The Sellers Path – A Pictorial Guide:
Discovery, Explanation, Understanding, Agreement & Sign-Up.
PREPARATION & MARKETING
Gathering Data, Videography, etc. Web Publication of Lot Page.
Viewings, E-Shots, Property Promotion.
REVIEW & AUCTION PERIOD
Consider Pre-Auction Offers.
Receive Live Bids
LEGALS & COMPLETION
Sellers & Buyers Brokers Coordinate both the Conveyance & Completion Process.
MOVE ON !!
I understand that you offer a no obligations appraisal service, what does this entail?
We would be delighted to engage in an initial consultation with you and your appointed sales broker assuming that you have appointed one. We will advise you whether a sale via auction is the best way for you to achieve the highest price given your unique circumstances. We will outline to you the process, procedures and timeframe; and we will explain your options in respect of auction formats.
- Instant Sale – Prior to the opening of the auction period, should a bidder submit an opening offer matching the instant sale price as set and published by the seller on the lot page then the auction will be cancelled, the sales and purchase agreement signed and distributed, and the sale will be concluded immediately.
- With Reserve – The lot will only sell within the auction period at or above a pre-set price. This price is set by you the seller; or
- Without Reserve – The lot will sell to the highest authorised bidder within the auction period. There is no minimum price that must be exceeded.
I would like to proceed with the sale of my property at auction, what happens now?
To get the ball rolling we will require a certain amount of information. The details needed relate to the personal, about the lot you wish to sell and about the professionals who will represent and assist you through the sales process. In addition, you will need to agree to our terms and the specific conditions of sale under which your lot will be offered at auction. You will need to complete our registration process.
What is involved in the registration to sell application process?
To be authorized to sell your lot at auction we will need the following:
- Seller’s details;
- The details of the real estate brokers acting on your behalf in relation to the sale of the lot. If you are not currently represented by a broker we would be delighted to introduce you to our sister company HouseUp (houseuprealestate.com), a Dubai licenced real estate brokerage, who will be able to assist you.
- Lot details, including: –
- Details relating to any financial charges held over the lot;
- Tenancy terms and details if any; and
- Details relating to any permissions and / restrictions held over the lot.
- Verifiable proof of ownership and entitlement to sell the lot.
- Acceptance of our Auctioneer Terms
- Proof of your identity.
Do you issue me with terms of engagement for my records?
Yes, upon receipt and acceptance of your signed and completed application we will populate and provide you with a signed electronic copy of our auctioneer’s terms for your records. This contract outlines the services that we will provide, the terms under which you have empowered us to market and offer your lot for sale and details of the obligations of each respective party one to the other.
Do you provide me with a personal point of contact?
Absolutely, we will assign to you an experienced member of our team, a project sales manager, to work alongside both you and your broker to ensure that the auction process is successful. They will be your principal point of contact throughout our relationship.
What preparatory work is necessary?
Your lot will be showcased on our website via its own unique numbered lot page. Directed by our project sales manager, all parties will need to work co-operatively to assemble the necessary information, documentation and imagery needed, not only to best display your lot, but also to satisfactorily answer any due diligence queries that a prospective buyer and their representatives might have. We typically allow two working weeks to gather, order and prepare for display this material, prior to the formal launch of the marketing of your lot.
What happens during the four weeks leading up to the auction period?
Promotion and marketing, our project sales manager works alongside your broker, on site as and when necessary, educating potential buyers about the auction process and facilitating buyer’s registration. Both physical and virtual viewings and inspections can be arranged.
Your property will benefit from wide exposure through our extensive marketing campaign.
E-Shot: We notify our network of 7000 + brokers with the details of all upcoming auctions.
Social Media: We send regular notifications to our extensive database and list of registered users and authorised buyers.
Website: Our website offers many features to buyers, including sophisticated search facilities, personalised wish lists and online real-time bidding options.
Targeted Marketing: We target individuals personally, who have previously expressed an interest in similar properties, as well as adjacent occupiers, local developers and property investment companies.
What actually happens during the auction period?
Our secure online marketplace, www.auctionsglobal.com allows authorised buyers to participate in our auctions real-time from anywhere in the world. Lots are offered for sale within their own unique auction period.
At the close of the auction period if the lot was offered without reserve, then on the fall of the virtual auctioneer’s hammer a binding contract is created between the seller and the winning bidder, both parties are legally obliged to complete the purchase, no further negotiation is allowed.
If the lot is offered with reserve and the reserve is reached, then the above-mentioned procedure is followed. If, however a winning bid is logged which falls short of that figure then the seller must decide, within three hours of the close of the auction, whether to accept the low winning bid, re-auction the property or withdraw the property. Should they accept the bid then both parties are legally obliged to complete the purchase.
How do you keep me informed throughout the process?
We provide you with a weekly progress update. Throughout the marketing period we log all enquiries of interest and our project sales manager maintains close contact with those who have expressed serious intent and interest, assisting them with registration to buy. Should, as is often the case, we receive any pre-auction offers we will present these to you for your consideration.
