Step by Step Guide to Buying at Auction
- Call our office to view any of the Lots which are of interest to you.
- Once you have seen a Lot (property to be sold by Auction) that interests you, you have a choice to either wait to bid on auction or place an offer on the property prior to the auction. If an offer is to be presented to the vendor prior to the auction, only unconditional offers higher than the Lower Guide Price will be considered by the Auctioneer. At this stage one may review the respective Searches and the Preliminary Agreement which are provided by Malta Property Auctioneers.
- If you have decided to wait for the auction and are satisfied with the legal, notarial and building permits in regards to the said Lot, make sure that your finances are in place and you are ready to bid.
- On the day of the Auction you would need to register with the Auctioneer’s assistants indicating your intensions to bid in the Auction. The only things needed to register are you proof of deposit (a certified cheque or bankers draft from your bank to cover the initial Deposit of 10% of the Lower Guide Price) as well as identification (ID card or passport preferred). At this stage a bidding number is assigned for you.
- When the time comes to bid, make sure that you can be seen by the Auctioneer and that he is aware of when you are bidding by raising your assigned bidding number, don’t risk any of the casual scratching of the nose type bidding that you see in the movies!
- If you are the winning bidder an assistant after the auction will lead you to the Notary’s desk, where you will sign the Preliminary Agreement.
You can call us on (+356) 2138 8402 or (+356) 9942 7491, for further assistance,
or write to us at email@example.com