RESPONSE UAE - Property For Auction
Why should I buy from Auction?
It is simple, safe, fun and best of all saves you money! The excitement and atmosphere of a live Auction is something to be experienced. At Response Auctioneer we do everything we can to provide you with a hassle free buying environment and peace of mind.
What do I need to bring to the Auction?
To register, you will need to provide a current UAE drivers licence or Passport and an authority if you are buying for another party or on the name of the business. You use this when you register as a buyer in the Auction, you will also need to bring a form of payment cash or bank draft along to be able to settle your deposit, to secure you successful bid, 10% of purchase price is considered as a deposit. In some cases the Auctioneer accept the amount of 1,000,000.00 DHS as a cheque; please check with one of our staff prior to the Auction.
How do I register to bid?
Before you can bid at an Auction, you must register with us and sign a buyer’s identification form. This states that you have read and understand the Terms and conditions of sale, which are, displayed at all our Auction sites. If you need assistance, please ask one of our customer service staff. We will need to see your form of identification when you register. If you intend on purchasing in the name of accompany or a business, you must register with that name. Invoice names may not be changed once you have registered.
What is a buyer’s number?
Upon registering, you will need to pay 300,000 dirham and we will allocate a buyer’s number to you, which applies only to the sale that you are currently attending. You will need to be allocated a new number of each sale you attend.
Even if you are not sure whether you will buy or not, you should register and receive a buyer’s number. You will not have the opportunity to enter the Auction room without it.
How are properties offered for sale?
Each property for sale is given a lot number and then sold in numerical order. Starting at lot 1,lot 2 and so on. As a guide, each lot takes about 3 minutes to sell.
How do I bid?
We suggest that if you are uncertain or uncomfortable about how the Auction system works, you might like to attend one or two different sales before you go to buy. This will give you confidence to get into the action.
Be sure that the Auctioneer or one of the assistants sees that you have made your first bid. Most people just hold up their hand in an obvious way. Once you have made your first bid, the Auction team will watch you carefully to make sure you don’t miss out.
You cannot withdraw a bid once you have made it, So once the bidding starts, make sure you are paying attention all the way through until the property has been sold. Listen carefully to what the Auctioneer is saying and try to keep a view of the interaction between the Auctioneer and other people bidding.
What does a referred bid mean?
Sometimes, the Auctioneer will say’ I must refer that bid. This means that your bid is not automatically successful, as the vendor must be contacted to decide if your bid is acceptable. If this happens, a deposit will not be taken until the vendor has accepted the bid. The vendor will be contacted as soon as possible. If for some reason there is an unacceptable delay in a vendor’s response, you will be entitled to buy another property.
What happens if my bid is successful?
If your bid is successful, the property will be knocked down to you. Your buyer number will be noted. The Auctioneer will then start to sell the next property. You are then able to finalise your purchase with the accountant if there is nothing left that you wish to buy, you will be approached by one of our clerks to whom you are to pay your deposit in cash or bank cheque.
Buyer must pay the balance of the money by following day with the developer
How can I pay for the property?
Cash or bank cheque can pay for your property only,
Do all the properties offered for sale have a reserve price?
Properties are offered for sale in two ways, firstly unreserved which means that the properties will be sold to the highest bidder. Alternatively, a property may have a reserve price, this price represents a minimum amount the vendor is prepared to accept for the property. Auction staff has been instructed not to accept property with reserve prices above what we consider to be realistic.
Tenders
From time to time, Response Auctioneer will have special property for sale. These properties are listed here for tender. The buyer submits a bid and after a certain timeframe, the highest submitted bid is able to purchase the property.