ExchangeHouse

General

Who are we ?

An interactive online marketplace that harnesses technology to shift the whole browse, buy and sell property experience to the new era...one that is completely engaging, constantly dynamic and totally interactive for everyone.

How do I know Vendors and Buyers are real ?

ALL bidders ID are VERIFIED against government databases, not simply sighted and recorded. It is the highest level of registration, similar to opening an online bank account.

Buyers

Why do I have to register every time for each property ?

Current legislation requires this.

When can I register to bid on a property ?

You can register to bid on a property any time before or during the auction.

When can I place a bid on a property ?

You can place a bid on a property once the auction has commenced.

What is the Opening Bid Call ? 

It is the price the auction will commence/open at as set by the seller.

How do I know when the reserve is met ? 

The bidding screen will show this if the Seller wishes to indicate when the reserve has been met.

Can I change my mind after placing a bid ? 

No. All bids are binding.

How will I know if my bid is successful/has been accepted ? 

You will immediately receive an email and SMS notice.

Can I place a bid against myself ? 

Yes you can, but this new bid will reset the countdown bid clock.

How does exchange of contracts occur ? 

We exchange contracts on your behalf when sold under auction conditions and you are required to pay the deposit to the Seller within 48 hours.

Is there a “cooling off” period after exchange of contracts ? 

No. Under auction rules contracts are exchanged unconditionally with no cooling off period.

Can/how do I negotiate to buy the property if it passes in ? 

Contact the Lister/Seller managing the sale.

Why can’t I bid on several properties at once ? 

Given all bids are binding, by default, you can only have 1 current bid live at any time. You can have more than 1 current bid live only by exception and by contacting Exchangehouse first.

When does the bidders bond get refunded? 

The bond is refunded within 24-48 hours of the auction ending if you were unsuccessful OR once you pay the deposit if you won.

I don't have credit card limit to pay the bond?

Credit cards can be in credit. Simply transfer the bond amount from your deposit saved to your credit card.

What if I accidently entered the wrong residential address and proceeded to verify myself ? 

It is important that you enter the address that is on your driver's license and/or where you are enrolled to vote, even though you may be temporarily living somewhere else. If you make a mistake though, you can correct your address details on the verification page when you select "drivers license" or "electoral role" categories.

What if I want to make variations to the Contract of Sale that is listed on the site ? 

We only exchange the standard contract of sale as listed online. We offer you a ‘Request Changes to Contract’ form in the ‘Downloads’ section, which your solicitor/conveyancer can complete and have the vendor execute, agreeing to any variations. If an ONSITE auction, please negotiate any changes directly with the Agent as they organise exchange of contracts.

I have forgotten my login password or account is locked out after three attempts ? 

Simply click on the forgot password link, enter your email address and enter your mother's maiden name entered when you Joined Us. You will receive an email with a temporary password which you use to login. After logging in you will be asked to change your password.

Sellers

What is the Opening Bid Call ?

Where you want your auction to commence bidding at.

Do I get to choose the Opening Bid call ?

Yes. You decide where you want your online auction to start from a choice of six (6).

After I list, can I change the reserve on the property ?

Yes. At any time, although you can only lower it. Do this to either attract bids, or enable acceptance of any bid placed.

Can I withdraw the property before any bids are placed ?

Yes. You can withdraw the property if the auction has not commenced or no bids have been placed.

Can I withdraw the property after a bid is placed on it ?

No.

Are vendor bids permitted?

Yes. One (1) vendor bid is permitted, and if made, is clearly labelled and indicated to the public.

Once the reserve is met, does the property just sell for that amount ?

The property will sell for the last highest bid above the reserve.

How does exchange of contracts occur ?

We sign the contract of sale on behalf of the vendor and purchaser with online auctions. The purchaser is then legally obliged to pay the required deposit within 48 hours.

What if the successful bidder changes their mind and/or does not want to exchange ?

Exchangehouse will sign the contract on their behalf and execute exchange.

How long could an auction actually go for ?

As long as bids are being made, the auction will run. It ends when the countdown timer hits zero.

I have forgotten my login password or account is locked out after three attempts?

Simply click on the forgot password link, enter your email address and enter your mother's maiden name entered when you Joined Us. You will receive an email with a temporary password which you use to login. After logging in you will be asked to change your password.