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Frequesntly Asked Questions

What is Bidbetty?

Bidbetty is an online platform, which markets properties of NPA accounts, eligible for auction by seller i.e. Banks, Non-Banking finance Companies (NBFC), Asset Reconstructions companies (ARCs) etc. especially through Sarfaesi Act 2002 or other prevailing laws. We are playing the role of an aggregator and aiming to collect information on properties which can be auctioned by Banks, NBFCs, ARCs etc. and to promote the same to our wide network of brokers/end-users through our online portal and multiple digital channels. Bidbetty is not a broking entity nor a broker rather it’s only a facilitator which is working on a fixed pattern as on date.

What is Our Goal?

Our goal is to enhance transparency on auction properties and provide sellers a one stop platform to market and auction NPA properties. We help prospective buyers to access information on these properties and educate them on myths related to such properties to ensure maximum participation of interested buyers in auction. We wish to increase visibility of such properties through our digital expertise & existing vast network and targeting to facilitate as much as prospective buyers we can.

“Precisely we are trying to shout loud, that a deal with financial institutions is always safer, better and profitable”

Does Bidbetty Conduct Auctions?

Yes, and that is our core expertise. We organize live and online auctions based on information given by selling institutions along with marketing, advertisement and listing of such properties on our website.

How to Search a property on Bidbetty?

Your property search is just a couple of clicks away. We are giving you various search options e.g.

Search by property type i.e. Residential, Commercial, industrial etc.
Search by State, City & Location etc.
Search by selling Institutions.
Search by Property Id. etc

What is property near me?

We proudly announce that through this option you can search and reach chosen properties to view it from outside without much assistance. (Note* to inspect the properties from inside, we will arrange a coordination with the officer of selling institution).

How can you participate in Auctions?

You just have to click an icon named as “interested” on respective property and team Bidbetty will call you and explain you with the procedures. Also a tutorial to participate in auction can be provided on demand.

What is a general procedure to participate in auctions conducted through Sarfaesi Act 2002?

You need to submit your KYCs i.e. pan card, identity proof, address proof along with duly filled and signed bid forms provided by the selling institutions which usually contains content to elaborate details of bidder and various self –declaration by the bidder etc.

Majority of terms are same in bid forms as all financial institutions are governed by a uniform law however few conditions may differ as per internal policy of selling institution along with differences in content writing.

But still don’t forget that you must read the forms carefully and get desired clarification from officers of selling institutions before participating in auctions.

Along with above said documents you also need to deposit EMD (Earnest Money Deposit) in advance to participate in the auction which is usually 10% of Reserve Price also known as RP.

What is Sarfaesi Act 2002?

Check out here https://bidbetty.com/sarfaesi.html

What is the Reserve Price?

Reserve price is a minimum price assigned by the selling institution for a property to be auctioned and any offer below reserve price is meant to be rejected by selling institutions.

Any additional check is required before participating in auction?

Yes, prospective buyer must check all the encumbrances related to property like municipal taxes, pending electricity charges, pending water charges etc. before participating in auction.

It’s the responsibility of buyer to pay all kind of charges related to property as selling intuitions auctions the property on “As is where is basis”.

What is the next step after submission of documents and EMD?

After successful submission of essential documents and Earnest Money Deposit (EMD), the selling institution will provide you either date & time to participate in online auction also known as e-auction which anyways is available on our web site too or will ask you to visit their office premises or property site to participate in offline auction starting from reserve price.

In case other bidders are bidding for a respective property, you can raise your bids with the specified “Minimum Bid Incremental Value as decided by selling institutions” or with higher value as per your understanding and as many times as you wish to.

Can you cancel your bid?

No, once you submit your bid you can’t cancel it and in case you do so, selling institutions reserves the right to forfeit the EMD amount.

What if you win the bidding?

This is the time when you need to be extra cautious and you can’t afford to commit mistakes especially in terms of payment timelines.

25% of acceptable sale price (Including EMD) to be paid within 24 hours after successful bidding.

