Buying a property on auction:
Stilbaai Auction House provides its clients with a transparent and easy to understand process for buying property on auction. We also ensure that prospective buyers are supported, throughout the property evaluation and buying process, by experienced property specialists.
Several advantages available to prospective buyers include:
- Most of the information related to properties for sale or the processes involved with buying property is available on our website which is accessible on a 24/7 basis.
- We provide buyers with direct access to our team of Sales Executives that can assist buyers by providing them with all the information and advice related to a particular property and assist them, personally, through the registration and auction process.
- The investor packs that are compiled on properties are comprehensive and with the specialist advice available through the professionals at the company would provide the buyer with clarity and confidence in what they are buying.
- The auction company would have secured exclusive mandates on the properties so, subject to confirmation by the seller, the highest bidder gets the property without any further negotiation.
- Many great deals on properties are available at High Street Auctions especially as buyers get to benefit of a true supply and demand transaction environment.
In order to buy a property on auction the following general terms apply:
- Pre-registration by filling in our registration form, sending through your FICA documents (Copy of ID book, proof of residence and letter of authority to sign on behalf of a juristic entity), and paying your registration fee.
- Upon successfully wining the auction a deposit of 16.4% is payable. This is payable at the auction where we have facilities available.
- The buyer is generally responsible for paying the auctioneer’s commission upon successfully purchasing a property on auction in addition to the final highest bid or “hammer price”.
- If the buyer is unable to attend the auction event they may bid via telephone proxy.
All terms and conditions related to buying a property on auction are available on the website
Stilbaai Auction House is renowned for hosting memorable auction events that are well catered and very entertaining. Buyers benefit from conducting business in a well-controlled and expertly managed environment.
For any enquiries related to buying a property please call us on 028 754 1676 or make an enquiry through our website. We will contact you to discuss your requirements in more detail and answer any questions relating to the auction process.
How do I register for the auction?
We have an easy registration process where an application form is completed and the necessary FICA documentation is provided with a refundable deposit. In terms of the FICA documentation the buyer’s ID book, proof of residence and letter of authority to sign on behalf of a juristic entity would be required. The refundable deposit could be paid by either credit card, EFT or bank guaranteed cheque.
It is advisable that the registration process be undertaken online at your convenience although all the necessary facilities would also be made available on the day at the auction venue prior to the auction.
Can I inspect the property before the auction?
We advise prospective buyers to conduct physical inspections of the property prior to the auction. One of our Sales Executives will gladly meet you at the viewing of the property and answer any questions you may have.
Who pays the auctioneer’s commission?
The auctioneers’ fee is paid by the buyer over and above the bid (Hammer) price.
Is there a reserve price on all lots?
Most lots are auctioned with a reserve price in place. Should the highest bid at the auction not meet the reserve price then the seller has the option to reject or accept the final bid (hammer) price.
What is the deposit amount?
The deposit is 16.4%. This is payable at the auction where the necessary payment facilities are available.
What do I do if I cannot make the auction?
We recommend that all prospective buyers attend the auction events but in cases where this is not possible we have a facility available where buyers could participate via proxy (where someone else bids on the buyer’s behalf) or via telephone. Our Sales Executives could assist you through this process.