What is a public auction?

Author

MyProperty

A public auction or sales in execution relates to distressed properties that are taking too long to sell traditionally. If the sale is taking too long, the bank may decide to move things along with a public auction. The bank will obtain approval from the High Court to proceed. Rather than holding out for the best price, these sales aim to recover the outstanding debt owed to the bank and any associated costs in the quickest way possible. For this reason, an addition to Rule 46 by the High Court was made which, in short, makes the process more difficult for banks to go the route of a sale in execution and encourages them rather to place the property on their distressed programmes. Keep in mind that buyers might be liable for any outstanding rates and taxes on the property. Be sure to read the fine print carefully before signing the purchasing agreement.

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