Welcome To Grays
Online auctions may be new to a lot of people, but not to us. We’ve been the industry leader of online auctions for 20 + years and now we’re bringing that experience to the real estate market.
- How does bidding work?
- How are the bidders qualified?
- Does the bidding close exactly at the time advertised?
- Can I withdraw or reverse a bid?
- What if I’m having trouble placing a bid or understanding what is happening?
- How will I know if I’m the highest bidder or not?
- How are the contracts signed?
- How are deposits paid?
- Where can I find more information?
How does bidding work?
Step 1: Head to grays.com
Step 2: To bid on a property, first you will need to create a My Grays account and click the join button on the top right corner on the homepage.
Step 3: Enter your email address and password to create your My Grays account and click create my account.
Step 4: To complete your account, enter your details,shipping address, payment method. Note that these details can be updated at any time in your My Grays account.
Step 5: Now you are ready to bid on property. To do this, head to the property that you want to bid on and click the register to bid button. We will then send you an email with the terms and request that you email through a colour photocopy of your valid drivers licence to confirm.
Step 6: Once you have submitted these details we will email you confirming your approval to bid. You can then return to the sale page and start bidding.
Step 7: Happy Bidding!
How are the bidders qualified?
Anyone wanting to bid on property is required to be registered by providing a credit card and photo identification. This is stored securely and verified against a national database in order to ensure the bidders and bids placed are legitimate. The agent will then be notified as the bidders become registered.
Does the bidding close exactly at the time advertised?
No, the online auction will stay open until there has been at least 10 minutes since the last bid. This gives any bidders the chance to increase their current bid. This does mean that the auction could go on indefinitely. Although, in practice, the auctions generally finish reasonably close to the assigned close time.
Can I withdraw or reverse a bid?
No, once you have made a live bid you are required by law to honour that bid. This protects the integrity of the online auction process.
So please make sure that you are committed before placing a bid.
What if I’m having trouble placing a bid or understanding what is happening?
We have a dedicated support team and help centre at Grays to assist you. In addition to this the contact details of the agent are also available on all property listings on our webpages for you to phone. Our team is here to help.
How will I know if I’m the highest bidder or not?
After confirming your bid, you will be notified by sms and email if you are winning the auction. Keep in mind if someone has placed an “autobid” higher than the bid you have placed, the price will be increased but you will not be winning the auction. All of the bidding history can be viewed directly from the listing.
How are the contracts signed?
There are a number of approved on-line providers for signing documents such as docusign, so everything is done quickly, safely and easily over the internet.
How are deposits paid?
Deposits are paid by electronic transfer the same way that you would if successful at a regular Saturday, in person, auction. The estate agent selling the property will provide details for the appropriate trust account to transfer the funds to.
Where can I find more information?
Please see our website FAQ’s for more information or call one of our friendly team members here at Grays to find out more. We look forward to working with you on the next exciting online property auction!