We’ve recently discussed buying a property at auction, and the necessary work that goes into preparing for the day of the auction.
Buying property at auction is not simple or easy, and you do need to be fully aware of all the legalities and processes on the day.
Obviously, if you are planning to bid at auction you would have made sure of the value of the property and the comparative properties in the area. A good property valuator can assist you in this regard, as this is the single biggest factor affecting the value of your bid. When you’ve done your homework, what can you expect when auction day rolls around?
What happens at a property auction?
Registration
You will be expected to register as a bidder, and you will be given a bidder’s paddle which identifies you during the process. In order to register you will need your ID, proof of address and the auction registration fee. If you are bidding on behalf of someone else or a business, you will need proof of your authority to bid.
Amendments
You should have a copy of the Conditions of Sale on the property that you are interested in. It is in your best interests to make sure that there haven’t been any changes to these conditions in the interim, as you will be asked to sign acknowledgement of these conditions after a successful bid.
Order of Sale
Be sure to have an Order of Sale sheet and to confirm the lot number of the property you are bidding on. Make sure that the auctioneer can see you and pay close attention to the proceedings so as not to miss your opportunity.
Auctions move quickly and you will need to be decisive, and know your numbers before entering the fray. You will also be required to have your finances arranged quickly, as well as the necessary insurance as soon as the risk passes to you.
If you are an investment buyer or a seller with property that you’d like to move, you will likely need professional advice. Take advantage of our decades of property valuation experience and visit us at www.property-valuation.co.za.