New Timed, Live and Attended auctions explained 

 

1. Potential buyers at sheriff auctions now have the opportunity to register and buy at our new online auctions via Timed, Live and Attended auctions. 

2. Many buyers will already be familiar with these online auctions due to them using auctioneer’s websites to purchase the items that they require.  Existing online sites, for example, currently include BidorBuy, E-bay, Tirhani Auctioneers, Park Village Auctioneers, Van’s, WBC, Auction Nation, MFC, Aucor, Strauss & Co, Stephan Welz to name a few. 

3. Sheriffs operate differently, as they conduct Sales in Execution which is the execution of a duly issued court order, and are governed by certain Acts and Rules. The Rules determine that sheriffs must sell whatever assets they are entrusted with by means of a Public Auction. Public Auction means that everyone from the public may participate if they wish to do so.  

4. To comply with the Rules, sheriffs must host a public auction and are therefore not allowed to turn any person who wants to participate in a sheriff’s auction away.  

a. This is true even in extreme circumstances like Covid-19 and its accompanying regulations. Sheriffs may, however, limit personal attendance of potential buyers as per these Covid-19 Regulations.

5. We have therefore created the opportunity for everybody to participate in a sheriff’s auction by way of the following: 

a. Allowing 30 physically reserved places for attended buyers (Attended Auction).  

b. Timed auctions (prior to the Live auction), to allow for any buyers wishing to make an offer prior to the Live/Attended auction.  

c. Live streamed online auction of the Attended auction which will be held at our venue. 

i. This allows for buyers to participate as though in attendance of the Attended Action.  ii. Online buyers can place bids in real time which reflect at the Attended Auction. 

6. The process would unfold as follows: 

a. First, the Timed Auction is opened to allow for interested buyers to make an offer prior to the Live/Attended auction.  

i. The highest bid obtained during the Timed auction will be the opening bid on the Live/Attended auction. 

b. Second, the Live/Attended auction is hosted 24 hours after the Timed auction period has ended.  

c. At the end of the Live/Attended auction the sheriff will announce whether the property has been sold or not. 

7. Some sheriffs may conduct their auctions as a group like we do (Sheriff Halfway House, Randburg West and Sandton South). It would be done, for example, in different sessions and in a rotational order. Our first Live auction was held on the 18th August 2020 at 11h00 and was conducted as follows: 

a. Session One at 11h00 – Sheriff Halfway House/Alexandra.  

b. Session Two at 11h30 – Sheriff Randburg West.  

i. This allows for many sheriffs to participate at different times and buyers will be informed as to which properties will be up for sale at the stated respective times. 

8. Any interested buyer needs to register online as a bidder prior to the auction. Only Attended auction buyers with reservations may register in terms of the CPA and FICA at the venue prior to the start of the auction. 

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