Examine the area and compare prices of similar properties to other areas. The more window shopping you do the more informed the decision you make. Information on all current and future auctions can be viewed at www.claremart.co.za, or in the property supplements which are published every weekend.
Do your homework and do visit the properties on their show dates.
Think about setting yourself a price limit and remember to provide for the auctioneers commission and VAT in your calculations. Speak to your bank or financier before the auction.
Contact the auctioneer or agent before the auction and register your interest. If changes occur or more information becomes available the auctioneer can contact you.
Register before the auction and obtain your bidders card and catalogue.
Request a copy of the Conditions of Sale document prior to the auction. Feel free to ask questions or ask the auctioneer to explain anything you might not understand.
The new CPA (Consumer Protection Act) requires you by law to bring along your ID (Driver’s License, ID Book or Passport) as well as proof of residence (Utility bill) no more than three month’s old to any auction at which you would like to bid.
Deposits and auctioneer’s commission are payable on the fall of the hammer. The ClareMart Auction Group will only accept bank guaranteed cheques and electronic transfers. The balance of the purchase price is payable on transfer.
When a property has been successfully knocked down, a ClareMart Auction Group representative will escort you to the Signing Room, where you will be asked to sign the Conditions of Sale. You can do so immediately or if you wish to bid on another property on auction, you can request to sign at the end of the proceedings.
It is important to clarify details such as settlement terms, deposits and fixtures before the auction commences. Ask your ClareMart Auction Agent for a property catalogue, which will contain all the necessary information.
Remember how an Auction looks from the Auctioneer's perspective. They are often looking at a large number of people who are invariably turning around, whispering etc.
Stand in clear sight of the Auctioneer and make your first bid obvious to them. Make sure the Auctioneer understands what you are doing. Bid early, clearly and confidently and avoid unusual sign language that may be misunderstood.
Buyers are usually reluctant to start bidding at auctions but the best policy is to bid loudly and confidently signalling to all other bidders you intend to purchase the property or should the reserve price not be reached that you are given an opportunity in any further negotiations.