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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Baoriat Agencies
Call: +254 721-554-937
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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