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. Insincere bidding isn't allowed on The Move Market.
Make sure you follow these guidelines. If you don't, you may be subject to a range of other actions, including limits of your buying and selling privileges and suspension of your account.
Some examples of insincere bidding includes:
If the buyer discovers that the property does not match the details and condition described in any particulars provided, the buyer is more likely to pull out of the transaction.
The Move Market only has non-binding bids due to the way properties are sold in England and Wales. The costs involved in preparing for exchange of contracts are significant and it only makes sense to draw up the contracts after the buyer and seller have agreed the price.
After an auction ends, the buyer will have the chance to get a survey completed, a non-binding bid allows the buyer to pull out if the survey highlights any issues that were not identified either in the listing or during viewings.
Note: Properties in England and Wales are not deemed 'sold' until the 'exchange of contracts'. The Move Market helps buyers and sellers agree the price but the bid is non-binding. This means either party can pull out of the sale before exchange of contracts without penalty.