GUIDE TO BUYING
GUIDE TO SELLING
GUIDE FOR AGENTS
INTRODUCTION TO THE BIDDING EVENTS
WHAT AM I REGISTERING FOR?
Signing up as a User – allows you more access to information, including, but not limited to more images, videos, walk-throughs and specific and relative documentation such as plans, inventories, drafts of agreements you will be signing after winning the bidding process, as well as allows you to view any existing bids.
Registering as a Bidder – allows you to bid on the property. At this stage you will be asked for credit card details to identify you as a real person. Once you decide to submit your first bid, this is the moment when a deposit of 10,000 euros will be blocked, but not withdrawn, from your credit card.
WHAT DOES THE SUGGESTED OPENING BID MEAN?
A Suggested Opening Bid is our recommended starting point for bids to be placed on a property. It is generally understood that the sale price of a property can and will probably reach higher values than the suggested opening bid, in order to meet or exceed the Reserved Price.
WHAT IS THE RESERVED PRICE?
A Reserved Price is the lowest price that the Malta Property Auctioneers can sell the property for. This is normally agreed between the Vendor and Malta Property Auctioneers and cannot be disclosed to interested parties.
WHAT IS THE OPEN MARKET PRICE?
The Open Market Price is the price of the property on the open market or as listed with high street agents. This price is often indicative of the savings one can make when bidding through our Bidding Events.
WHAT IS A BIDDING EVENT DAY?
The Bidding Event Day is the date when the actual bidding event takes place and when live bids can be submitted. This is the last day when the Buyers can bid on the properties listed for that particular Lot. The Buyers can, however, place a no obligation, pre-event offer on the property up to 72 hours before the Event Day that might include any conditions the Buyer may want. If their offer is accepted by the Seller, the property is taken off the auction list as soon as the relative promise of sale is signed.
WHAT IS A PREFERRED PARTNER?
A Preferred Partner is a Real Estate Agent or Broker, who collaborates with Malta Property Auctioneers to list and sell Lots. Our affiliated partners can act as a listing or selling agent for a property, giving sellers and buyers the opportunity to use their own preferred agent. Our partners are trained in the services offered and help guide people through the process of our Bidding Events. Malta Property Auctioneers currently partners with 13 different agencies, who each add immense value to the exposure all properties receive.
CAN I INSPECT THE PROPERTY?
It is always advisable to inspect a property prior to an Event Date, where possible. This can be arranged by simply making contact with the listing agent, whose details are found on the property page, or by calling our office and speaking to one of our consultants. Alternatively, click here to schedule a viewing.
Prospective international buyers will be provided with alternative methods to physical viewings. Click here to get in touch with us today.
WHAT KIND OF PROPERTIES CAN I FIND AT THESE BIDDING EVENTS?
All kinds of properties could be found, from luxury villas to apartments, converted and unconverted houses of character and even commercial and investment opportunities, located both in Malta and abroad. All properties are carefully selected to offer good value and fair opportunities and sellers are always well motivated as well as committed. With our events, you have peace of mind that if an offer supersedes the Reserved Price, vendors cannot back out at the last minute.
WHAT HAPPENS AFTER I MAKE A SUCCESSFUL WINNING BID?
If your bid is the highest bid at the close of the event, you will be notified of the good news. You will then be required to sign a Promise of Sale within 48 hours of the close of the Event. The standard 10% deposit (less the holding deposit) will be held by the notary until the final deed of sale. It is important to remember that once you make a successful bid, you are then legally bound to purchase the property in full at the pre-determined date of the final deed of sale.
CAN I BUY A PROPERTY PRIOR TO A BIDDING EVENT?
Vendors will often consider offers made before the Event Day, however, one must take into consideration that the offer must be attractive enough for the seller to remove the property from the Auction List. Once an offer is received we can pass it on to the seller and will then contact you with his/her instruction. Please note, however, that you must be in a position to sign a Promise of Sale and pay your deposit before the Event Day.
HOW CAN I LIST MY PROPERTY WITH YOU?
