The so-called “bidding process” can best be compared to an eBay auction. The big difference is that there is no obligation for the seller to sell his property to the highest bidder. Analogous to the classic sales process, KRAFT Immobilien will evaluate your property after a property inspection and analysis of various documents and make a price recommendation. Since the demand for real estate is currently significantly higher than the supply, a bidding process can be useful, depending on the location and condition of the property.
process flow
We begin the bidding process with the starting price we estimate, which corresponds to the calculated market value. The offer is initially placed in various real estate portals like a conventional offer. For the interested party, it is clearly emphasized that this is a bidding process and the possibility of viewing the property is limited to three or a maximum of four weeks. After the visits, interested parties have the opportunity to view various property documents (land register, location maps, declaration of division, etc.) in our data room. These documents are only made available to interested parties in anonymised form. If you are interested in participating in the bidding process, we ask for a confirmation of financing from the bank. Upon receipt, the potential interested parties will receive their login data from us by email and can use them to register on our partner's digital platform. The bidding process starts on a specified day, ideally before the weekend, and ends after 72 hours. Interested parties can then log in and bid. The bid is based on the starting bid in 0,5% steps. All those involved have the opportunity to find out about the current highest bid online at any time, although the bidders are only shown in anonymised form. The bidder has the option of bidding manually, or he initially specifies his highest bid.
At the end of the 3-day bidding process, a highest bidder emerges. The running time is extended by 20 minutes if a bid is submitted in the last 10 minutes. At the end of the bidding process, the property will be reserved for the highest bidder after the seller has given their approval. In contrast to an auction, there is no obligation for the seller to sell to the highest bidder. If for any reason he does not like the property, he can also sell the property to a "losing" bidder.
The conclusion of the contract takes place, as in normal real estate transactions, with a purchase agreement between the previous and new owner in front of a notary. We offer this service in cooperation with our Swiss partner "Venbona".