Essentially, the beginning and end result are the same but the part in the middle is different: In the case of a normal Private Treaty sale, someone purchasing a property is doing so on the assumption that the title and structure of the property are good. In the case of a public online auction, all this ‘due diligence’ work is front loaded (i.e. carried out in advance of the online auction) so that when someone purchases at online auction, a binding contract is formed and the buyer knows precisely what they are buying by checking all details before the online auction.
All our online auction dates can be viewed in the calendar on our website. Please note, that if any particular dates do not suit, get in touch with us and we can look at arranging a date that will suit for individuals or for a portfolio of properties.
The DNG Creedon online auction platform is an efficient and secure system using up-to-date technology and has a proven track record of selling millions of euros worth of transactions – everything from small building sites to apartments, houses, portfolios and industrial property.
The process is completely transparent and user-friendly. Anyone interested in bidding needs to register with DNG Creedon via our website, you pay a €5,000 deposit (refundable in the event of an unsuccessful bid) and administration fee of €100 (only payable if you are the successful bidder).
These can be obtained from our website. First you need to create an account with DNG Creedon, then click on the property that you’re interested in. From here, you can download the legal pack of the desired property and save it or send it to your solicitor. Alternatively, your solicitor can log onto our website and download the legal pack and examine it on your behalf.
All legal queries should be directed to the solicitor of the vendor (person selling the property).
If, for any reason, you are having difficulty obtaining a response from the vendor’s solicitor, please contact DNG Creedon and we will endeavour to clarify any outstanding matter or query to ensure that you will be in a position to bid on the online auction date.
Typically, the sale of the property will close and ownership will be fully transferred to the winning bidder between 14 and 28 days of the close of the online auction. This time period, however, is specified in writing in the contract.
They can. Normally if such an event occurs, it will have been due to legal documents not having been prepared to allow potential purchasers enough time to conduct due diligence. Very often, these properties will be re-offered for online auction at a future date once any such issues have been resolved.
For each property you are interested in, you must place a €5,000 deposit in DNG Creedon’s account. If you are successful in your bid, the balance of 10% of the purchase price must be paid within 48 hours of the end of the online auction.
Some properties may be sold before the online auction date but this is entirely at the client’s (the vendor’s) discretion. From the purchaser’s point of view, they must also show that they have read and understood the terms and conditions of the sale and that they can prove ability to pay.
No. These online auctions are online only and telephone bids cannot be accepted. You can, however, bid in an online auction using your smart phone by logging into your account and following the necessary steps.
The bidding normally closes on the advertised closing time. These are normally staggered by a few minutes for each property. It is advisable to check the precise closing time for each lot before you bid. All the closing times for bidding are subject to an extension period.
An extension period on the closing time of an online auction occurs when a final bid is placed within 60 seconds of the advertised closing time. When this happens, the countdown clock will run down to zero and then automatically reset to 59 seconds to allow any counter-bids. This extension period once activated, will continue to be in place until such time as the last bid is placed by the remaining bidder. The bidding screen will advise if the extension window has been activated to all current bidders of the property.
If you are a winning bidder, both you and your legal representative will be informed of the situation. You are, however, advised to contact your solicitor immediately in order to discuss with them the next necessary steps to completing ownership of the property. The balance of 10% of the purchase price must be lodged or transferred to DNG Creedon’s client account within 48 hours of the close of the online auction. If you purchase a property below €50,000, you’ll only be required to pay €5,000