Property Auctions have increased hugely in South Africa over the last few years and we are now following the same path as Australia where property auctions are the preferred sales method. Banks and Financial Institutions have for some time used auctions to sell properties at market related prices with great success.
The Voetstoots Clause applies to Auctions. The property is sold as it stands and in the condition in which it stands at the Auction Date. Section 55 of the Consumer Protection Act does not apply to auction sales, thereby limiting the Seller's liability.
Our experienced property professionals will guide you ever step of the way from Comparative Marketing Analysis for the correct pricing through to Marketing Feed Back - you will not be alone throughout this process.
One of the most common causes of traditional sales collapsing is the inability of the purchaser to obtain finance. Auctions attract clients who know what they are looking for and have organised their finances in advance.
The Property Auction Method is very often able to achieve better prices for properties which are in demand and achieve sales for those which are not.
The Property Auction Method takes a lot of stress out of the property selling process. It is quick, transparent and without emotional stress a drawn-out sales process creates.
Auctions are able to produce quicker results for an urgent seller where the traditional route may not have been successful.
There are no hidden costs in Auctions. The price realised at the fall of the hammer is the price the seller receives.
All properties will be sold with a reserve price. Should the reserve price not be achieved the seller is not obligated to accept the offer.
Pre-qualification is recommended for a bond prior to auction
A sheriff's auction occurs when a court order has been obtained to sell a property to recover money for a loan that the owner of the property has failed to repay.
A voluntary auction is where the seller has freely decided to put the property on auction, hoping to get the best deal by playing buyers against each other in a live venue or online. These auctions usually favour the seller rather than the buyer.
Auctions provide a timely purchase and ensure no wasted time on a negotiation The process is transparent. Auctions provide a transparent process that provides a timely purchase and ensures no wasted time on negotiations
No auction broker commission, which means the seller will receive more
The seller remains in control of the sale
This route is a fast sell and conclusion of sale
Fair market value through healthy competition of bidders
Marketing costs for the Seller’s account
Acceptance of the offer by Seller within 3 days after the offer received
Benefits for Buyers
One of the best ways to buy a property for a good price
Buyer/s can do their homework on price before the auction
Offers buyer/s an exclusive opportunity to buy the property
Property can be viewed prior to auction
15% plus VAT (10% commission, 5% towards deposit)