Looking For Property Auctions? – See Our Large Selection Online

Want to buy or sell a house or a business premise? Tired of driving long distances to look at potential properties? We have the solution – online property auctions.

With the recent increase in fuel expenses, it is no longer feasible to drive far and wide in search of the perfect abode. Potential buyers and sellers can exchange their assets from the comfort of their homes using our virtual platform. This is the future of the South African housing market and pushes the frontiers of real estate.

Property Auctions – Ins and Outs

It can be a bit nerve-wracking for those who’ve never participated in this type of auction. However, you’ll be relieved to know that any platform facilitating the trade of properties has to abide by the same laws as your typical real estate agency. This means a legitimate auctioneer is involved, even though the bidding is strictly online and not in-person. Thus, there’s no need to feel uneasy about the process, as every aspect is handled with care and professionalism.

Having said that, anyone unfamiliar with the terms and conditions might still beg the question “How does it work?” To this end, see this article on Openn, detailing the general process of property auctions online.

Online Bidding Process

As you may have learned through past auction purchases of smaller items, either in person or online, it is critical to have the means to pay for whatever amount you agree to. Thus, in large-scale bidding situations such as real estate, bidders are usually pre-qualified for the amounts required for financing or if they are paying cash.

A bid, unlike a traditional offer, is more binding in the sense that you state that you are capable of paying if your price is the highest. This implies you are legally required to complete the sale and should be confident that you can afford it.

Still, there is no need to bid if you are not confident because an online trade eliminates the pressure from other bidders who might intimidate you while you place your bids.

As with any property auction, a pre-qualification is performed to guarantee that all players are eligible to bid.

Typical Bid Requirements for Property Auctions:

1. FICA documents (Proof of identification and residence).

2. Refundable registration fee.

These measures put the seller at ease as he knows potential bidders have the necessary funds to purchase the property. The purchaser is also required to pay 10% of the purchase price immediately after the auction and typically has 21 – 30 days to deliver on his guarantees. Should the purchaser fail on delivering his guarantees within the stipulated timeframe, his deposit is forfeited.

The registration fee will be deducted from the 10% deposit, and the remaining balance must be paid by the purchaser immediately following the auction.

 Financing Available

If you haven’t previously considered placing a bid on a property because you assumed you wouldn’t be able to secure financing, you’re in luck. Auction attendees can apply for financing through our partnership with My Bond Fitness. This includes pre-qualification, and a streamlined bond application should you win a bid on one of the many auction properties we have on offer.

 Subscribe and Get Notified of Upcoming Sales

Whether you are in the market for residential or commercial sites, our platform can assist you. By joining our mailing list, you will never miss out on an opportunity to join any of the many property auctions that catch your eye.

Sign up today to begin your search for the ultimate bargain and dream property.