About VirtualAuctions.co.za

VirtualAuctions.co.za (simply known as Virtual Auctions is Proudly brought to you by Virtual Realty). We do not operate on the franchise model as most real estate companies do. As a result, we can confidently offer the most competitive rates to both buyers and sellers alike. You choose HOW you prefer to sell:

1. Via our conventional sales method, or

2. Via our quick and easy auction platform at absolutely NO COST to you as the seller.

Attract MORE Buyers & Bidding Competition with some of the most competitive auction rates in the market.

WHY AUCTIONS?

Virtual Auctions takes the mystery out of buying on auction

With Voluntary/ Non-distressed Auctions we follow a process that leads to achieving true market value for both buyer and seller. Our e-auctions , or virtual online auctions, creates transparency for both the buyer and seller. It ensures that the seller maximises the price of the property to the true market value.

Mr & Mrs Seller, our auction campaign has been designed to run over a period of time which we will discuss and plan with you. This allows us to prepare, actively market your property and then to conclude with an online auction hosted by Virtual Auctions or a pre-auction offer. Our aim is to get as many buyers through the property in the initial marketing phase. Getting the right buyers around the table, gets you the maximum amount and shortens the timeline of your property being on the market.

Frequently Asked Questions

• Can the auctioneer's commission which the buyer pays be negotiated?
  Yes, it can be provided that it is a pre-auction offer and not an offer on the day of the auction.
  On the day of the auction, the commission will be standard across the board to ensure a fair bidding process.
• What is a Reserve Price?
  The Reserve Price is the minimum price at which the seller agrees to sell their property.
• What is an Opening Bid?
  The Opening Bid is the price at which bidding will start on the auction.
• Can I view the property?
  Yes, we will arrange viewings leading up the auction. As per normal private treaty sales, all properties can be viewed by appointment or on show days as advertised.
• If I really like the property, can I buy it before the auction?
  Yes, subject to the seller's acceptance of course. Committed and pre-qualified buyers will have an opportunity to make offers before the auction. Pre-auction offers may be subject to finance or other suspensive conditions. All pre-auction offers will be presented to the Seller for consideration.
• Can I buy the property privately from the seller before or after the auction?
  No, this would be unethical and would constitute a legal breach of contract. Virtual Auctions signs an Exclusive Sole Mandate with the seller before enrolling the property on our auction program. The sellers thereby agree that they will not sell the property directly to any potential buyers.
  
  We are committed to guiding and supporting any buyer through the process to ensure a positive outcome for all involved.
• How does the online auction work?
  The property is listed as a live online auction. Buyers will register on the auction platform to take part in the auction, and be required to upload proof of identify and proof of residence, as well as accept the Terms and Conditions of the auction, following which a formal 'approval to bid' will be advised.
  
  Online bidding will be open for a time period (called a 'timed auction'), so please be sure to check the timing details on the property listing page. All bids will be transparent to other registered buyers, although the identity of the bidders may remain anonymous.
  
  The winning bidder will be required to sign the sale agreement, which will then be presented to the seller for consideration. Should the winning bid be below the Reserve Price, the seller will have seven days to consider this offer.
  
  If the Reserve Price is achieved, or the Seller accepts a lower bid, the buyer will have 24 hours to pay the auctioneers fee, 72 hours to pay the 10% deposit, and will have to secure the balance of the purchase price within 30 days.
  
  Note: If the buyer does not pay the auctioneers fee and deposit on time, they will be held legally liable for financial damages and losses incurred by the Auctioneer and Seller. If the purchase price is not secured in 30 days, the buyer will forfeit the Auctioneer's fee and deposit.
• Is there a Buyers Fee payable?
  Unlike other property auctions companies, no, there is no Buyers Registration Fee payable, however, the successful buyer is responsible for paying the Auctioneer's commission.
• What happens if the reserve is not met on auction day?
  If the reserve price is not met on auction day, we will engage with the seller and final bidder to try and close the gap between the two. Should the seller wish to accept an offer below reserve they are free to do so.
• What happens if the winning bidder does not get finance?
  For any offers prior to the auction, buyers will be allowed to purchase subject to finance. To allow the seller to consider higher offers while the buyer applies for finance, we include a 72-hour clause in the Offer to Purchase, which allows the original buyer to match or exceed other offers that may come in subsequently.
  
  During the auction, no suspensive conditions will be allowed, so it is important to note that all final bids are fully binding on the purchaser at the 'fall of the hammer'. Offers can therefore not be subject to finance (or the sale of another property), so buyers need to be cash buyers, or have pre-approved finance in place prior to bidding. Buyers can arrange finance at their own risk but will lose their 10% deposit and auctioneers fee if they are not able to secure the purchase price within 30 days of auction. Virtual Auctions can assist all interested buyers in obtaining pre-approved finance where needed.
• What happens after auction?
  Once the auction agreement has been signed by all parties, the winning bidder will have 24 hours to pay the auctioneer's fee and 72 hours to pay the 10% deposit, after which the transferring attorney will receive the instruction to start the transfer. The balance of the purchase price will have to be secured within 30 days. From there onwards the transfer will proceed as per any normal private treaty transfer.
• What happens if I don't want the property after auction - can I cancel the sale?
  During listing, Virtual Auctions will upload all legal documentation, including the property disclosure form, bid pack and all other relevant documentation to support the buyer in their due diligence process. Buyers are also free to view the property before the auction. On the auction the property is sold voetstoots so buyers are not able to cancel the sale after auction day. It is important for buyers to fully familiarise themselves with the property they wish to purchase and our auctions team will be on standby to provide any additional information required.
• What happens if the property does not sell on Auction Day?
  If the property does not sell before or on Auction Day, you may submit an offer after auction. It is however advisable to make an offer prior to auction or bid on the auction to a specific amount so you do not lose out.
• Will the auction take place at my property?
  No, with Virtual Auctions, the name says it all. Auctions are hosted via Zoom and buyers can also bid online or call in to connect to the auction telephonically.
• What's the difference between a distressed auction and a voluntary (non-distressed) auction?
  With distressed auctions (Bank repo's) the seller is in financial distress and do not cover any costs. As a result, the buyer will be liable to pay all costs relating to the transfer of the property including all compliance fees/ inspection costs as well as all outstanding rates, taxes and levies which usually runs into large amounts. Furthermore, the properties are normally not well maintained and often vandalised due to the owner's financial situation and mental state.
• How much do I pay if the property does not sell?
  Zero, Zilch, Nada. No Sale, No Fee.