Frequently Asked Questions Buyers

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1. How do I participate in an auction?

To participate, you must first register as a bidder with us and pay a refundable deposit. Once registered, you can bid on any property listed for auction.

2. Do I have to pay immediately if I win an auction?

Yes, the winning bidder must make a deposit (usually 10%) of the final selling price immediately after the auction, with the full balance due within 30 days (or as agreed in the auction terms).

3. What is a reserve price?

A reserve price is the minimum price the seller will accept. If bidding doesn’t reach this price, the property won’t be sold.

4. Can I inspect the property before the auction?

Yes! We encourage all interested buyers to view the property before the auction. We’ll provide viewing times, and our team can arrange private viewings as well.

5. How is the auction conducted?

The auction will be held on a specific date and time. The auctioneer will announce the property details, and bidding will start. If you are the highest bidder once the auction ends, you win the property (assuming the reserve price is met).

6. What happens if I don’t have enough money right away?

If you win, a 10% deposit is required immediately. You will then need to pay the balance within 30 days or as per the auction terms. If you cannot make the payment, the deposit is forfeited.

7. Is there a way to get financing to purchase property at auction?

Yes, financing can be arranged with a bank or lender. It’s important to get pre-approval for a loan before you bid, to ensure you can meet the payment terms if you win the auction.

8. Are there any additional costs to the auction price?

Yes, besides the winning bid price, you may be responsible for:

Transfer fees
Legal costs
Auctioneer’s fees (additional to the final sale price)
Any outstanding property taxes or levies (if applicable)

9. What happens if I win and then change my mind?

Once you win an auction, the contract is legally binding. If you back out, you may forfeit your deposit, and legal action could be taken.

10. Can I bid on multiple properties at once?

Yes, you can bid on any property listed in the auction, as long as you have the necessary funds and deposit to back up your bids.

11. How do I know if I won the auction?

The winning bidder will be notified immediately once the auction ends. You’ll receive a Sales Agreement to sign and a request for the initial deposit.

12. Is the auction open to the public?

Yes, anyone can attend the auction, either in person or online. Registering to bid beforehand is a requirement.

13. What happens after the auction?

Once the auction ends, we will guide the buyer through the next steps to complete the sale. This includes the signing of the Sales Agreement, payment of the deposit, and transferring the property to your name.

Frequently Asked Questions (FAQ)

FAQ – Buyers