If you have a property you would like to sell, click here and we’ll get in touch with you to make an appointment to inspect your property and evaluate a reasonable Reserved Price. One of our experts will be able to explain the full process, rules and fees.
WHY ARE YOUR BIDDING EVENTS BETTER THAN A TRADITIONAL SELLING PROCESS?
With years of experience in the real estate market, we at Malta Property Auctioneers know very well, that the traditional selling process does not always work as quickly as you might wish and that current prices on the open market can be a deterrent for buyers and sellers alike. Using our online Bidding Event platform, and trusting our highly professional team, not only will your property be given the best and the most intensive promotion globally, but also and most of all, it will speed up the selling process, like never before.
DO I REALLY BENEFIT FROM YOUR BIDDING EVENTS?
For the last 13 years, as the first and only company in Malta truly specializing in the sale of property by auction, Malta Property Auctioneers has been investing both in their people and in the best marketing and selling tools. Therefore, we decided to move our Bidding Events online and extend our network globally. For each party – whether you are a Seller or a Buyer, or a Real Estate Agent/Broker, we offer you a win-win solution.
As the Seller – your property will be exposed to a much higher number of local and international interested buyers and will stand out from others. Your property will also be listed on a multiple of local and international property portals. Thanks to our online platform with Bidding Events, your property will receive much more awareness and interest and will get you multiple offers at one time, before or during the event. You will be able to compare all those offers, and if any of them meets your acceptable price, the sales process will start immediately. Not only will you benefit from a multitude of agents all working on your property, but you will also have more favourable fees than you would when selling on the open market, with zero fees if your property doesn’t sell.
As the Buyer – you can purchase a property easily, time- and cost-effectively, and be sure that the price you pay is realistic and not artificially inflated. You will see a variety of local and international properties with full transparency, having access to all the information and documents as well as the corresponding event date. Once you find your dream property, just place your no-obligation pre-event offer or register with us to place your bid, making sure that you have your credit card ready with you. If the seller accepts your offer, the property is taken off the auction list and your competition has no further chance to bid against you. The selling process starts immediately.
As the Real Estate Agent / Broker – Whether it’s an older listing or a new in-demand property, list it with Malta Property Auctioneers, and you will have your guaranteed commission, up to 80% of the proceeds of a sale, paid sooner than you might expect. We will promote and expose your property globally, using our wide range of marketing techniques, and maximizing the visibility of the property, automatically increasing the number of interested and committed buyers who will be coming directly to you.
I'M AN INTERNATIONAL BUYER LOOKING TO BUY IN MALTA. HOW DOES IT WORK?
It’s very simple. The process followed is very much the same for EU nationals as it is for those locally based in Malta and Gozo, however, it is advisable to contact Malta Property Auctioneers directly to get salient advice on the procedure and assistance in the case where a power of attorney is required. Non-EU nationals can also bid at our events since the promise of sale agreement is always conditional on the purchaser obtaining an AIP (Acquisition of Immovable Property) permit. This is applied for after the promise of sale is signed. On average, an AIP permit can take 3 months for approval. You can register and bid on the property whenever you wish and we will support you in obtaining the AIP once you become a successful winning bidder and the promise of sale has been signed.
I'M A LOCAL BUYER LOOKING TO INVEST ABROAD. HOW DOES IT WORK?
Individual countries may require non-citizens willing to buy local properties to obtain special permits before completing a purchase. Naturally different countries have different regulations, but once you become a successful bidder, and sign the Promise of Sale, we, together with our overseas partners, will support you in obtaining any permits or documentation required.
DO I PAY ANYTHING TO BUY THROUGH YOUR BIDDING EVENTS?
As the Buyer you do not bear any additional costs that would not result from the real estate buying process. Our Fees are always payable by the sellers only, so all you need to think of are the fees directly related to the purchase such as notarial fees and taxes/stamp duty. If you win an event for property, a holding deposit of €10,000 will be held on your credit card which will need to be upped to the standard 10% of the purchase price on the signing of the promise of sale agreement. This 10% will remain with the notary till the final deed of sale is signed.