Why do I need to register online to bid on a property?
You are required to register online before you can log into the Bidder App. Information provided during the online bidder registration process is used by G&P Lazarou Estate Agents to assist our office in verifying all individuals before activating their accounts.
How do I register for a property as an online bidder account?
To register for a property as an online bidder please follow the below steps:
- Navigate to website https://www.gplazarou.com/
- Within the menu select/tap “Virtual Auctions”
- From the list of properties available select/tap the property you are interested in.
- Within the property, information page select the button “Online Registration”
- Complete the required form field and select/tap the “Submit” button.
- You will be returned to a confirmation advising you that your form has been successfully submitted.
- You will now be required to wait until G&P Lazarou Estate Agents activates your account before you are eligible to log into the Bidders.
How do I bid online?
How long does a virtual/online auction last?
Is it possible to accidentally place an online bid?
I plan on purchasing the property with my partner; do we both need to register as online bidders?
What if I forget my password?
If you forget your password you can always reset it by following the below steps:
Step 1. Open up the Bidder App
Step 2. Tap “Forgot password”
Step 3. You will be redirected to auctionslive.com, from here enter the email address you registered with.
Step 4. You will be sent an email, tap the link to change your password.
Step 5. Enter your new password.
Can I cancel or deactivate my account?
Do you have an app?
Why isn’t the app downloading?
If you are having problems downloading the app please make sure you are connected to the internet and nothing the setting of your devices is prohibiting the download.
Should you continue to have problems, please email email@example.com
Why do you need to verify my ID and send a copy of my passport and utility bill?
Will you use my personal data or information for other purposes?
Can I change my mind after making a successful bid?
What does “On the Market mean”?
What does it mean if a property has been passed in?
Why do I need to make a bid deposit?
If you are unsuccessful in purchasing the property the bid deposit will be refunded to your account within max. 2-3 working days (depending on your bank).
If you are the successful bidder, the bid deposit will be considered as the first initial payment for the property purchased.
How much of a bid deposit will I need to transfer?
|Auction property value:||Bidding Deposit Amount|
|€ 1 – € 50, 000||€ 2,000|
|€ 50,001 – € 100,000||€ 3,000|
|€ 100,001 – € 250,000||€ 4,500|
|€ 250,001 – € 500,000||€ 7,000|
|€ 500,001 – Max||€ 10,000|
Can I register for multiple properties using one deposit?
You will be required to transfer the full bid deposit amount for every property you intend to bid on.
Any properties you are unsuccessful in purchasing will have the bid deposit refunded within 2-3 working days.
How do I conduct due diligence?
Can I see the property before the auction?
Yes, all properties listed for auction will be open for inspection approximately 3 weeks prior to the auction date. Please visit our website to view open for inspection times or contact our office.
What is the reserve price?
What happens if the reserve price is not met?
If the reserve is not met the seller will have several options available to them, including:
- Passing in the property and re-auctioning it at a later date.
- Selling the property to the highest bidder.
- Taking the property of the market
How does counterbidding work?
What happens next if I win the auction?
Do you accept bids below Reserve?
Is the opening bid the reserve price?
Why would the auction end time be extended?
Can I use a mortgage?
Can I use financing to buy this property?
What happens after I win a bank-owned and rental property auction?
If you are the highest bidder at the end of an auction, here are your post-auction obligations:
Contract Information: Your information is required to generate the Purchase Agreement. You will receive an email confirming you have the highest bid. You will then need to provide important contracting information by filling out a form you can preview the required information on this form as a printable checklist. Make sure to submit the form within1 business day.
Subject to Seller’s Confirmation: If the property is being sold as “subject to seller’s confirmation,” the seller must approve your auction bid before the sale can be finalized. During this time, the seller will review your bid and determine if it is within their acceptable range. You will receive an email notification if this applies.
Purchase Agreement: Once everything is verified, the Purchase Agreement will be generated and you will need to sign and return the document for the seller to review and sign.
Deposit payment: You will be asked to pay a deposit of 30 % of the final auction value to G&P Lazarou’s stipulated account within 1 business day and send a copy of your confirmation receipt to G&P Lazarou the same day.
Proof of Funds: You need to provide G&P Lazarou a copy of your Proof of Funds by email within2 business days.
Final payment: You will need to settle the remaining purchase amount (total amount of bid less deposit amount and less 30 % deposit payment done immediately after the purchase) within max. 20 business days after the successful auction.
Hand over of property and title deeds: The hand over of the property will be done within max 30 business days after the successful bidding date. In most of the cases this will be simultaneously done within max 1-2 business days after receiving the final payment or even the same day.
Contract not honored: If the successful bidder will not honor the contract and the sale will not be completed within the 20 business days, the purchase contract will be cancelled and made void and the successful bidder will lose the initial bidding deposit as well as the 10 % deposit payment.
Note that specific requirements may vary on a per-auction basis. Please carefully review all communication from our team to ensure everything is submitted correctly and in a timely manner