Understanding Property Auctions
Category Property News
The increasingly popular property auctions have presented an exciting new niche on the market. Before attending an auction, do your research as there are many important factors to consider before purchasing!
Once the gavel is down, the deal is sealed and you will be liable for all costs. There is no room for buyer's remorse at an auction as once you make a winning bid, the property is yours. Ensure that you are financially able to afford the property - if you default on the deal, you will incur legal costs.
Arrive early to be present when the terms and conditions of the sale is explained by the bidder. Study the conditions of sale to understand the contract. Ask for clarity if you are unsure of anything.
Properties are sold "voetstoets", so be fully aware of the property's condition and any maintenance required to avoid unknown additional repairs costs. Bidders are also responsible for municipal rates and levies payable.
Author: Prime Property Marketing
