Bid cancellation policy

Overview

The Move Market listings involve non-binding bids.

A non-binding bid isn't a formal contract between the buyer and the seller, but it does represent a buyer's serious interest in buying the property.

The buyer and seller don’t create a formal contract to buy/sell the property until the exchange of contracts.

If the buyer discovers that the property does not match the details and condition described in any particulars provided, the buyer may pull out of the transaction.

As The Move Market has long running auctions and the seller can amend the end time, we allow buyers to cancel their bids at any point before the auction ends.

You're not allowed to cancel bids to manipulate the bidding process, like trying to find out the maximum bid of the other bidders or to find out the reserve price.

What are the guidelines?

It's only OK to cancel a bid if:

• You accidentally enter the wrong amount, like entering £999,950 instead of £99,950. If you do, you need to enter the correct bid right away.
• The property description changed significantly after you placed your bid. For example, the seller updated information about the property's features or condition.
• You change your mind about buying the property and no longer want to buy the property. For example, you've found another house that you want to buy.

Examples of when you can't cancel a bid:

• You wanted to find out the reserve price - we don’t ever show the reserve price to the buyer.
• You wanted to find out how high another buyer would bid on a property with no intention of purchasing the property.

Make sure you follow these guidelines. If you don't, you may be subject to a range of actions, including limits of your buying and selling privileges and suspension of your account.

Why does The Move Market have this policy?

Your bid affects how other buyers bid for a property and the property's final price. Whilst the bid is not a binding contract - it is a fast and fair way to agree the price with the seller.

We need to stop any behaviour that reduces the benefits of The Move Market as a property marketplace, so any bid cancellations that look like they were intended to disrupt an auction or gain a competitive advantage will be against the spirit of our marketplace and may result in actions being taken against you.