramble could overload the technology.

(2) What is the current lowest unique bid price range?

As bids are received, this price range of the lowest bid price is calculated by an automated bid management system to provide the general location of the current lowest unique bid.

The current lowest unique bid price range is provided for your information only. It is shown to help you develop a bidding strategy.

It is entirely possible that there may be opportunities to submit a unique bid at values below the currently displayed price range, therefore this range can move up or down as bids are received.

(D) Successful bid

(1) How is the successful bidder identified?

The bidder who placed the lowest unique (unmatched) bid at close of auction will be offered the property at the successful bid price.

(2) What happens if there are no unique bids?

If there are no unique bids then the lowest bid value with only 2 bids will be selected and the successful bidder will be the person who submitted their bid first.

If there are no bid values with only 2 bidders, then the lowest bid value with only 3 bids will be selected and the property offered to the bidder who submitted their bid first.

This process will be repeated until a successful bidder is found.

(3) How will I know if my bid is successful?

We will notify you. We will also display the results of the auction at our Updates page.

(E) Properties

(1) Who owns the auction properties?

Either ITZ Holdings P/L owns the property, or have a legally binding contractual agreement to purchase the property. We will not offer any properties for auction that we do not either own or have a legally binding contract to purchase.

(2) Will there be a mortgage over the property when it is sold to the successful bidder?

No. You will purchase the property from us free from any mortgage / financing.