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?
Bidding online is not difficult, please make sure you download the AUCTIONS LIVE Bidder App prior to the auction commencing and watch the “How to Bid Online” instructional video.
How long does a virtual/online auction last?
The length of a virtual auction will depend on the vendor, selling agent and Auctioneer. Normally a virtual auction for G&P Lazarou is scheduled for 15 minutes, however depending on the amount of bidders this could be extended.
Is it possible to accidentally place an online bid?
No, this is not possible. Every bid placed online must be confirmed by the bidder before it is submitted to the Auctioneer.
I plan on purchasing the property with my partner; do we both need to register as online bidders?
No, you are only required to register as an individual, should you be successful in purchasing the property please be sure to advise G&P Lazarou Estate Agents.
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?
You are unable to cancel your account if you have registered to bid for a property; however, you can deactivate your account at any time within your account setting.
Do you have an app?
Yes, you can download either the iOS or Android app from the App Store or Google Play. You will be automatically emailed links to both apps once you have completed your registered your account.
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 support@auctionslive.com

Why do you need to verify my ID and send a copy of my passport and utility bill?
We ask to verify your ID by sending us a copy of your passport/ID card and a utility bill as well as ask you to provide us with a photo showing you and the passport/ID card in our verification stage. This will need to be done one time only when first registering and it is to protect the integrity of our auctions because we want to make sure that all of our bidders are qualified.
Will you use my personal data or information for other purposes?
No, your personal data and information will only be used for the purpose of conducting the auction and for contacting you to keep you updated on upcoming auctions; however, we do provide individuals with the ability to opt-out at any time.
Can I change my mind after making a successful bid?
No, once the virtual hammer falls it is too late for either party to change their mind.
What does “On the Market mean”?
If a property is announced as being “on the market” it means it has reached or exceeded the reserve price set by the seller and is going to be sold at auction.
What does it mean if a property has been passed in?
If a property has been “passed in” it means that the “reserve price” was not met and therefore the property was not sold at auction.
Why do I need to make a bid deposit?
We require the deposit to ensure we have serious, qualified bidders.
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?
Bidding deposits are as follows:
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?
No, you are unable to register for multiple properties using a single 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?
For every property listed auction, G&P Lazarou are making a due diligence before putting them on for auction. This might include but is not limited to estimating the value of a property and its renovation costs, investigating the physical property, obtaining a title report, and researching the surrounding neighborhood. We will be sharing this information to the bidder upon request.
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?
Typically the reserve price is the minimum amount a seller is willing to accept. Most properties have an established reserve price, although there are occasions when a winning bidder can be declared even if the reserve price is not met. This occurs when a property is sold “subject to” the seller’s approval.
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?
Counter Bidding is a common practice used by all major auction houses. G&P Lazarou might counter bid on behalf of the seller in order to move the price closer to the Reserve Price, or minimum price that a seller will accept.
What happens next if I win the auction?
If you are the highest bidder when an auction ends, you will receive an email that confirms you have the highest bid and asking you to complete some important steps to complete your purchase of the property.
Do you accept bids below Reserve?
Yes, the auctioneer may accept a bid below the Reserve. For this reason, we suggest you place your highest and best bid at every auction.
Is the opening bid the reserve price?
No, an opening bid is an amount the bidding has started at.
Why would the auction end time be extended?
Bids placed within the final 2 minutes will extend the auction. This keeps the auction fair by allowing all bidders to place their own last minute bids.
Can I use a mortgage?
Typically, no. Most properties we offer on auction are “Cash only” which means the property has to be paid in full by the closing date.
Can I use financing to buy this property?
Typically, no. Most properties we offer for auction are sold cash-only. That means you must pay the entire purchase amount by the closing date.
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

Can I purchase a property as a separate entity?
Yes, you can purchase the property as a separate entity, such as a Limited Liability Company or a Trust, but you’ll have to provide specific documentation.
When will I get the deed of the property?
The handover 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.