"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.