If the bidder successfully wins the auction, the Bid Bond will serve as part of the initial payment for the property.

The ₱25,000 Bid Bond will be deducted from the final winning amount or Hammer Price of the property.

If the winning bid or Hammer Price is: ₱1,500,000

And the bidder already submitted: ₱25,000 Bid Bond

Then the remaining balance to settle will be: ₱1,475,000 (excluding other applicable fees and charges)

The Hammer Price is the final bid amount accepted by the auctioneer before the property is officially declared “Sold” to the winning bidder.

It is called the “Hammer Price” because auctioneers traditionally use a small hammer or gavel to signal the end of the bidding process.

Simply put: The Hammer Price is the official winning price of the property during the auction.

Understanding Bid Bond in REELIST8 Property Auctions