Purchasing a property on auction

With the seller shielded by less costs in advertising, auction fees and the reserve price solidified under a mandate, auctions have become more appealing.

Here's what you need to know about auctions;

• The property is under a public sale whereby the highest bidder gets the property
• A bidder would need their Fica documents, Id and proof of address in order to bid
• It is vital as a bidder to know the market price, to conclude a reasonable offer when bidding
• Auctioned properties are sold voetstoots, therefore it is imperative to view the property prior to the bidding date
• Bids are legally binding and cannot be withdrawn
• Auctions require successful bidders to pay an immediate deposit of 5%, as well as the auctioneer's commission of 10%

Ensure that you enlist the services of a reputable property auctioneer to guarantee a fair and fast sale.