Property Auctions South Africa

Auctioneers in South Africa are increasingly caught saying that many house owners are choosing for auctions to sell their real-estate property. Property auctions in South Africa in particular, are experiencing a surge of interest from both, buyers and sellers of real-estate at auctions. This is hugely benefitting to the auctioneers, as well.

• What kind of properties is auctioned frequently?

• While Johannesburg is raising great revenue through the developing auction domain, it is important to note the trend of this raise. The most traffic of people buying properties is by commercial Property Auctions. However, the prerequisite to sell a commercial property is very hard to certify. The authorities do a thorough due diligence before considering any property for auction, that is, get the property fit for auction and then establish the property in market.

• It is most obvious that unusually high-priced properties give a hard-time selling. But those which are mindfully priced sell as fast as a water bottle.

• One should wisely set his auction strategy because if done right, it could publicize the property. After all publicity is what prompted the property in public notice and therefore, the selling of property is made far more quick and easy.

• Advantages of buying a property on auction

• The hype is always in the favor of its seller.

• There is no lengthy negotiation period.

• The seller is simply not just testing the market but actually interested to sell it.

• The highest bidder, even if it exceeds the reserve price in auction is at reserve.

• Tip for buyers:

• A buyer should have an experience of at least a couple auctions before bidding himself.

• Before you bid, make sure you have visited the property and looked closely to every corner of it.

• One should try to remain around the actual market value of the place so that you don't overpay in fast going action of an auction.

• Keep your deposit money arranged as you will be asked to pay the token money at the auction.

• Always read the agreement thoroughly and never sign it in haste.

• Reach the auction house on time because the terms and conditions are important to hear.

• Pre-requisites to consider:

• Potential buyers have to register before the auction and deposit a refundable amount.

• The highest bidders will be asked to deposit 10% of the purchase price immediately after the auction.

• The rest of the amount is expected to be paid within two to four weeks.

• The buyers are liable for any levies or outstanding Tate that could possibly occur before paying the total amount.

• Buyer is also responsible for eviction of any occupiers, if any.

• Tips for seller

• Always ensure that your property is prepared for sale.

• The Auctioneers will get your property ready for the auction.

• Any property on sale is sold on many factors such as, location.

• The seller should fix all the outstanding problems that might exist to ensure the selling of property is successful. No one would buy a damaged property; therefore, fix the issues before putting it on sale.

About the Author:

The author of this article has an extensive knowledge in the field of Houses On Auction In Johannesburg and Commercial Property Auctions.

Resources Link: http://highstreetauction.pbworks.com/w/page/121970538/Property%20Auctions%20South%20Africa

High Street Auctions was established on decades of experience garnered in the property investment & development, finance and auction industries that came together with the formation of a company of industry experts.