Real Estate Auctions in Malta
Buying or selling a property by Auction is the latest innovative platform where a buyer and a seller are being brought together in a professional way and in collaboration with a licensed Auctioneer for the first time in Malta.
Selling a Property by Auction in Malta is unfortunately synonymous with the selling of distressed properties involved in loan foreclosures and properties that have been inherited where the heirs disagree and as such decide to sell by Auction. Of course, these are a couple reasons one would bring in a licensed auction house to sell your home.
View Auction Properties However, real estate auctioning has been a profession and a normal standard of selling homes since the 1980’s in the United States and is a very strong industry throughout Europe. RE/MAX Malta bring to the market the experience of auction manager and the reputation of one of the most renown Auctioneers in Malta, namely Obelisk Auctioneers and Valuers, whom have been in the operation of the Auction business for over a decade. Pierre Grech Pillow, Managing Director of Obelisk Auctioneers grew up in an environement of an Antique Dealership, where after dealing with several auction houses saw the gap in the market for a new auction house which he founded. Over the years, he has established Obelisk as the leading Auction house in Malta.
Most residential and commercial properties are salable by Auction and the benefits for both the seller and the buyer are endless:
Benefits to the Seller
One of the most significant benefits of selling on auction is that the price of the property is set so that the seller is assured that the property will sell at true market value.
With the seller in mind, one must note that when your property is placed on the auction market and goes to auction date that buyers come to the auction prepared to purchase. In fact, they express interest in a home and come ready and upon registration bring together with them and place with the notary a bank draft in hand that will cover the deposit equivalent to 10% of the purchase price.
On another note, once you have signed up for auction, the property is surveyed and the in-house notary completes the searches of the home so not to hinder the smooth selling process of the property thus all paper work is done before the auction.
All buyers are pre-qualified and have viewed the property prior to the auction date thus they are certain that the property in question is the property they want to purchase.
The seller feels comfortable knowing that they are not involved in any negotiations. Once the property goes to auction, the bidding starts whilst if a bid reaches or goes over the reserve price the home will be sold.
Taking this further, the property in question is placed into a marketing package that will deliver numerous potential leads and interest not to mention great visibility of your property, thus also ensuring a pipeline of bidders for your property.
Benefits to the Buyer
Buyers that take interest in a property for sale by auction, already know that the vendor is committed to sell without having to haggle and discuss various terms that may come about when negotiating a deal. The auctioneers ensure that all terms and conditions are set forth whilst the only next action after the auction is completed is the signing of the ‘Promise of Sale’.
The competition in an auction is fairly set where terms and conditions are at a level playing field for all interested parties thus a buyer is more comfortable do not have to worry about any disadvantages. In fact, the buyer determines the price they want to pay for the property and if they are out-bid they may choose to increase their bid if they feel that the property is worth it or not. This is one of the benefits of having a licenses auctioneer managing the budding process.
Furthermore, the buyer knows before-hand the timings of the closing of sale thus can make plans accordingly to take over the property and move in as per set parameters already known, removing any delays or complications from the process.
This innovative and effective way of selling a property is available to all sellers and buyers alike. If you are a seller, your RE/MAX agents are trained to manage the process and refer you to the Auction manager, who will thereafter inspect your property and review the potential.
If the property in questions matches the ideal criteria, then your property will be recommended to be sold by Auction. Buyers will be invited to viewings of properties and once they are interested in purchasing a home, they are provided the knowledge to be able to make an informed decision whether to wait for the auction or submit an offer prior to the auction date.
RE/MAX Auctions is committed to excellence and will hold a minimum of four auctions per year, with a minimum of fifteen to thirty properties, making the selection of homes exclusive.
For further information if you would like to sell or purchase a property which is for sale by auction, kindly contact Jeremy Borg Grech or send a request through the contact form on this page.
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