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Things You Need To Know Before Buying Property on Auction

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Looking at Newspapers today, you will not miss finding one or two properties, including land, which are up for sale through auction.

Buying such property on auction will enable you to get it at a good price, that cannot be accessed when you go through normal procedures, including having to deal with brokers or middlemen.

However cheap auction property might be, there is always a question of whether you will get a good deal or not, and this is why you need to know some of these basic things before opting to go for an auction, to bid for a property/land.

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It is always good to focus on factors that impact the validity of the auction sale which includes;

Is the auctioneer licensed?

An auction can only be legal if the auctioneer is a qualified individual who holds a valid auctioneering license, usually issued by the Auctioneers Licensing Board.

The auctioneer must also be authorized to sell the item put under auction.

Types of auctions

There are two main types of auctions; one in which a bank sells a property to recover its unpaid debt (statutory auction) and the auction where an auctioneer sells on behalf of the property owner.

Where an auctioneer is selling on behalf of the owner of the property, always inquire to know if there is an official letter of authorization from the property owner.

The preview

It is always good to determine the worth and value of a property on offer in the auction – before deciding to bid for it or not by doing a preview. This is where you can among others do a search of the property/land in question to identify the owners.

At this point, you also need to physically see the property in question, be it land, house, vehicle, etc, so that you can confirm its condition.

Also Read; Howto Buy Land/Property in an Auction in Kenya

Once you buy a property on an auction, if you fail to conduct due diligence and end up with for example a faulty vehicle – you will take full responsibility, not the auctioneer.

Value for money

As much as properties/land bought through auction might be cheaper than the market price, always get a valuation for comparison with what is on the market.


Be sure to know the bidding limit for the property in question and if it is something land a house or used vehicle, do a basic background check to know the kind of repairs you will be expected to do on it after purchase.

Terms and Conditions

Before bidding, get to know the terms and conditions the auction has set up – ie whether there is a minimum price the seller will be willing to accept, if there is a deposit you are required to pay to take part in the auction, and if it is refundable or not.

Also, check the deposit you’re required to pay after winning the bid and the period allowed to settle the bill.

Without knowing some of these basic terms and conditions, you might end up being forced to forfeit the property and money you have already paid.

What happens after winning the bid?

Usually, at the fall of the hammer, there is a percentage that you will be required to pay, and the balance within a specific period of time.

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.

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