Instant Bid vs Autobid
An instant bid bids immediately for the amount you have selected. An Autobid will allow our system to automatically bid in the increments you have selected up to your Max Autobid. The system will only bid on your behalf should another bidder outbid you and stop bidding when you are the winning bidder or when your Max Autobid has been reached.
Increments, Notifications and Extensions
You can set your bid increments to an amount where you are comfortable. Your bids will increase according to the increment you have selected. When you select the 'Get Notifications' tab our system will send you an SMS to notify you of all bids on the particular lot. Should a bid be received within 15min before the ending time of the lot then that lots ending time will automatically be extended by a further 15min to allow other bidders the opportunity to evaluate and better their own bid.
Bidding history and Terms and Conditions
You have to be logged into our site and registered for the auction you are interested in, in order to take part in the bidding process. Once you have requested registration one of our consultants will contact you to secure your FICA documents and deposit. Once this process is complete, your bid number will become active and allow you to bid on the auction. Please read the terms and conditions, info pack and conditions of sale provided for each lot before placing your bid.
What happens after the auction
If you are the winning bidder our consultants will contact you to sign the relevant documentation and secure the deposit on the lot you have purchased. Should you not win the lot your deposit will be refunded to you within 5 working days of the auction.
The transaction is quick, efficient and simple with a 3 or 7 day confirmation period.
You know with certainty that the properties PRIME Auctions takes to auction have been accurately and fairly valued.
Before you bid, you inspect the property thoroughly.
All transactions are transparent. Bidding is in the open, terms and conditions are provided for your scrutiny beforehand and on the day of the auction.
Once your bid is accepted and confirmed by the seller, that’s it, the property is yours.
Once the property is on auction, there’s no last minute changes, haggling on price or any other terms.
You control your price
Should the bidding exceed your set limit, you simply stop and move on.
You have nothing to lose. The deposit you put down as a potential buyer is refundable in total should your offer be rejected.
How do I register for the auction?
After you have logged into our site and have requested registration for an auction one of our consultants will contact you and assist you with an easy registration process where an application form is completed and the necessary FICA documentation and a refundable deposit are secured. You can also contact us directly for registration.
Can I inspect the property before the auction?
We advise prospective buyers to conduct physical inspections of the property before the auction. One of our Sales Executives will gladly arrange a viewing of the property and answer any questions you may have.
Who pays the auctioneer’s commission?
The auctioneers’ fee is paid by the buyer over and above the winning bid price unless otherwise specified. Each property will have this information displayed in its description.
Is there a reserve price on all lots?
Most lots are auctioned with a reserve price in place. Should the highest bid at the auction not meet the reserve price then the seller has the option to reject or accept the winning bid price.
What is the deposit amount?
A deposit of 10% is payable directly after the auction via EFT. PRIME Auctions retain the right to offer the lot to the under bidder should the winning bidder fail to pay the deposit in a fair and timely manner.