Remax Malta is offering selected properties on auction for a new category of clients. The company aims to organise regular auctions at quarterly intervals.

Contrary to what some may think, properties being auctioned are not unwanted properties, but great listings in need of that little extra exposure, personal approach or belonging to owners who prefer to sell quickly and in time to move to the next step or investment,” said Remax Malta CEO Kevin Buttigieg.

“Properties on auction will need to tick the right boxes. Remax Auctions Malta will look towards offering properties sought after and which will be listed in the online auction pages with full detail and ready to find a new owner.

As the auction team gears up for the first auction, agents are already seeking the best properties to auction. Both buyers and sellers will get a free consultation and assistance to ascertain the best plan of action by which a property may be sold or purchased through these auctions.

A property being auctioned will have an indicative price range that will reflect the price where the auctioneer will start the bidding on auction day. This does not necessarily mean that the property will be sold at that price. However, the seller and auctioneer would have established a reserve price, above which the property will be sold.

This would have been carefully established together with Remax Auctions Malta to reflect a realistic market value. While the price of a property might go even higher and beyond the established guide price range, the hammer price will be ultimately the price which bidders feel the property is worth.

This method ensures that no fancy price tags are attached to any property and the property will only sell to the highest bidder who is bidding at or above the reserve price.

Clients who wish to sell their property at auction will be assisted professionally before they proceed to sell it. This personal help will include marketing, staging, professional photography, open property tours, individual property viewings and notarial assistance. The latter will include basic notarial searches, as required for an unconditional promise of sale, which will be signed by the successful bidder/buyer immediately upon termination of the auction. Sellers will eventually only be obliged to pay the normal five per cent plus VAT sales agency fee on the selling price upon the final deed of sale.

On the other hand, interested bidders will be required to register for participation in an auction, by paying a 10 per cent deposit via bank draft.

This percentage will be based on the lowest guide price of the property, which the bidders will be interested in. Bidders who are successful in sealing the final price will be reassured that they can immediately proceed to sign a promise of sale, based on an unconditional agreement backed by the required basic notarial searches, while the other bidders may bid for another lot of their preference or reclaim the 10 per cent bank draft which has been deposited with the notary public at the auction venue.

Remax Malta property auctions is headed by auctions manager Jeremy Borg Grech, who has been operating in the real estate industry for seven years, four of which with specific specialisation in property auctions. The auctions will be conducted in collaboration with Obelisk Auctioneers and Valuers.