Why auction?
If you think that buying a property (lot) in an auction is just for serious serial property investors, then it’s time to think again. Whether for the novice or seasoned professional the auction sales format delivers.
Speed: From first sight to completion typically takes less than eight weeks. Lot details are displayed for four weeks prior to the auction and after the issuing of the sales and purchase agreement at the conclusion of bidding, standard completion terms are four weeks.
Value: For whatever individual reasons, the sellers of lots at auction want and need a sale quickly. This presents buyers with a unique set of circumstances.
Transparency: A property auction sale is totally transparent. The date, time, conditions of sale and reserve price, if there is one, are published in advance. All buyers must go through the same registration process to be granted authorisation to participate. Submitted bids are displayed online, with a time and date stamp, in ascending order. A clock counts down the remaining time available for bids to be submitted. Buyers can be assured that they are engaged in a fair and open competition.
Certainty: Buying a lot at auction offers the buyer an exceptional degree of certainty. A binding legal contract is formed on the fall of the virtual hammer. The seller is committed and no further negotiation is allowed. There are no lengthy property chains to disrupt the process and statistically 99% of properties sold at auction complete.
Why AuctionsGlobal?
Uniqueness: We are the only licenced property auction house in Dubai focused on the traditional real estate marketplace.
Opportunity: Our position makes us an attractive and vital sales outlet for the 7000+ Dubai based brokers we partner with; and ensures that buyers who engage with us will be presented with both quantity and quality.
Efficiency: We eliminate the stress related to buying a property. From both a practical and legal standpoint we know what we are about and we deliver.
Support: We have gathered together a fantastic number and range of complementary professional service providers, ready and able to provide you with assistance.
Team: We appreciate that this may be your auction debut so we are here to assist you every step of the way.
Getting started
Sign-up: To gain full access to our website you need to sign-up as a user.
Finding your perfect property: As a signed up user you can utilise the system by searching for your desired lot using our intuitive filters. When you have identified a lot that matches what you are looking for, you can add this to your wish list. We will then automatically keep you up to date with any developments relating to your selected lots.
Due diligence: Lots sold at auction, are sold “As-Seen”, without contingency. You need to be certain that you are happy to proceed prior to submitting a bid. We recommend that you undertake detailed research in relation to any lot you intend bidding for. In addition you should familiarise yourself with our auctioneer terms and the conditions of sale, to which you will have to agree to be bound as part of the registration process and prior to being granted authorised buyer status and being able to submit bids. You should consider seeking professional advice where appropriate, prior to bidding.
The seller provides a wealth of information which is found within the unique lot page to assist you in determining whether you wish to submit a bid and if so, for how much. We present the information in all good faith, however we do not guarantee its accuracy, rather, it is up to you and your professional advisers to determine such.
Prospective buyers might want to physically view the lot or appoint a representative to do so on their behalf. Commission a survey to determine the current market value and structural integrity of the lot. Appoint legal representation to review all the documentation made available within the lot page and undertake any additional research as necessary.
Pricing
Within each property page look out for Guide Price, Instant Sales Price, Starting Bid Price, Reserve Price and Without Reserve Price.
Guide price, this is the price we advertise which gives bidders a realistic idea of how much the seller is willing to accept.
Instant sales price, this is a price set by the seller which they are happy to accept today, pre-auction. If you make an offer which matches or exceeds this price the auction will be cancelled immediately, the sale and purchase will be populated, signed and distributed.
Starting bid price, this is a minimum acceptable opening bid price as determined by the auctioneer in consultation with the seller.
Reserve price, this is the minimum price that the seller is willing to accept for their property at auction. This price will be published three hours prior to the opening of the auction period.
Without reserve price, there is no minimum price set, the highest qualifying bid submitted within the auction period will be accepted.
It is your responsibility to determine the value of a property to you and therefore how much you are prepared to bid for it.
Finance
You do not have to be a cash buyer but you must have your finance in place in case you are the winning bidder. Be aware that the specific conditions of sale to which you will be party, dictate the terms of completion after the close of the auction.
When working out your budget, remember to factor in the following costs:
Bidder security
Purchase price
Any additional fees as outlined in the Conditions of Sale
Dubai Land Registry fees
Mortgage arrangement fees (if appropriate)
Mortgage registration fees at the Dubai Land Registry (if appropriate)
Survey fees (if appropriate)
We can facilitate settlement with Crypto Currency if necessary. Please contact our office directly for more information.
Registering to bid
Registration to bid is compulsory for all buyers at all of our auctions. You can make your application via our website.
You need to register against each lot you wish to bid for. We recommend that you submit your application three days prior to the opening of the auction period for the lot you intend to bid for.
To ensure that only those with serious intent register with us all buyers must place bidder security with us prior to being granted permission to bid. Bidder security is automatically returned to the originating account if you are unsuccessful at auction. The bidder security of the winning bidder is retained and applied toward the buyers commission fee.
The amount of bidder security you provide, determines your bidding limit. Please refer to the buyers FAQ’s on our website for more details.
After successfully completing the registration, you will receive an email confirming this. You will be able to log into our bidding portal via the lot page using the email and password provided to us during registration.
Conditions of sale
The seller of each lot determines the specific terms under which they offer the property for sale at auction. These terms are published within the property’s unique lot page and you the buyer agree to be bound by them. We strongly recommend that you familiarise yourself with the conditions of sale prior to placing a bid.
The auction period
Each lot is offered for sale in its own unique auction period as published on the lot page. A countdown timer indicates how much time remains.
Submitting bids
Once you have logged into our website you can go to the lot page for the property you have registered for. You can only enter your bid on the lot page. For your bid to be submitted you must log into our bidding portal via the lot page using the email and password provided to us during registration.
After the auction
As per the terms agreed in advance by all participants we will populate and electronically sign the sales and purchase agreement on behalf of both the seller and you the buyer. We will distribute copies to you, the seller and your respective brokers.
Remember auctions are fast. So in most cases you will be getting your hands on the keys in double quick time.
Costs
Our fees are earned for bringing properties to auction and introducing buyers and sellers to one another.
We do not charge buyers anything for placing bids, we generate our income by levying a buyers commission fee against the individual who wins’, we refer to this individual as the winning bidder.
Our fee of 4.2% (inclusive of VAT) of the winning bid value is due immediately when a sale is agreed and a sales and purchase agreement is populated, signed and distributed. We take settlement by way of retention of the appropriate percentage of the bidder security.
Should for any reason, the seller fail to complete the transaction we will refund the buyers commission fee in full.
