NO BIDS FOR E2.4M PMT HOUSE

MBABANE – The property located in the upmarket township of Eveni has failed to attract bids.

No bidders showed up for the auction of the spacious house located on lot number 2143 situated within the capital city extension 18 (Bentell Estate) at the High Court on Friday. The property, which sits on a plot measuring 1 426 square metres, was being auctioned by Deputy Sheriff David Magagula.

Conducted

The auction was being conducted pursuant to a writ of execution in the matter between Standard Bank and PMT (Pty) Ltd together with Philani Macbeth Tsela. On the conditions of sale, it had been mentioned that the purchaser would be expected to make a deposit of 10 per cent in cash upon the fall of the hammer by the auctioneer. The balance against transfer ought to be secured by a bank or Building Society guarantee; to be approved by the plaintiff’s attorneys was supposed to be furnished within 21 days after the date of sale. “In the event of the purchaser being unable to pay the 10 per cent deposit immediately, the deputy sheriff shall be entitled to forthwith cancel sale and put the property on auction. “If transfer of the property is not registered within three months after the sale, the purchaser shall be liable for payment of interest to the plaintiff at the rate of nine per cent per annum on the amount of the award,” reads the condition of sale in part.

Interested

If interested in trying to pick up a bargain property at auction, there is a lot to learn, a seasoned auctioneer advised. He said auctions could be a riskier way to purchase a property than buying a property through a real estate agent, so it’s important to be extremely well-educated about the process and about the properties you are interested in bidding on. “Also, just because a property is for sale at auction doesn’t mean that you will be able to get it at a good price (or that the home is a good deal at any price - it could be a money pit!).
“But for the savvy, intelligent and motivated individuals, property auctions are worth exploring as a way to pick up an investment property on the cheap,” the auctioneer advised.

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