Skip to main content

How to Buy Land/Property in an Auction in Kenya

 

Just like you can buy a car, house, or something else during an auction, land is also part of an asset that you can acquire through auction.

The main advantage of buying land or property through an auction is that you will get it at a far lower price than the market value, although it won’t be that low because laws governing auctions in Kenya require that the price should not be below 75% of the actual value.

Some people are usually hesitant to buy property in an auction due to the many risks involved, but the truth is that if you follow due process, there’s nothing to worry about.

Buying a property/land through the auction will require you to go through the following 8 main steps;

1.       Looking for the land/property up for auction

Land or property set for auctioning is usually advised in newspapers and other public places. You can also get to know which land is up for an auction through real estate websites, real estate agents, local banks as well as housing finance.

2.       Inspecting the land/property

Before the auction day, individuals interested in purchasing the land/property will be allowed to inspect it. Be sure not to skip this stage as you will be able to know the location of the land/property, its state, and also confirm social amenities surrounding that area.

3.       Get the money

Of cos when going to an auction, you will need to pay for the property/land – that is if you win the bid. Some auctioneers will also ask for payment of the land/property upfront so make sure you have the funds to facilitate all that – or you will end up losing.

4.       Bidding budget

Do your homework and get to know how much that piece of land or property can cost in an auction. Once you know that, be sure you can raise the maximum amount, just in case it has to reach that point.

5.       Attend the auction

For you to be able to buy land/property in an auction, you will have to attend it, in person. The date and venue of the auction are usually communicated to the public and interested individuals.

6.       Bidding number

Once you arrive at the auction venue, ensure you register. You will be given a bidding number that will be used in your bidding.

Find Property in Uasin Gishu County
Baoriat Agencies

Call: +254 721-554-937

There is also paperwork that you will also be required to fill, they will come in handy, just in case you emerge the winner in the auction.

7.       Bidding

This is where the real action happens. You will have to compete with others and the rule is always one ‘the highest bidder is the winner’.


To bid, you will have to raise your hand while holding your bidding number.

8.       Finalize pay

Once you are declared the winner of the auction, you will be required to pay a certain amount of money (deposit) for the purchase of the property after which you will receive a certificate confirming your payments.

You will also get a certificate of sale to confirm that you are the person who has acquired the land/property.

Be sure you finalize all the payments and related paperwork once a review of the auction is done that will allow you to officially take over ownership of the land/property.

Baoriat Agencies is committed to helping you find the best place for you to settle in Eldoret town. We walk you through the entire process of acquiring your own property in Eldoret until it has been transferred into your hands.

To learn more about buying a property in Eldoret, 

Call 0721-554937

WhatsApp  https://wa.me/0721-554937  

Email evekibet@gmail.com or 

Visit us at  Juma Hajee Building room number 16, Eldoret town 

Follow our Facebook Page Boariat Agencies for the latest deals.

Comments

Popular posts from this blog

Major Streets in Eldoret Town – Perfect for Mega Investments

  If you are looking for a place to put your investment in around Eldoret town, then consider the Central Business District (CBD). With the growing population that is pushing the expansion of Eldoret town – which is currently an economic, education, sports, health and a transport hub for at least 23 counties in the North Rift region and Western Kenya, this Uasin Gishu’s capital is the best bet for your investment. The Eldoret CBD is comprised of FOUR major streets where you can be sure your investment of whatever kind will give you maximum returns. Here are the four major streets in Eldoret CBD: Ronald Ngala Street When you are coming into Eldoret town from Nairobi through Nakuru Highway, this is the first street you will come across as you enter the CBD. Just at the start of Ronald Ngala Street is the iconic Barng’etuny plaza – one of the oldest buildings in the town. Opposite it is several banks including Bank of Africa, Sidian Bank and Cooperative Bank. Other key fac...

How Women Can Protect Their Property Rights After Marriage

They say property has no gender, but history shows a different reality, where property ownership has favoured men. This inequality is still evident, especially when it comes to inheritance after the death of a spouse.  Even though Kenya’s 2010 Constitution guarantees equal rights for men and women, many women still struggle to secure their rights to property. So, how can women make sure their rights are respected after marriage? Baoriat Agencies explains six key ways to ensure fair property distribution in case of death or separation. 1. Registering Jointly Owned Property  When a couple buys property together, it’s important to register it under both names. This guarantees that the other automatically inherits the property if one partner dies. Make sure both names are clearly listed on the title deed as co-owners. 2. Joint Tenancy or Tenancy-in-Common There are two ways to share property: Joint tenancy : If one partner dies, the other automatically becomes the sole owner. Tena...

List of Popular Gated Community Estates in Eldoret Town

  Eldoret town is home to over 10 residential estates that house all types of people – from the lower class to the affluent. Some of the popular estates include Kapsoya, Langas, Kimumu, Huruma and Annex among many others while there are several other upcoming residential estates like Juniorrate, Action and Pioneer which are not yet fully developed. Apart from the above-mentioned estates, we also have several gated estates, accommodating the rich and affluent in Eldoret. Also Read:  List of Estates within Eldoret Municipality A gated community is a form of residential  community  or housing estate containing strictly controlled entrances for pedestrians, bicycles, and automobiles, and often characterized by a closed perimeter of walls and fences. We take at some of the popular ones in Eldoret town, most of which house the affluent. Kenmsosa Village This is a gated community estate that houses not only residential homes but also has a resort. Kenmosa village ...