Online notary auction platform a great success: 2,200 properties sold since September
Biddit, the online platform launched by Belgian notaries for the sale of properties that are up for auction has been a resounding success. In the nine months since its launch no fewer than 2,200 properties have been sold on Biddit. The platform currently has 6,000 registered bidders with an average of 35 bids per property. More than half of all Belgian notaries use the platform. Notary Carol Bohyn told VRT News "We see that above all younger bidders register. It is a very easy to use tool for them. Ms Bohyn believes that the reason for the success of the online notary auction platform is two-fold.
"On the one hand it is a very transparent platform, each bidder knows how much has been bid and when. While on the other hand the identity of the purchaser and the vendor remain secret. The price decides who ends up buying”.
The way in which property is bought and sold on the site is very similar to a traditional property auction. Nevertheless there are some essential differences.
"The big difference is that the bids are binding. If the vendor accepts the bid the sale goes through”, Ms Bohyn added. An auction on the Biddit platform always takes 8 days. The bidder receivers there keys and the vendor their cash within 6 weeks of the sale being agreed.