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6 Things to Consider Before Buying Property from Auctioneers

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In recent years, there has been a rise in properties being sold through auctions – from homes, vehicles, and land to various types of equipment and home appliances like fridges and office chairs.

In principle, properties being sold via auction are usually cheap, but there are risks involved.

Before opting to go for that auction you have seen in the newspaper or online, here are some of the things you need to consider – as explained by Geoffrey Maina, an auctioneer.

Types of auction

Know the kind of auction you are about to participate in. There are different kinds of auctions, among them minimum bid, absolute, and reverse auctions.

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In a minimum bid auction, there is an established minimum price during the bidding while an absolute auction dictates that the highest bidder will acquire the auctioned property.

Bidding process

Bidders will usually be given a specific time and place they can view items on sale and participate in the process.

The process is usually systematic, which allows for only serious bidders to participate. Usually, as a bidder, you are required to pay a certain amount of money to secure a bidding number.

In case you win the bid, auctioneers usually demand that you pay at least 10 percent of the bidding price with the balance to be cleared between 14 to 21 days.

Cost of repair

some auctions give a disclaimer that they are not responsible for the condition or state of the item purchased. Always be keen when inspecting the item you want to purchase to avoid buying an item you will end up using more to repair.

Consumer rights

Don’t expect the seller and auctioneer to do due diligence on your behalf. Always seek the services of a lawyer when property such as land and apartments are involved.

“An individual should involve a lawyer since some auctioneers may not follow the law depending on the auction. Bidders can challenge the legality of the sale.” Maina explained.

Uncleared payments

As a buyer, you should be wary of properties that have payments to financial institutions yet to be cleared.


“When an individual seeks to acquire auctioned property they should verify rates, taxes, and utility bills to avoid potential litigation processes,” he warned

Possession Issues

You should be aware of the distinction between symbolic and physical possession of a property.

When financial institutions are involved in a property, they have a symbolic possession legally but the owner has physical possession. Banks are required to take physical possession and transfer property rights to the new owner.

At times, the banks will complete a transaction and present the new owner with the challenge of vacating the previous owner of the property.

Visit the Baoriat Agencies website to find out if there are plots/houses, or properties available for sale within Kapseret, Kipkenyo, or other areas in Uasin Gishu County.

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 the Juma Hajee Building room number 16, Eldoret town

Follow our Facebook Page Boariat Agencies for the latest deals.

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