Auctions - Sellers
The benefits for sellers of property on auction:
- The process is fast - once the Auctioneer is commissioned to do the job, the property auction generally takes place within thirty (30) days.
- Auction houses attract qualified buyers - the people at property auctions have the means and the desire to purchase the property.
- Auction sales create urgency - a time is set for the house on auction and buyers compete to win the bid.
- Terms and conditions are transparent - the entire process takes place in a public environment.
- Your interests are protected - you specify your reserve price.
- The true value of the property is realised - interested bidders compete with each other, often resulting in a sale that exceeds your expectations.
- The auction process is conclusive - once the hammer falls, you have two (2) working days (the Confirmation Period) in which to accept the offer, after which the deal is done with the winning bidder.
- The final bid amount is the amount you, as the Property Seller, will get - the winning bidder pays the Auctioneer’s fee, which is negotiated with the buyer and paid over-and-above the final bid amount.
- Property Auctions allow you to realise profit on an investment - this way you can move to a larger, or smaller property, make a lifestyle change, or realise the cash flow you need for other business priorities.
How to go about selling on auction:
- Contact the Auctioneer, Broker or Consultant to arrange an appointment
- Have a copy of your ID document, proof of current residence, your title deeds or a deed search, and any other relevant documents available
- Should you have a minimum price (the reserve) that you would be prepared to accept, this will be discussed and be agreed upon
- The marketing of your property will be discussed and an agreement will be reached on the campaign and the cost thereof, which is the only cost you will be required to pay
- You will be required to complete an agreement (Auction Listing Agreement) between yourself and the Auctioneer, granting the Auctioneer permission to market and auction your property