Why to Participate in Auction

Benefits for seller

Register your distressed property at Own a Roof’s Best Buy Auction and get it sold quickly. There are multiple benefits of listing your property with us.

  1. Stale listings are often not considered for buying but registering your distressed property here, you can sell it fast and hassle-free. The auction would get you the right buyer and the right price.
  2. It offers you a great opportunity to get more than expected price for the premium properties. You may never know what closing price the bidding competition may lead to.
  3. Auctioning the property with us, you can connect to thousands of authentic potential buyers. More the buyers, greater will be the chances of selling the property on your terms.
  4. As a premium listing, we guarantee a great buyer experience by removing the ads and thus, the chances of the sale of your property increases.

Benefits for buyer

By registering as a buyer, you can unlock a wide array of legal properties; bid, win and buy at the price you are comfortable with. Let us go through the benefits of registering as a buyer with us.

  1. The best buy auction eliminates the negotiating process during the property buying. You can bid your price and if you win, get it without long and tiring process of negotiations.
  2. No worries about going overboard with the pricing. Bid what feels right for you and get one in your budget. Bid on every opportunity till you get one at the right price.
  3. The bidding is carried out with utmost sincerity and the property transaction is safe and following the legal guidelines. We ensure no frauds during the transaction.
  4. All the properties are ready to move and the buyer does not have to wait long for moving in. Keeping all the paperwork in place, we also guarantee the owning of land and transfer of documents in the minimum time possible.
  5. If you do not win the auction, the participation money is refunded in full to you.

FREQUENTLY ASKED QUESTIONS

How exactly the auction process works?

We have a wide list of properties for sale. Select the property that you are interested in and pay the participation fee to take part. Place your bid. You can adjust the bid to get ahead of the competition. Once the auction is done, we declare the winner to the highest bidder.

What is the fee for taking a part in the bidding?

We allow the participation in bidding by deposition of a participation fee. If you are depositing the money online, the transaction charges are to be born by you. In case of payments by cheque, full money is refunded if you do not win the bid. To bid for multiple properties, you need to deposit the fees for each separately.

How does the bidding go and how can I win?

We follow an ethical procedure of bidding. The highest bidder takes the property. The seller sets the Reserve Price which is the minimum price he expects. You can bid lower than the Reserved Price but to win the bid, we advise you to put a price higher than the Reserve Price which can be compelling for the seller. If you see a better offer on the property, you can increase your bid to win.

Is cancelling the bid or withdrawing from the auction possible?

No. After placing the bid, we do not allow cancelling it or withdrawing from the auction. The participation fee is also not refunded in such a case. If you win the bid, you have to own the property. If the top bidder does not own the property, it is gets transferred to the second highest bidder.

What happens when I win the bid?

After being declared as the winner, you have to pay the booking amount upfront as per the plan of the property. The balance can be paid within the time allowed as per the instructions by the seller.

What if after winning the bid, I am unable to pay for it?

Please make sure before bidding that you are willing and financially capable of buying the property. We put resources to perform the auction and we expect the participants to value that. As a penalty, we do not refund your participation fee.

For Seller

  • A nominal amount has to be paid for listing and marketing charges.
  • We put in every effort to sell your property through the auction and when it does, we charge a brokerage on the closing price.
  • For more details, please contact our team.

For Buyer

  • The registration fee has to be paid by the buyer after which he would be eligible for participating in the bid.
  • For bidding on multiple properties, a separate amount has to be paid for each.
  • If the bidder does not win the bid, the full registration money is refunded.

* If the bidder is paying money online, the transaction charges are to be borne by him/ her . In the case of payments by DD, the full amount is refunded on losing the bid and for the winners the fee will be adjusted in final payment for property. For more details, please contact our team.

  1. The seller lists his property on the portal for selling. He also mentions the reserve price which is the minimum price that he expects for the property.
  2. The interested buyer would register on the portal and pay the fee to bid for the listing.
  3. The buyer can and should adjust the bid as the auction proceeds to beat the competition.
  4. At the end of the auction, the highest bidder is declared as the winner by a fair and square procedure.
  5. If the highest bidder cannot claim the property, the ownership is automatically offered to the second highest bidder fortifying the registration fee of the highest bidder.
  6. The buyer can also offer price lower than reserve price and it depends on the seller whether or not he would accept the offer.