Everything about the entire process is clear and visible and we are regulated by the Property Services Regulatory Authority (PRSA). We have been conducting auctions since 2014 and the process has been refined to a smooth-running and fully transparent procedure. All the bids are posted up in real time and you can see who is bidding against you, how much they bid and when they make their bid.
Another very important point to remember in terms of transparency of the process is that, unlike the situation with a normal Private Treaty sale, you know exactly what you’re bidding on before the bidding begins. This is because of the steps of viewing and due diligence that are taken before the attempt to purchase. In a Private Treaty sale, you are typically bidding on a property that you assume to be fully in order but if there are unforeseen problems with the title and/or structure, they may delay or entirely disrupt the process. The auction bidding scenario is the most up-front process because you are bidding on something you know, not on something you assume you know.