Properties are purchased at an acceptable market value through competitive bidding
The Buyer knows that the Seller is committed to the sale and is not simply testing the market
Buyers know that they are competing equally, subject to the same terms and conditions as all other Buyers
Buyers determine the purchase price
Attractive Buyers commission rate of 10% in line with the industry norm of 7% to 10%
The sale is open and transparent
Auction eliminates long negotiation periods
The purchase closing date is known
Buyers receive comprehensive information on the property via a due diligence pack, which includes on-site viewings
Advantages of the Swindon Auction Process
All information on every property is available on our website, including:
- High definition images
- Videos & video tours
- Legal documentation
- Comprehensive Bidder packs
Full access to our team of property specialists to assist you throughout the process. We aim to provide clarity where required, enabling you to make a decision in confidence come auction day.
Where necessary, we will facilitate negotiations amongst the Buyer and Seller.
We also have the services of an in-house finance procurement specialist to assist you with pre-approval prior to auction.
Clear and transparent process, including previously confirmed sales conditions and a market-related reserve price.
In order to participate in any of Swindon's auctions, the following is required:
Registration on our app and submission of the required FICA documents (Copy of ID document, proof of residence and letter of authority to sign on behalf of a juristic entity).
Acknowledgement and acceptance of the Terms and Conditions prior to confirmation of registration approval.
Swindon Auctions has designed the registration process to be quick and easy. Either follow the link to the web version of the app or download the app to your mobile device. Follow the on-screen prompts to register and fill in the required information. You will be notified once registration is confirmed. Therefater, we will be in contact to gather the necessary FICA documentation from you.
What documents will I need to submit to fulfill FICA compliance at registration phase?
In terms of the FICA documentation we require a copy of the signatories ID book, proof of residence and/or letter of authority to sign on behalf of a juristic entity would be required.
How much do I need to pay for the registration deposit
Swindon Auctions has elected not to charge a registration deposit. This is intended to make the registration process less cumbersome for you.
Can I inspect the property before the auction?
Pursuant to any relevant laws at the time of the auction, the prospective Buyers will be able to make contact with the relevant property marketer to facilitate the viewing of the property and answer any questions you may have. We advise prospective Buyers to conduct physical inspections of the property prior to the auction. We will also have high definition photos on the property as well as all legal documentation needed to assist you with your due diligence process. If available we will have virtual tours of the respective property.
How much is the Auctioneer's commission and who is liable to pay this?
The Auctioneer's fee is payable over and above the bid (Hammer) price. The Buyer is liable to pay an Auctioneer's commission of 10% plus VAT.
Do all lots have a reserve price?
Unless disclosed prior to the auction, each lot will have a reserve price set by the Seller.
Does the Auctioneer disclose the reserve price?
The reserve price is set by the Seller and is treated as confidential, as such this not disclosed to the market.
What happens if the reserve price is not met at auction?
In the event that the reserve has not been met the sale will be subject to the Seller's confirmation and acceptance thereof. The offer will be submitted to the Seller whereby the may elect to reject or accept the final bid (hammer) price.
What amounts are due by me if I am the highest Bidder?
As the highest bidder you will be liable to pay a deposit of 5% (five percent) of the purchase price of the property as well as the Auctioneer's commission of 10% (ten percent) plus Vat thereon. This is payable immediately after the auction upon request by the Auctioneer upon presentation of the auction certificate and invoice.
Can I nominate someone to bid on my behalf as a proxy?
A proxy bidder will be able to bid on your behalf, provided they have registered on the app and supplied the necessary supporting documents authorizing them to bid. They would need to comply with the registration process, provide FICA and also the nomination and resolution forms.
Do I need to sign a mandate for Swindon Auctions to take my property to auction?
Seller There is a legal requirement for you to provide us with a signed exclusive sole mandate appointing Swindon Auctions to promote and sell your property.
What is the associated marketing fee to place my property on auction?
There is no upfront cost to have your property with Swindon Auctions. We will create a tailor-made marketing solution for your property to give it the necessary exposure it deserves. Swindon Auctions will cover the cost of the tailor-made marketing campaign and ensure that your property is marketed on a national basis. Upon successful sale the Seller will only be liable for a 2% excluding VAT commission tariff. This is recovered from the deposit paid by the Purchaser so that there is no expenditure from the Seller.
What happens in the event "my" reserve price was not achieved at the auction?
The Seller is protected under the conditions of sale where the property will not be sold if the reserve price is not met. This mitigates the seller's risk in the auction process. The final hammer price / highest bid will however be presented to the Seller for consideration in the event that the reserve is not met on auction day. The Seller can elect and instruct the Auctioneer to accept any lower offer it deems satisfactory.
What happens if the Buyer breaches the conditions of sale?
All registered Buyers have to familiarize themselves with and accept the Rules of Auction and Conditions of Sale upon registration and before placing any bid at auction. Failure to comply with these terms allows the Seller to elect to place the Buyer in breach of contract. In the event of the Seller placing the Buyer in breach of contract, and the Buyer does not rectify his breach within the required time period, then the Seller has the right to cancel the sale. In the event of a cancelation of the sale, the Seller retains a portion of the deposit and can further elect to re-auction the property at the cost of the defaulting party and take further legal action if desired.
Can anyone sell their property on auction?
The most common reasons for selling property on auction include but are not limited to the following: - The Seller wishes to achieve a true market value for the property. - The Seller elects to auction due to the inherent quick sales cycle. From date of signing mandate to auction day is usually between 4 and 6 weeks (depending on the complexity of the property). - The Seller wants to set the terms of sale, these being a conclusive sale not subject to any suspensive conditions. - The Seller wants to have his property exposed to a broader market, the digital platform and its digital advertising campaign allows us to expose the property on a national basis. This has the added benefit and advantage of accessing broader base of potential buyers and investors through effective marketing campaigns targeted at likeminded property professionals and property experts. - - The Seller wants a highly effective low-cost sale mechanism. - Where there is a desire for a transparent and easy to understand process. - An execution of a forced sale (liquidations, deceased estates and legal instructions).
