How to buy real estate on auction?
Buying a property on auction can be one of the most advantageous and adventurous things to do. It is an unusual method but one which can reap several benefits to you as a buyer. The first and most obvious thing that you, as a buyer, will do is to sift through the list of properties which a forthcoming RE/MAX Malta Auction will be placing under the hammer. With 30 to 50 properties featuring per auction, you will have a good choice of carefully selected properties to choose from.
Your starting point
The selection is collated by expert Sales Associates who have sourced properties listed with RE/MAX Malta. Any property to attract your attention from this carefully choreographed list may be tantalizing due to its location, its advantageous guide price or its size. It may have unique characteristics, a superb view or perhaps be just the right dimensions for what you have in mind. Copious images online will assist you to gain a first impression of this property. Your first step is to contact a member of the RE/MAX Auction Team. At this stage you will be given a thorough explanation of what to expect.
Deciding whether RE/MAX Auctions is ideal for you
You will be asked about your requirements since your assigned associate will want to ascertain that the property in question is suitable for your needs, and that a property auction is really the right buying option for you. As part of the process, you will be taken for a viewing of the property, and you will be able to visit with your sales associate as many times as you need, in order to assist your decision-making process. The process is set to be as transparent and straight-forward as possible where your RE/MAX sales associate will help you review your financing options.
Bidding for the property on Auction
Whilst the seller would have listed the property for auction, it may actually sell before the auction if the right price offer comes along. You may be inclined to bid for the property on auction day or make an offer immediately. Prior to bidding on auction, candidates must register. This will entail providing a bank draft deposit with an amount equal to 10% of the property's lowest guide price. If you do not win the bid, the bank draft will be returned to you.
Buying the property on Auction
On auction day, a promise of sale will be drawn up by a Notary Public, appointed by RE/MAX Auctions who will be present during the auction. However, you may want to engage a Notary Public of your preference to take care of your proceedings. Since all properties presented at auction day have gone through preliminary searches to qualify for the event, the promise of sale will be seamless in terms of processing time.
As RE/MAX Malta Auctions will be run by a professional fully licensed auctioneer, the first reassurance is that the proceedings will run smoothly and fairly, according to Maltese law.