An auction house may sometimes refer to the facility that an auction is taking place in, most commonly refers to the company running the auction.
Find below are the list of Auction Companies In South Africa
Ian Wyles Auctioneers & Appraisers
Address: 2 Ibhubesi Rd Level 3 | Unit 5 | Edstan Business Park, Riverhorse Valley, Durban, 4001
Hours: Closed ⋅ Opens 8AM Wed
Phone: 031 579 4403
Martin Auctioneers
Address: 37 Stalwart Simelane St, Durban Central, Durban, 4000
Hours: Closed ⋅ Opens 8AM Wed
Phone: 031 332 9476
Aucor Auctioneers
Address: 53 Sterling Rd, Kosmosdal, Centurion, 0187
Hours: Closed ⋅ Opens 8:30AM Wed
Phone: 011 237 4444
T I C AUCTIONS
Address: 191 Pietermaritz St, Pietermaritzburg, 3201
Phone: 083 656 0891
Park Village Auctions
Address: The Bank Repossession Centre, 221 Main Rd, Martindale, Johannesburg, 2092
Hours: Closed ⋅ Opens 8AM Wed
Phone: 011 673 3056
How do auction companies work?
Each registered bidder is given a bidder card with a number that is used to identify all participants. The bidders then call out their bids, with each bid being higher than the subsequent bid. The bidders lift up their bidder card to announce their bid price so the auctioneer can identify who is making the bid.
What is the meaning of property auction?
a public sale of goods or property, esp one in which prospective purchasers bid against each other until the highest price is reached. Compare Dutch auction.
Are auctions illegal?
Legally, an auction is defined as the “public sale of property to the highest bidder.” In Pitchfork Ranch Co. Free and fair competition among bidders brings the highest financial return to the seller. Any agreement that restricts such competition is against public policy and void.
How much should I pay at auction?
In New South Wales, a 10% fixed deposit is required unless otherwise stated, which can be paid by a personal or bank cheque, cash and other methods by arrangement between all parties.
Can you back out of an auction bid?
In many cases — yes. Buyers who have placed a bid can retract their bid any time before the auctioneer announces the sale has been completed. It’s important to note, however, that the withdrawal of one bid does not revive any previous bid.
How does an auction work on a house?
House auctions work by giving prospective homebuyers a chance to bid on foreclosed properties. Winning bids are typically lower than market prices, but you’ll have to do your homework. A lot of it, in fact, to make sure you don’t end up with a money pit. You’ll also probably need to be able to pay in full with cash.
What happens if you win an auction and can’t pay?
Should a successful bidder choose not to pay, an auctioneer has every legal right to seek payment for purchased items, including canceling the sale and reoffering the property without reserve. Typically a defaulted lot is either reoffered or returned to the consignor, but can be “tainted” to the marketplace.