Derby Homefinder

Wednesday, 08-Sep-2010
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Processing an Exchange

Once your advert is active, other advertisers will be able place 'bids' on your property and at the same time you can bid for other advertisers' properties. Listed below are the various steps in the process for the advertiser, the bidder and the landlords. 

Arranging a viewing

You may wish to contact the bidder you are interested in to arrange a viewing of their property. You can either contact them using the details they have provided, or via the Contact link on your shortlist.

When viewing a property, remember safety first.

  • Try to view the property in daylight
  • If you can, take someone with you
  • If you can't take a friend, leave the details of the viewing with a friend, or in an obvious place in your own home
  • Carry a personal alarm
  • Bring your mobile phone and keep it switched on but out of sight
  • Leave if you feel uncomfortable at any point

How to check on the progress of your exchange

You can login to the website at any time to check on the progress of your exchange.

  • Login to the website
  • Go to the "My Account" page
  • Click on the "My Mutual Exchange" tab
  • If you are the advertiser, click on the "Shortlist" link
  • If you are the bidder, click on the "Bids being processed" link
  • Click on "My Messages" to read the messages you will be sent at each stage in the process

The advertiser

The following steps outline the process involved when you advertise your property, and what happens when people bid on it.

  • All bids received will be put into a list for you to review.
  • This list is known as a 'shortlist' and can be viewed on the website next time you log in.
  • You will be able to view all the bidders' property details, any associated photos and their contact details.
  • You can send the bidders' a message through the website, for example, to ask when it would be convenient to view their property.
  • If you decide you do not want to exchange with any, or all, of the bidders, you can reject their bid and they will be informed next time they log on to the website.
  • Once you are happy to proceed, you can select the bidder you want to exchange with. This is called a 'nomination'. Next time the bidder logs on to the website, they will be informed that you have nominated them for an exchange.

The bidder

  • When you bid on a property, you will be placed on the advertiser's "shortlist" for them to review. 
  • You will be advised if your bid has been chosen by the advertiser via a message on the website. This is called a 'nomination' and these can all be viewed together by looking at your 'nominated shortlist' online.
  • You will be able to view the advertiser's property details, any associated photos and their contact details. You can also contact the advertiser via the website.
  • If you decide you no longer wish to exchange with the advertiser, you can reject their nomination and they will be informed next time they log on to the website.
  • Alternatively you can select the advertiser you wish to exchange with. They will be informed next time they log on to the website.

The landlords

  • Once the bidder confirms the nomination, both parties details will be passed to the advertiser and bidder's landlords to authorise the exchange.
  • Everyone else on the shortlist will be informed that the property is being processed.
  • The advertiser and the bidder will be unable to bid for other Mutual Exchange properties.
  • If the landlord rejects the exchange, both properties will be readvertised and you will both be able to look for other applicants to exchange with.
  • Once the exchange has been approved, your landlord will contact you directly to complete the exchange.

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Reminder

Please do not make any arrangements to move house without written approval from your landlord.
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