ONLINE AUCTIONS BY HOME & HECTARE
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ONLINE AUCTIONS BY HOME & HECTARE: A NEW TRUSTED WAY TO BUY & SELL PROPERTY
Home & Hectare Real Estate is proud to present online auctions, a new trusted way to buy and sell properties online. This innovative property solution is built on the tried and trusted success and proven expertise of our parent company, The BKB Group's auction platform and powered by Shift DX.
This exciting new way to buy and sell property is quick, easy and convenient, and is designed to derive the true market value of the property for sale. The whole process takes place in an open public forum which guarantees a fair and transparent negotiation process for every participant.
Whether you are looking to buy or sell a residential, commercial, or agricultural property, Home & Hectare's online auctions offer an array of advantages. For sellers, online auctions offer the peace of mind of knowing beforehand the exact date your property will sell on, without the hassle of an on-going string of viewings and negotiations, and that interested buyers are serious and financially pre-qualified. Sellers are also able to stipulate the exact terms and conditions of the sale, with a period of one week after the auction is concluded to accept the winning bid.
Other benefits to sellers include:
No commission is paid by the seller. The buyer will pay a market related, usually between 5-10%, auctioneers commission.
Specific date and time when the auction takes place that allows the seller to plan ahead.
Undisclosed reserve price.
Buyer is serious, ready and able to buy.
Terms and Conditions are negotiated with the seller long before the auction. The seller can feel comfortable and content when the auction starts.
Creates competition amongst bidders.
No geographical barriers so attracts many buyers
Exposes the property to a larger number of prospective buyers.
Accelerates closing: the seller knows exactly when the property will sell.
An auction reduces the amount of time a property is on the market for.
Auctions eliminate the inconvenience of numerous and unscheduled showings.
Takes the seller out of the negotiation process allowing the property to be sold in accordance with their conditions, such as a minimum reserve price.
A seller may receive a higher price than the initial asking price.
Auctions take the seller out of the negotiating process unless the minimum reserve price is not achieved on the auction day.
Benefits to buyers include:
Current market value will be paid.
An auction is a genuine reflection of true market value and communicates a clear message to the market.
Seller is prepared, motivated and eager to sell.
Terms and Conditions of the sale are clearly set out prior to the auction.
Convenience - buyer can prepare for and bid at their leisure in the comfort of their own home.
Auction sales are conducted in an open forum, which allows both buyers and the seller to watch the property's true market value emerge as the bidding process progresses.
Eliminates potential long negotiations.
Reduces the time to purchase property.
Auction sales do not generally accommodate suspensive condition. The property is sold 'as it stands' or 'voetstoots' with no bond clause.
Bidders at an auction are generally qualified (financially) and ready to buy.
How to Buy
Taking part in one of Home & Hectare Real Estate's online auctions couldn't be easier. Simply follow these steps:
Step 1: Find a Property
View our selection of residential, commercial and agricultural properties on auction in the specific region that you wish to purchase in.
Step 2: Register to Bid (Registration opens on 23 October)
To begin bidding, you'll first need to create your own account. Once you've signed-up a verification email will be sent to you. Simply click on the verification link in the email and you're ready to start bidding.
Step 3: Start Bidding
When the auction begins, you will have a live view of the auction process, photos or video of the property being auctioned and the current highest bid. You can then go ahead and start bidding as if you were attending in person.
Step 4: After the Auction
Once the auction is successfully concluded, all the information from the auction, including all bids placed in chronological order, will be published on the Home & Hectare website.
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To learn more about Online Auctions from Home & Hectare Real Estate, please read the following frequently asked questions.
FAQ
Can I get a bond for real estate purchased on auction?
The auction is not subject to any suspensive conditions but you are welcome to get a bond, you must be certain and have proof that you will be able to pay for the purchase property in the event that you are unable to secure a bond. We recommend that you apply for a pre-approval which will serve as proof that you can afford the bond, as our conditions of sale don't cater for post bond approvals.
When must I pay the deposit and Auctioneer's Commission?
On the day of the auction.
What do I need to submit in order to take part in the auction process?
You will need to submit your FICA documents as well as proof of payment for the registration fee (if applicable).
What happens if the highest price achieved is below market value and below the seller's minimum reserve price?
The auctioneer has the legal right to protect the interests of the seller/s and may raise the price to match the seller's reserve price.
Can I submit an offer after the auction, but before confirmation of the sale?
Yes, you may submit an offer after the auction if the sale has not yet been confirmed, but the increased offer will be submitted to the highest bidder from the auction who has the right to match or exceed your offer.
What happens to the deposit and commission if the seller does not accept my offer?
In the event that the seller does not accept your offer and we are unable to negotiate an acceptable price then the deposit and commission paid will be refunded to the bidder.
How long will it take to refund my deposit and commission if my offer is not accepted?
Refunds are usually processed within 24 hours and can take up to 48 hours to reflect in your bank account. If the auction was held over a weekend, the refund will be processed on the following Monday.
If my money is invested in a fixed deposit account and it takes 48 hours to release the required amounts for deposit and commission, will it still be possible for me to take part in the auction?
Yes, it will be possible as long as we receive proof of the available funds and the bank can provide a written guarantee that the funds will be available within 48 hours.
Can I bid on behalf of another person or entity?
Yes, you can as long as you submit a mandate from the person or legal entity represented confirming that you are permitted to bid on their behalf and at what price. You will be required to sign personal surety on the day of the auction. Should the person or entity on whose behalf you were bidding on be unable to take transfer of the property then you will be deemed as the Purchaser and become responsible for the terms of the agreement of sale.
What happens if I default on the sale?
The seller will reserve their right to take the necessary legal action should you enter breach of contract or fail to fulfil any of the obligations stipulated in the Conditions of Sale. They may exercise their various options also stipulated in the Conditions of Sale. Should you remain in breach of contract, all monies paid by you to the auctioneer and/or seller will be forfeited as pre-estimated damages.
For any additional information, get in touch with us on 041 581 1744 or email info@homeandhectare.com. Sign-up to our newsletter here and stay up to date: CLICK HERE
Author: Home & Hectare
