Ask The Auctioneer:
Q. What does the guide price mean?
A guide price is an indication of what the property's reserve price is based on the vendor's expectations and not necessarily the figure at which the property will sell. Prices achieved at auction may be lower or higher than the guide price. Guide prices can often be updated before an auction so always check you have the most recent list.
Q. What is a reserve price?
A reserve price is the lowest price that a vendor will accept. This is normally agreed between the vendor and the Auction house and cannot be disclosed to interested parties.
Q. Can I inspect the property?
It is always advisable and important to inspect a property prior to an auction. This can be done by simply calling our office and speaking to one of our consultants or by sending an email to email@example.com
Q. What kind of properties can I find on Auction?
All kinds of properties could be found, from luxury villas to apartments, converted and unconverted houses of character and even commercial and investment opportunities. All properties on auction are extremely well priced because the vendors want to sell quick without the hassle of a long delayed sale.
Q. What are my options if there is a property I like?
If you are considering purchasing a Lot, there are two options. One may place an offer with the auctioneer or one of his associates prior to the auction. Generally only offers substantially higher then the lower guide price are accepted prior to the auction. Offers are passed on to the vendors and it it up to them whether to accept them or wait for auction day. The second option is to wait for auction day and bid on the property.
Q. What should I do if I want to bid on a property?
You can bid by attending the auction, by leaving a closed bid with the auctioneers or by placing an offer prior to auction day. If you attend the auction, you will also need to have with you a 10% deposit (payable by certified cheque or bankers draft) along with some form of ID such as a passport, driver's license or utility bill.
Q. What happens after I make a successful bid?
Immediately following a successful bid, you will be required to sign a preliminary agreement and pay the 10% deposit. You will also be obliged to pay an administration fee of €600, payable at the same time as the contractual deposit on each lot. It is important to remember that once you make a successful bid, you are then legally bound to purchase the property in full as in an auction properties are not sold "subject to contract" " subject to finance" or "subject to building permits". The remaining balance is usually payable within a specified time frame.
Q. Can I buy a property prior to auction?
Vendors will often consider offers made before the auction day however one must take into consideration that the offer must be attractive enough for the vendor to remove the Lot from the auction. Once an offer is received we can pass it on to the vendor and will then contact you with his/her instruction. Please note however that you must be in a position to sign a promise of sale and pay your deposit before the auction day.
Q. How can i list my property for sale by Auction?
If you have a property you would like to sell we advise you call our office on +356 21388402 or +356 79797956. We will make an appointment to inspect your property and evaluate a reasonable reserve price. One of our associates will be able to explain the full process, rules and fees.