When you bid for property online, the process is completely transparent. You can see exactly what the other parties have bid and get updates 24 hours a day.
Do I Need Loan Approval?
All bids are subject to contract however, if you are getting a mortgage the agent may require a copy of your loan approval. This certificate (also known as approval in principal) means you know exactly how much you can borrow before you go looking for your new home. We strongly advise you do not bid beyond the limits of the finance available to you.
What Costs Can Arise?
The website is free for bidders, however buying a home can cost more than just the price of the property. All those extras can build up very quickly, so remember to leave money over after the purchase to pay for these inevitable expenses. Including, solicitors, engineers, mortgage fees.
Do I Need a Solicitor?
You will need a solicitor to carry out all conveyancing for your new house purchase. You can use a family solicitor or a solicitor that is recommended to you.
When do I Pay a Deposit?
You pay a refundable deposit to the agent when your offer is accepted. This goes towards the purchase price of the house once the sale completes. Once the bidding closes and your offer is accepted, you will have 24 hours to lodge this to the selling agents client accounts. If the deposit is not paid, the property may be relisted for sale. Deposits are secured by the selling agents professional indemnity insurance & PSRA fund.
Ok, How Do I Bid?
If you wish to place a bid, the first thing you need to do is register. The agent will then contact you to activate the account. We strongly recommend you contact the agent to view the property before bidding. Once you're registered, you can simply log in, go to the property page & place a bid.
What About Higher Offers?
You can find out if you've been outbid in a number of ways: 1. The latest bids are displayed on the bid history of the property. 2. The highest bid is displayed beside the asking price. 3. Your personal dashboard will show your bid status. 4. We email you if you're outbid. This way, even if you're not logged in you know your bid status.
What About Privacy?
For the sake of confidentiality we strongly recommend you do NOT use your given name as your username. This user name will be displayed when you looking at the property, the general public will just see"Bidder 1", "Bidder 2" etc. Your real name and contact details will still be recorded securely on your account.
What is the PSRA?
Property Services Regulatory Authority (PSRA) provide licences for property services - to auctioneers, estate agents, letting agents and management agents. Only those agents who are licensed by the PSRA can provide property services to another person. Every person who provides property services in the State, in respect of property located within or outside the State, needs to be licensed (subject to some limited exemptions). This includes Companies, Partnerships, and Sole Traders, together with their Principal Officers and Employees who provide property services, as well as Independent Contractors. It is necessary therefore for each Company and Partnership to hold a licence and for each Principal Officer and Employee of the Company or Partnership, who is engaged in the provision of property services, to hold licences. Similarly it will be necessary for a Sole Trader to hold a licence and for each of his/her Employees, who are engaged in the provision of property services, to hold licences. The PSRA licensing system has a number of consumer protections, including - * Licensees are required to have professional indemnity insurance * Annual reporting to the PSRA by an independent accountant on the safekeeping of client money * Compensation Fund to make good on financial losses caused by the dishonesty of a licensee * Access to the Authority's complaints/investigation system into allegations of improper conduct by a licensee For more information, please see PSR.ie. Content courtesy of the Property Services Regulatory Authority.
How do I know if My Offer Has Been Accepted?
When your offer has been accepted, Subject To Contract / Contract Denied, you will receive a confirmation email with 1. Agents contact details 2. Confirmation of Agreed Price 3. Agents Clients Account details to lodge the deposit to.
All these details will also be displayed on your dashboard.
What is Beagel Bid?
Powering trust through transparency in property sales connecting buyers, sellers and agents in real time.