Formal Auctions

Can I sell or buy on behalf of someone else?

As a FICA Authorised Representative you may buy and sell on behalf of someone else.

Can I remove my item after it’s been listed in an auction?

You may remove your listed item from the auction roll subject to paying a handling fee of 10%, charged on the low estimated value of the item agreed by the seller when it was booked in.

Can I set a reserve price on my item?

Yes you may set a reserve price on an item. If the reserve price is not met on the auction then there is automatically a "No Sale". It is better to sell items Subject to Confirmation (STC). This method enables the auctioneer to negotiate a sale between the highest bidder and the seller after the auction has been concluded.

Must I provide proof of ownership?

Yes you must provide proof of ownership.

What are the benefits of selling on an auction?

BENEFITS TO THE SELLER:

Buyers come prepared to buy
Quick disposal reduces long-term carrying costs, including taxes & maintenance
Assurance that item will be sold at true market value
Exposes the item to a large number of pre-qualified prospects
Accelerates the sale
Creates competition among buyers — auction price can exceed the price of a negotiated sale
Requires potential buyers to pre-qualify for financing
The seller knows exactly when the property will sell
Eliminates numerous and unscheduled showings
Takes the seller out of the negotiation process
Ensures an aggressive marketing program that increases interest and visibility

BENEFITS TO THE BUYER:

Smart investments are made as items are usually purchased at fair market value through competitive bidding
The buyer knows the seller is committed to sell
In multi-item auctions the buyer sees many offerings in the same place at the same time
Buyers determine the purchase price
Auctions eliminate long negotiation periods
Auctions reduce time to purchase items
Purchasing and closing dates are known
Buyers know they are competing fairly and on the same terms as all other buyers
Buyers receive comprehensive information on items.

Can I return an item that I have purchased on an auction?

Items are generally sold voetstoots and without suspensive conditions. In other words, as long as they are conducted in compliance with the CPA, auctions are exempt from the statutory consumer protection regulations that govern the quality of goods and give buyers cooling-off periods, warranties and opportunities to return defective goods.

I won the bid, when and where can I collect my item?

Items can only be collected once full payment reflects in our FNB account. Collection times and terms are announced by the auctioneer at the beginning of the auction and are also published in the Buyers Guide.

What forms of payment do you accept?

We prefer EFT payments. We do accept cash, debit and credit card payments at the Formal Auction Events, but they are subject to an admin fee of 3.5% of the invoice amount.

I won the bid, when and where must I pay?

The payment rules for each auction depends on the nature of the items that are being sold. Generally it is on the day of the auction. The payment rules are published in the buyers guide, and is also announced by the auctioneer at the beginning of the auction.

Can I cancel my winning bid after the hammer falls?

No, you can not cancel your bid after the hammer falls on you.

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