What does the Bidding Portal look like?
We will be happy to provide you a transcript of all bidding to ensure you have full insight into the bidding process.
After the auction what happens prior to completion?
Actions taken by AuctionsGlobal,
- Populate and electronically sign the sales and purchase agreement on behalf of both the seller and the buyer;
- Distribute copies of the sales and purchase agreement, the specific conditions of sale and our auctioneers’ terms, to which both parties have agreed to abide; to the seller, the buyer and their respective brokers;
Actions taken by the brokers
The brokers are responsible for ensuring that the transaction completes as per the terms stated and agreed upon in the conditions of sale. If you have any questions regarding the completion process please reach out to your broker.
Do I have to register before I can offer my property for sale?
Registration to sell is compulsory for all sellers at all of our auctions.
What happens if I cannot complete the seller identity requirements?
As an alternate you will need to supply certified copies of the required seller details. Reach out to one of our team members for further assistance.
What component elements make up acceptable ID documentation?
- Passport and;
- Emirate’s ID and;
- Visa and;
- If not UAE resident, Driver’s licence
Should the registration application be being made by a legal entity or multiple individuals please contact our office.
Why do I have to be represented by a broker when selling my property at auction?
We are a licenced specialist auction house, entitled to and experts at hosting auctions of real estate for rental and sale.
We are not a licenced real estate brokerage, we are not entitled to, nor experts at, coordinating and assisting landlords and tenants and their various associated third-party service providers complete the resultant transaction in a timely, correct and efficient manner
OK, so if you are not a brokerage how do you square the circle?
Our shareholders established HouseUp (houseuprealestate.com) a Dubai based licenced real estate brokerage to ensure that clients, just like you, are provided with a full 360 degree professional service.
Can you really sell my property for me in ten weeks?
After you have completed, signed and submitted your registration and we have processed and approved it; the answer is yes. Subject to the manner in which you offer your lot for sale at auction and also possibly your level of flexibility.
Have I got anything to lose by selling at auction?
We cannot think of anything. Here are the facts:-
We don’t charge you anything when we sell your lot at auction; rather we earn our commission from the successful buyer;
When we succeed you pay a standard fee to your broker; but you’d be doing that anyway;
If you set a with reserve price which is not at least matched you don’t have to sell.
What is a Guide Price?
This is the price we advertise and is just what it says it is; a guide. It provides prospective bidders with an indication of how much the seller is likely to accept.
What is an Instant Sale Price?
Prior to the opening of the auction period, it is the price that the seller is willing to accept for the lot today. Should such an offer be received which at least matches this figure then the auction will be cancelled immediately. The sales and purchase agreement will be populated, signed and distributed to all participating parties. The brokers will work towards completion as per the terms stipulated in the conditions of sale. The instant sales price, if set, will be displayed on the lot page on the website.
What is the difference between selling “With a Reserve Price” and selling “Without a Reserve Price”?
With Reserve – The lot will only sell at auction at or above a pre-set price. This price is set by the seller following discussions with AuctionsGlobal and is published on the lot page.
Without Reserve – The lot will sell to the highest authorised bidder at auction. There is no minimum price that must be exceeded.
Can the seller postpone the opening of the Auction Period?
Yes, under the terms agreed between AuctionsGlobal and the seller they are within their rights to postpone the opening of the auction period up until three (3) hours prior to the opening of the unique auction period for the lot. After this deadline has passed, they are legally bound to accept a qualifying winning bid submitted within the auction period.
Can the seller withdraw the lot from auction after the Auction Period has opened?
Under the terms agreed between AuctionsGlobal and the seller they are within their rights to withdraw the lot from auction up until three (3) hours prior to the opening of the unique auction period for the lot. After this deadline has passed, they are legally bound to accept a qualifying winning bid submitted within the auction period.
How long does the Auction Period for a specific lot last?
Each lot is offered for sale in its own unique auction period as agreed between ourselves.
How are Minimum Bid Increments set and why?
Bid increments provide certainty to assist and encourage authorised buyers to bid. They can place not only a series of immediate bids but it encourages them to submit a maximum bid secure in the knowledge that their interests are protected. When a maximum bid is placed the bidder’s next bid, to achieve the highest bid price, will only be the current highest bid plus the lowest available bid increment. The available bid increments are:
What controls does the Seller have?
As per the Terms agreed the seller has the right to withdraw the lot from auction at any point up until three (3) hours prior to the official auction period for the lot.
In addition, you the seller are within their rights to include any terms, however odd or demanding, within the conditions of sale, to which both the seller and buyer will be bound. However, you should be mindful that unduly onerous terms will likely deter buyers from bidding.
Assuming that the seller has placed a with reserve price on the lot then there is no logical reason not to let the auction run its natural course as they are only obligated to accept the highest bid received if it at least matches the reserve price they set.
Do you charge the seller anything for your services?
No, we generate our income by levying a commission against the buyer of your lot.