Cape Town - South African property history will be made today when Western
Cape-based Auction Alliance launches the country`s first international
online property auction.
Rael Levitt, the chief executive officer, said five properties - three in
the Cape, one in Gauteng and one in KwaZulu Natal - would be put up for sale
at the www.auctionalliance.co.za site.
The site had been engineered for the sale of properties on behalf of
liquidators, property administrators and financial institutions. The group
was expected to announce further online property auctions to private sellers
and estate agents.
The company site included instructions on how bidders could register and
participate in the property auction process, a fully binding sales agreement
that is completed online and digitally processed, and links to facilitate
bond application and finance.
Levitt said the Auction Alliance site was "totally confidential" and no
personal details of potential buyers could be accessed by anyone else. Bond
applications would be treated similarly. Because of "the volume factor"
Levitt expected interest rates through the group to be among the most
competitive in the marketplace.
"We are bringing the real world scenario together with the cyber world," he
said. "People will be able to view the property and see it in real life E
then confidentially place their bids without being harassed or pressurised
by estate agents."
During the seven-day auction period bidders would be able to view the
progress of the bidding and know that every bid was genuine because no one
could bid unless they first registered with Auction Alliance and provided
the necessary financial assurances.
The entire auction process would be transparent. Only the identity of the
actual bidders would be confidential.
"Everyone will know the value of the final bid at the close of the auction,"
Levitt said. "Auction Alliance will advise everyone on the site whether the
highest bid has been accepted or not."