All deposits made will be forfeited if you fail to consummate the sale regardless of the reason. If the seller fails to close because of defective title, etc… your deposits will be refunded immediately.
Prospective buyers must bring a POS payment or instant payment (with proof of funds) in order to bid. If you are the successful high bidder, this money will then be considered all or part of the earnest money deposit and is not refundable.
The real estate auction provides an expeditious means for banks and owners to sell many properties in one or two days, saving millions of naira in holding costs.
You may purchase as many properties as you wish, but you must have separate 10% deposit, instant payment for each one.
All properties will differ as to their condition, and are sold in “as is where is” condition without warranty or guarantee of any kind (other than clear title). Bidders are strongly encouraged to inspect the property prior to the sale.
If you will not be attending the auction and would like someone to bid in your place, they must be authorized to represent you by having a power of attorney document, and meet all other registration requirements.
Yes. Our auctioneers call the bids in a very easy to understand manner. They also conduct pre-auction seminars an hour or so before the auction to explain their calling technique, and make you more comfortable with the auction procedure. In addition, our Bid Assistants will assist you when you bid by getting the auctioneer’s attention. Work with your Bid Assistant.
The auctioneer invites an opening bid for each property at a price level low enough to stimulate competitive bidding while high enough to speed the sale along. It is more art than science.
After registering at the auction, you will receive a numbered bidder’s card. This card should be visible while you are bidding, or our auctioneer and staff may not take your bid. Our Bid Assistants watch for bidders and will call in your bid when you tell them to do so.
The auction sale brochure or flyer will list all the addresses and a general description of the properties available, as well as the open house schedule. Additional information such as tax and assessment information, lease information, terms of sale, the real estate sales contract and financing terms are printed in the Bidder’s information Package available at our open house.
Because sellers save the cost of holding their property, buyers in turn can take advantage of these savings. An auction provides the opportunity for buyers to buy at a price, which is established by the purchasers.
A Property Auction is a method of buying and selling real estate which simplifies the purchasing process through the medium of an auctioneer.
Please ask the company to get in touch with us directly and we will arrange access. Please note requests will be required on company headed paper or from a company email address.
No, unfortunately we are not able to arrange viewings at any other times other than those listed in the viewing schedule.
No, unfortunately we are not able to extend viewing time slots. Our viewing agents are on a precise scheduled run and have other properties to attend throughout the day.
Registration is not required for a viewing. They are open viewings so you may just turn up. A viewing agent will be there from the start time and for at least 20 minutes.
A viewing schedule is published in the catalogue and on the 3A Auction website.
Please check viewing times online for any changes before you set off on your journey. (Please note viewings are not listed before publication of the catalogue which is always 2 weeks prior to the Auction)
Yes, you may bid by proxy or online, however we strongly recommend that you make every effort to attend the auction. Please refer to our Remote Bidding Form
Results will be updated on the 3A Auctions website in real time and will remain on our site
Please make sure you read the addendum document before you bid. This will be available on the 3A Auction website and for inspection on the notice board at the enquiries desk.
Yes. A link on the 3A Auctions homepage will appear just before the auction ‘View Auction Live’.
Yes, all buyers will be required to register. Successful buyers will be ushered to the contracts room to sign contracts and make 10 per cent deposit and 3A Auctions administration fee payment.
The administration fee is N150, 000 inc VAT on all property purchases. The fee is payable on exchange of contract for which a separate payment required.
Most or all of 3A auctions will start at 9.00am or 9.30am. We run in lot number order and the auction does not stop for lunch.
You will be required to provide a certificate of incorporation of that company.
You will be required to provide a letter from the person(s) you are bidding on behalf of granting permission to bid on their behalf, certified photographic identification copies of that person and proof of address copies.
Successful buyers will be required to present the following:
- Photographic Identification – Passport or photo driving licence
- Proof of Address – Utility bill, bank or mortgage statement, local authority tax bill (issued within the previous three months)
- Details of your solicitor
- Payment – Payment is accepted by personal debit card, e-transact instant payment or a bank transfer at the auction.
Catalogues (online & hard copy) are always published 2 weeks before the auction. To order a hard copy of the catalogue prior to the publication please contact our office as soon as it is available.
You will also receive an email alert to notify you when the catalogue is available