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.
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
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