There are 2 buying opportunities on every property listed with Pam Golding Auctions.


Firstly, every property is listed for a defined period of 4 weeks before the auction commences, this at a Guide Price.

 

Guide prices given are indications (within 10% upwards or downwards) of where the Reserve Price may be set at the time of going to print (The Reserve Price is the minimum price required by the Seller). Please note they are not an indication of the anticipated sale price or a valuation and can be changed during the 4-week period.


An invitation to make a pre-offer

When you find a property that you are interested in, you can choose to make a pre-auction offer via the Offr platform (or, alternatively, directly with the Listing Agent). Our Sellers have advised that they will consider all pre-auction offers. All offers made will be transparently shown on the Offr platform and you will be automatically advised should a new offer come in subsequent to yours, in which case you will be entitled to increase your original offer. To note: Pre-auction offers can be subject to finance.

Any of these offers can be accepted by the Seller at any time during the 4-week period, in which case this will stop the forthcoming auction and this price will be immediately guaranteed for the Buyer.



Following this 4-week period, the auction will then commence for a defined period of 6 days

Bidding goes live on day 1 at 10am accordingly (the exact auction dates and timeclock are identified on each of the property listings as well as on the Offr platform). The Guide Price will change to an Opening Bid price at the start of the auction.


Registering to bid is simple

  • To participate in the auction, simply register as required on the Offr platform.
  • The auction will close on the 6th day at 12pm, unless a bid is placed in the final minute, in which case the auction will be extended.. This extension of time will continue as long as there continues to be a bid in the final minute. (Please see the ‘Rules of Auction’ on the Offr platform when you register to bid)
  • To note: Only cash offers are accepted on the auction (although finance can be pre-approved via ooba, our mortgage originators – simply apply on the Offr platform)

Our specialist Auctions Team is on hand to assist you 24/7.


Make sure your first bidding experience is a success

Buying a property at auction is a straightforward process, but you do need to understand the process and make sure that you do the necessary preparation – which is why we have allocated sufficient time during the sale window to do so.


Herewith some tips regarding what you need to do to prepare for the auction.

  1. Get your finances in order
    Have your finances in place prior to making an offer or bidding. This will allow you to properly budget for the property. It’s good to assume that the property will probably sell for at least the Guide Price or Opening Bid Price, if not slightly higher. Remember to include the additional costs associated with buying a property, such as transfer fees. If you are looking to bond the property, ensure that you have loan approval in advance (as you cannot bid ‘subject to finance’).
  2. It is important to remember that an auction sale is legally binding.
    On the fall of the hammer a contract exists and the successful bidder will have to pay 10 percent of the property price within 24 hours. One of the strong advantages of buying with Pam Golding Auctions is that there is NO buyer’s fee payable!
  3. View the property
    Our Agents may have set up predefined times that you can book or you can request a viewing appointment via the Offr platform. Please be sure to view the property videos, virtual tours, etc in advance.
  4. Review legal documentation
    Prior to the auction, download the legal pack to do your due diligence on the property.. If you want to query, or change anything in the conditions, you should do this before the auction in consultation with our Auctions Service Team.
  5. Set your price limit
    Bidding at an auction can be very exciting. Don’t get carried away. Know your budget and what your maximum bid will be and stick to it! (Did you know?….you can set an automated max bid on the Offr platform!…it will then automatically bid on your behalf up this amount)
  6. Successful bidders
    If you are successful at the auction you will be required to sign a binding contract, pay a non-refundable deposit within 24 hours and pay the balance on the closing date as set out in the contract. The balance is generally payable within 30 days of the auction.

Be sure to sign up here to receive notifications on new properties added to our portfolio every week!


Herewith some tips regarding what you need to do to prepare for the auction.

  1. Get your finances in order
    Have your finances in place prior to making an offer or bidding. This will allow you to properly budget for the property. It’s good to assume that the property will probably sell for at least the Guide Price or Opening Bid Price, if not slightly higher. Remember to include the additional costs associated with buying a property, such as transfer fees. If you are looking to bond the property, ensure that you have loan approval in advance (as you cannot bid ‘subject to finance’).
  2. It is important to remember that an auction sale is legally binding.
    On the fall of the hammer a contract exists and the successful bidder will have to pay 10 percent of the property price within 24 hours. One of the strong advantages of buying with Pam Golding Auctions is that there is NO buyer’s fee payable!
  3. View the property
    Our Agents may have set up predefined times that you can book or you can request a viewing appointment via the Offr platform. Please be sure to view the property videos, virtual tours, etc in advance.
  4. Review legal documentation
    Prior to the auction, download the legal pack to do your due diligence on the property.. If you want to query, or change anything in the conditions, you should do this before the auction in consultation with our Auctions Service Team.
  5. Set your price limit
    Bidding at an auction can be very exciting. Don’t get carried away. Know your budget and what your maximum bid will be and stick to it! (Did you know?….you can set an automated max bid on the Offr platform!…it will then automatically bid on your behalf up this amount)
  6. Successful bidders
    If you are successful at the auction you will be required to sign a binding contract, pay a non-refundable deposit within 24 hours and pay the balance on the closing date as set out in the contract. The balance is generally payable within 30 days of the auction.

Be sure to sign up here to receive notifications on new properties added to our portfolio every week!