BIG BEND FARMS SOLD FOR E12.8M

 MBABANE – The re-auction of three Big Bend farms attracted bids of up to E12.8 million. 

Deputy Sheriff Thulani Ndzabandzaba said the farms, which measured a combined 1 240 740 hectares, attracted two bidders who raised bids until they reached E12.8 million during the public sale on Friday.  

The farms located at the agricultural town of Big Bend, behind Riverside Complex, are located next to each other, which make them ideal for agriculture or tourism.

On the conditions of sale, which were available for viewing either at the office of the sheriff at the High Court or Lubombo Regional Administrator, it had been mentioned that the purchaser would be expected to pay 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 and 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,” read the conditions of the sale in part.

Explained

It was explained that if transfer of the property was not registered within three months after the sale, the purchaser would be liable for payment of interest to the plaintiff at the rate of nine per cent per annum on the amount of the award.

The initial auction was scheduled to start at exactly 3pm at the Siteki Magistrates Court but began 30 minutes later, reportedly because some interested buyers were running late.

Surprisingly, when the auction finally began, there were only a few bidders, and the rest of the attendees who were about 20 people simply turned into spectators.

When the actual bidding started, only two interested buyers remained standing, with the rest literally throwing in the towel.
The first farm to be bidded for was farm 1302 (Lubombo District), which had a reserve price of E4 400 000. The second farm, measuring 43 7410 hectares, had a reserve price of E4 424 000 reserve price.

The third farm measuring 34 7204 hectares had a reserve price of E3 300 000.
A seasoned auctioneer advised bidders that if one was interested in trying to pick up a bargain property at auction, there was a lot to learn. An expert recently advised that it was important to be extremely well-educated about the process and about the properties you were interested in bidding on.

“For the savvy, intelligent and motivated individuals, property auctions are worth exploring as a way to pick up an investment property on the cheap,” said the auctioneer who preferred anonymity.

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