How do you buy a house at auction in South Africa?
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How do you buy a house at auction in South Africa?
You’ll need to apply for a bidder’s card at the venue, which is a quick and easy process as there’s no registration fee. All you need are your FICA documents. Registering for a bidder’s card does not obligate you to make a bid.
How much is a house on auction?
Houses sold at auction tend to achieve much higher prices now than they used to. They can sell for as little as 70% of their market value, but can sell for as much as 10% more than market value. The average is about 85-90%.
Can you view auction properties?
How do I view the property I am interested in? Normally once we print the catalogue, we will arrange several block open house viewings for each property, since they are open house viewings you will not need to book in advance. These are generally arranged between Monday-Friday, 09:30-18:00.
How long do you have to pay for property bought at auction?
28-56 Day Completion Deadline The completion date will vary too with modern auctions. Some will be 28 days, but others will be longer. Often it will be up to 8 weeks. The idea is to give buyers enough time to secure a mortgage afterwards.
Who pays commission for a property on auction?
The buyer
Advantages of selling your property on auction: You are sometimes able to set a price and have buyers negotiate downwards, rather than the conventional upward bids. No commission is paid by the seller. The buyer will pay a market related, usually between 5-10%, auctioneers commission.
Who pays lawyer fees when selling a house in South Africa?
The property seller will have to pay three to six months’ worth of rates and taxes to the local council, so as to ensure those costs are covered during the home selling process. The seller will need to provide the attorney a certificate proving that the property is covered for these costs.
What do u need for an auction?
You’ll have to bring identification (like your driver’s license), and sometimes you’ll also have to provide a credit card to pay for any items you choose to buy. You’ll get a bidder number when you register. Usually, it’s printed on a piece of paper or a paddle (just like you see in the movies).