75% of the balance amount to be paid within 15 days of auction. (Said period can be extended upto 90 days maximum from the date of successful bidding subject to approval from the authorized officer of the selling bank and along with interest charges as per terms of selling institutions).

Please note, no approval of extension can be give beyond the 90 days period and selling institutions reserves the rights to forfeit the paid amount.

How to register these properties in your name?

Such properties are registered by selling institution in the favour of buyer but not the borrower who availed and defaulted in loan services.

After full and final payment of bidding value, selling institution shall issue “Sell Certificate” in the favour of buyer and buyer shall than hire appropriate legal counsel to execute the registry.

Also to note that stamp duty is to be paid by buyer and officers of selling institutions will appear in the office registrar as per date communicated by borrower to them to register a property.

What is an Auction Notice?

It is the notice of auction issued by the selling institution which contains all relevant details about property and the terms of auction.

Why Bidbetty for seller?

Bidbetty with its unique/effective platform and wide network of brokers/real estate agents supports seller to reach maximum number of prospective buyers and motivate maximum number of participations in auctions. We also help sellers to pay applicable commission amount on a successful deal to brokers/real estate agents who have introduced successful bidder/buyer through us and resolve their constraint of on boarding large numbers of brokers/real estate agents. We just charge a fixed facilitation fees from commission amount of such transactions.

Why Bidbetty for Buyer?

“Our technology is your comfort” Bidbetty with its user friendly platform, comprehensive information strategies, social media connects and features like “property near me” increases visibility of property. Bidbetty provides all the information of a property to buyers and broker on mobile though a smooth functioning app in fraction of seconds and it gives quick and comfortable access to details in comparison to other gadgets.

When your favourite movie, music, banking, and office everything is on mobile than why do you need to open laptop/desktop for participating in auction? We understood in first and we are delivering it immediately.

Why Bidbetty is becoming first choice for brokers and real-estate agents?

“Shaking hand with us is just not a gesture; it’s a rising money meter”. Earn on every successful deal you make. We are not your competitor; we are just your facilitator.”

Bidbetty is the only platform who passes on commission received from financial institutions on successful auction/s to our registered brokers/real estate agents who have introduced winning bidder/buyer for particular auction, after deducting its facilitation charges.

This commission may differ company to company and as per ticket size of properties and even few financial institutions doesn’t pay it at all. Whatever is the situation, we provide transparent information to our registered broker/real estate agents, before processing the deal.

Does Bidbetty Charge any commission on transaction amount?

We don’t charge commission; rather we pass on the commissions received from selling institution to our empaneled broker after deducting facilitation charges and taxes as per government rules.

Does Bidbetty give surprises with hidden charges?

We can’t afford to dilute our purpose of transparency in the auction of NPA properties to earn tricky money. If we require charging anything, we will communicate it well before providing our services. Till then we wish happy buying and selling to our current and future associates.

When commission amount is paid?

Amount of commission is usually paid within 90 working days of depositing full consideration (Bidding Value). Bidbetty pays to the brokers / real-estate agents once it receives commission value from selling institutions and payment cycle of every selling institution differs as per their policy and working culture.

Also to note that few selling institutions, pays the commission amount after registration of property.

Bidbetty shall clear payment condition of respective selling institution to brokers/ real-estate agents before proceeding further with the deal and will also try to communicate approximate date of receiving the commission amount.

How broker / real estate agents can nominate themselves for a deal and commission?

You just have to register and login on our online portal and click on an icon named as “interested” and out team shall call you back to give further clarity on property. Every broker will have a unique broker code which they need to keep with them for all current and future transaction.

Further buyer has to register and login and need to select name or unique code of broker / real estate agent who has introduced them for respective deal, while applying for auction.

Also to note, in case buyer miss to select unique code or name of the broker/real estate agent, no commission will be passed on.

Don’t forget.

Give us your vote of thanks if you could find your dream deal and we would also love to have your feedback to improve our services, in case we could not service you up-to your level of expectations.