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Guide to Buying

prior to bidding

Schedule a Viewing

If a property has grabbed your interest you can schedule a viewing with the agent. You can do this by calling our office or by clicking the Schedule a Viewing button listed in this section to make the necessary arrangements. Make sure to complete all fields on the Schedule a Viewing page and click the Submit button to submit your request. An agent will contact you to confirm or reschedule a mutually convenient time.

Do your due diligence

As is true with any major purchase, you should thoroughly investigate your investment before you go through with a real estate transaction. Always do your homework. Although it may be tempting to purchase a property without taking time to dig into it, we highly recommend you do your homework prior. Here are a few suggestions:
 
•If possible, physically visit the property
•Read the Promise of Sale in full
•Know the area in which you are buying, so you know what to expect of that market.
•Consult with an MPA representative or one of our Preferred Partners

Downloading Property Information

You can find additional information about a property by clicking on the View Details link of a property. You may need to sign up first (free of charge) to get access to more detailed information. You will find a number of important and informational documents available for download by clicking on the Documents tab under the property image section of the detail page.
 
Buying through our bidding events is quite simple.

HOW IT WORKS

Knowing the property you want to buy

Once you have seen a property that interests you and decide that you would like to place a bid, the next step is to review the respective documents, searches, approved plans and the Preliminary Agreement provided in the Due Diligence section of that property page.
 
Once you are satisfied with the legal, notarial and other aspects in regards to the said Lot, make sure that your finances are in place and that your credit card will cover the initial holding Deposit and Administration Fee. You will need to register yourself as a Buyer / Bidder. Make sure that your bank is informed in advance about your bidding plans and will enable the transaction since, if you are the successful bidder, the holding fee will be processed through your account.

Register to Bid on the Property

Click on
Register here
, or on the property page itself. By registering to bid on a property, a partial deposit of €10,000 will be held on your credit card and will not be charged unless the bid is successfully won at the close of the Bidding Event. Once a bidding event has started, you will be able to place a bid on a property at any time up until the bidding event closes. An event count-down timer is displayed on the Bigging Event page of aproperty that is involved in an active bidding event. As the event progresses, whenever you want to make a bid, you must enter the amount you wish to bid in the appropriate box and click the BID NOW button. You will not be allowed to bid against yourself. You don’t have to incrementally bid to reach your maximum threshold. Simply enter the highest amount you are willing to spend and the system will incrementally increase your bid until your maximum is reached (yes just like ebay!). This means that you might even win the property at a price lower than you planned. If on the other hand, you’ve been outbid, you’ll be notified by email and will have the option to put in another bid before the close. If your bid is unsuccessful, the full deposit will be released back to you and no charges will be made.
If the property has been successfully won, the promise of sale will be signed by all parties within 48 hours of the close of the Bidding Event, where a ten percent deposit (less the holding deposit previously charged) is paid and held by the notary until the signing of the final deed of sale. You will receive an email after the event ends if you were the highest bidder on the property.
 
To help in making you more familiar with the normal Bidding Procedures, more detailed information is listed below, however, if you would like any particular points clarified please click here to email us your query or call us  on (+356) 21388402.
 

Pre-Event Offer


Buyers may have specific conditions they would like to tie to the sale, such as the requirement of a bank loan or an alternate length of promise of sale. If for example, you intend to obtain bank financing, the bank will require you to qualify for their loan.
 
The deposit you make on the day that the bid is entered is not contingent upon financing and, if you are the successful bidder, the deposit will not be refunded if you fail to subsequently execute the promise of sale or final deed of sale.
 
However, any property at our Bidding Events can be purchased prior to the start of the event by placing a Pre-Event Offer. This follows the normal purchase processes of a traditional property sale, whereby certain conditions can be discussed and agreed to privately.
 
You must be logged in to your user account to place a pre-event offer, and your user account must be enabled as a buyer/bidder or broker/agent.
 
If the offer to purchase is accepted by the seller or broker/agent, the property listing will be removed from the upcoming bidding event.

Notes

You are not permitted to bid against yourself, so you are not able to increase your bid amount if you are currently the highest bidder at a Bidding Event. However, if you made an error entering and submitting your bid amount, please contact a Malta Property Auctioneers representative as soon as possible to get your bid amount corrected. To give you peace of mind, sellers are STRICTLY FORBIDDEN from bidding on their own property.

Viewings

We arrange viewings at specific times for each Lot. Negotiators have tight schedules, so those arriving late at a confirmed appointment may only have a limited viewing time. You will understand that delays put whole schedules out for the rest of the day, thereby disrupting subsequent appointments. A confirmed booking is required for each viewing and we do not guarantee to attend block viewings where appointments to view have not been confirmed by prospective Purchasers. Viewings of all tenanted properties are strictly by appointment and will be by courtesy of the tenants at times convenient to them. All tenants are under strict instructions not to allow unauthorised viewings and interested parties are asked to respect their privacy at all times.

Legal Documentation

All legal documentation supplied to us, including Special Conditions of Sale, Leases, Plans, Planning Permissions, Title details and Searches will be available for inspection online for all registered users, and at MPA’s Office by prior arrangement. The Special Conditions of Sale, Searches and other documentation will be dispatched upon request upon pre-payment of the appropriate copying charges, which are dependent upon the size of the individual packages. If documentation is unavailable at the time of your call we will contact you again when received. Please contact us on (356) 21388401 or search on our website www.maltapropertyauctioneers.com

Deposits

The Holding Deposit payable by the successful Purchaser which becomes due on a winning bid and withdrawn from your credit card when registering to the event, amounts to €10,000.

Withdrawn or Sold Lots

It is possible that a Lot is withdrawn or sold prior to the scheduled event: therefore we recommend that any interested parties check the status of the Lot online at www.maltapropertyauctioneers.com or call our office 48 hours before the close of the Bidding Event to ensure that the Lot is still being auctioned on the scheduled day.

The Bidding Event Day

The Bidding Event Day/s are the date/s when the actual online bidding event takes place. It may be agreed with the Seller that if the Lot is not sold on the first bidding event day, it will be listed for another bidding event.

Final Deed of Sale

The Final Deed Of Sale will be signed by no later than the day stipulated on the Promise of Sale.

Finally

Good luck with our online event and happy bidding. If you are unsure about any aspect of buying or selling then do call our office at:

First Bid Hold Confirmation

Since this is your first time bidding on this Bidding Event, we need your authorization to hold €10,000 from your bank account. After the hold has been approved, you will be allowed to participate in this property Bidding Event.

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