More FAQ » The Gavelry

Frequently Asked Questions

 

Registration

How do I register to bid?

Watch the video below to see how easy it is to register on our user-friendly online bidding system.

What do I need to register in order to bid?

  • You will need to provide the following FICA documents when registering for an auction:  
  • Bidder Information – Full Name, Physical Address & Contact Information
  • Bidder Identification Documents – Copy of ID & Proof of Residence (bank statement or utility bill not older than 3 months)
  • Please refer to the FICA requirements document when registering in a company’s capacity.
  • Your registration will only be approved once we received the above-mentioned documents.

Do I have to pay a registration deposit?

No registration deposit is payable when registering for property auctions.

 

Auction Terms & Process

 

Can I view the property prior to the auction?

Yes, we do have an open day prior to the auction. The date of the open day will be available on all our marketing material which is posted across multiple social media platforms. It is important to attend the open day since all properties are sold voetstoots and free of duty to repair.

What does "reserve price" mean?

Each property has an undisclosed reserve price – the lowest VAT exclusive price that the seller is willing to accept for the property. The highest offer will be presented to the seller and the seller may decide to sell the property for an amount that is below the reserve price. Reserve prices are confidential and are not communicated to prospective purchasers as properties may be sold below these reserves in some instances.

When does bidding open?

Bidding opens as soon as the auction starts. The auction’s opening and closing dates will be available on all our marketing material which is posted across multiple social media platforms.

What is an extension period?

Please note that if a bid is placed within 60 seconds of the lot’s closing time, an additional 60 seconds will be added. This is known as an extension period. During an extension period, any further bid that is placed will result in the clock re-setting again for a further 60 seconds, giving all registered bidders a fair and equal opportunity to place another bid. This will continue to happen until a full 60 seconds passes with no bids being placed.

Due to variations in browser and connection speeds, bidders are advised to make a bid with at least 10 seconds remaining on the clock.

What is a maximum bid?

Our platform will allow you to enter an automatic bid with a pre-set maximum amount. This is known as a maximum bid, and it cannot be viewed publicly. The computer will enter bids for you, only as it becomes necessary to keep your position as the winning bidder, and only up to the maximum bid price that you have specified.

If this maximum bid is overtaken, you will be notified via email and can enter another higher bid if you so choose. It is important to note that once set, a maximum bid cannot be cancelled.

 

Placing Online Bids

How do I place an online bid?

Watch the video below to see how easy it is to place online bids on our user-friendly online bidding system.

What happens if I have an unreliable internet connection?

The Gavelry does not take responsibility for any interruptions in internet connectivity. We do however give you the opportunity to enter a maximum bid in case you experience problems with your internet connectivity. Our platform will also allow you to be logged in as a registered bidder on multiple devices simultaneously. This can mitigate the risk of losing broadband or mobile connection.

Can I place bids over the phone?

No, our auctions are fully online, and we cannot accept bids over the phone.

However, we do have mobile apps allowing you to place a bid from anywhere in the world with a working internet connection. We have also developed a maximum bidding function, which will place bids for you up to a pre-set limit decided by you.

  • Find our Android app on Google Play Store here.
  • Find our iOS app on Apple App Store here.

 

Invoice and Payment

 

How will my final invoice be calculated?

Bid Price + Buyer’s Commission + 15% VAT = Final Amount on Invoice.

Can my invoice be amended?

Unfortunately, not. You must ensure that you provide the correct information when registering. Under no circumstances may any invoice be amended.

Can a property bought on auction be financed or must the buyer have the full price in cash?

Yes, the property can be financed. We are also offering a service for buyers to get pre-qualified.

To obtain a pre-qualifying certificate or apply for a home loan, contact Bonds by The Gavelry and we shall assist you to acquire the correct financial information in order to make the process of purchasing property smoother.

Contact Person: Elsjé van der Westhuizen

Cell: 066 160 0822

Email: elsje@bondsbythegavelry.com

When is payment due?

ESI Attorneys will assist in the transfer process of the transaction. The highest bidder has 24 hours to pay 10% deposit and 30 days to furnish a Bank or Financial Institution’s guarantee providing for payment. Highest bidder to send us proof of payment when paying the deposit.