Online Auctions are the fastest, most efficient way to buy property and an excellent opportunity for a buyer to get a property at a very competitive price. From the outset we aid the vendor in getting a legal pack which allows a potential buyer to start the process from the moment the property is advertised. With our transparent bidding system, you will not end up putting in a higher bid than is necessary to secure your purchase.
There is an agreement to sell at the fall of the hammer. A Contract is signed immediately with the deposit being paid and the completion date fixed. Neither the seller nor the buyer can change their mind for any reason.
To register for our online auction, you will require:
View the Property
In the weeks prior to an auction we arrange Open Viewings for most of our properties, we can also arrange viewings before this if requested. We strongly urge anyone that is interested in a property to view it first.
Obtain Legal Documentation
The Vendor's Solicitor will prepare a Legal Pack which can be viewed from the Property's page on our website. Legal Packs contain many important documents that should be reviewed by your Solicitor.
Arrange Your Finance
You can buy an auction property either with a mortgage (finance) or with savings (known as a ‘cash’ purchase). As a cash buyer you can make an offer at any time, finance options often require surveys and additional conditions. We would recommend that if you are buying a property using a mortgage that take legal and financial advice prior to making an offer.
Terms & Conditions
All Buyers and Sellers should make sure they have read and understood all Terms & Conditions prior to sale, by bidding you are stating that you have agreed with our Terms & Conditions. All sales are final at the fall of the hammer.
Guide and Reserve Prices
Each auction property is advertised with a Guide Price but is also subject to a Reserve Price. The Guide Price is the level where the bidding will start. The Reserve Price is the sellers minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The Reserve Price, which may be up to 10% higher than the Guide Price, is not disclosed and remains confidential between the seller and the auctioneer. Both the Guide Price and the Reserve Price can be subject to change up to and including the day of auction. Full definitions of both are available on the BRG Gibson Auctions Website. Where price comparisons and potential rental incomes are quoted they are believed to be fair but are to be used for guidance only and their accuracy cannot be guaranteed.
If your bid is successful, a 10% Deposit or minimum of €5,000 is to be paid by Electronic Bank Transfer or Bank Transfer only is required to be paid with 2 business days. You will receive an automated email with the payment details but if you need clarification please contact BRG Gibson Auctions directly.
All successful purchasers will be required to pay a non-negotiable Reservation Fee of €1,500+VAT or 1%+VAT of the purchase price whichever is the greater at the same time as paying the deposit, this payment is to be made by Electronic Bank Transfer or Bank Transfer Only. Any deviation from these will be detailed in the Auction Addendum provided at Registration to Bidders. The Reservation Fee is payable at the same time as the Deposit.
Offer Prior to the Auction
You can only bid for online properties via our online bidding system on our website, no offer can be accepted prior to auction.
Offers on these properties can be made only via the Online System, you will be required to sign up for the EIG Auction Passport (free to register and secure), this will request payment, solicitor, identification and personal details, it is essential that these are accurately filled in. One of our team will check your application to bid and you will receive a confirmation email once you have been authorised. By registering to use the system you will be agreeing to The Online Terms and Conditions.
The automated auction system will let you know the current highest bid and previous bids. If someone else bids higher than your bid our system will email you to let you know. If you are the successful bidder we will send you an automatic email providing you with the payment details required, the contract deposit will be for the greater of €5,000 or 10% of the sale price excluding VAT (if applicable). Deposits must be made by bank transfer. All buyers will be required to pay a non-negotiable Reservation Fee of €1,500+VAT or 1%+VAT of the purchase price whichever is the greater at the same time as paying the deposit, this payment is to be made by Electronic Bank Transfer or Bank Transfer Only. All payments must be transferred within 2 business days.
The remaining funds will be paid by your solicitor prior to completion with the contractually agreed time scale which can be found in the individual property’s legal pack. We will send the Auction Sale Notice and Legal Documents to your solicitor.
If you require professional help and advice on buying or selling at auction, please contact our property auction offices:
Belfast: 028 90393966
Dublin: +353 (0) 1 6615956