Why DNG Online Auctions
DNG has invested in a dedicated online property auction platform which offers the best available technology - all under the DNG LIVE banner.
The Online Auction Process
Everything about the auction process is fast, the whole process can be as quick as 8 weeks. This is the main reason some people prefer this method of selling and buying property. Unlike the traditional private treaty method of selling property, legal documents including the contract of sale are made readily available in advance of the online auction which allows purchasers and their solicitors to review and deal with any legal queries in advance of bidding.
This gives the owner greater confidence that the property will sell under the virtual gavel and provides reassurance to potential purchasers prior to bidding.
The auction date will have been set at the commencement of the sales campaign and is typically three to four weeks after the launch of the marketing for the property.
Potential purchasers will have registered to bid and agreed to the DNG online auction terms & conditions. By agreeing to the terms and conditions, authorisation is provided to your DNG agent to also sign the contracts of sale on behalf of the purchaser after a successful auction.
A ‘deposit hold’ is reserved against potential purchasers’ credit or debit cards.
Any pre auction legal queries will have been answered by the vendor's solicitor.
At the start of the auction, interested purchasers will be invited to enter the online bidding room.
Bidding will commence and bidding increments are set by your DNG agent however, the minimum is a multiple of €1,000.
Once the reserve is met, the property will be deemed as being on the market and will sell under the online gavel.
When the end time of the auction arrives, the closing bid window appears on the bidders’ screens and is set to 60 second increments. The auction will automatically be extended if there are any bids placed in the final 60 seconds of the auction. Therefore, if anyone places a bid in the final 60 seconds of the auction, the countdown will continue to zero and there will be another 60 seconds of bid time added on – this is called the extension window. Any bids placed within the extension window will reset the clock back to 60 seconds and this will continue until the sale concludes. This will ensure the highest price is achieved for your property.
Once a full 60 seconds expires, without a single bid being placed, the virtual gavel will fall, and your property will be deemed as being sold.
When the property sells, the winning bidder’s credit card deposit hold is paid into the DNG agent’s client account. The balance of the deposit, typically 10% of the sale price, is transferred by the winning bidder to your DNG agents client account with 24 hours.
On completion of a successful auction, your DNG agent will sign the contracts of sale on the vendors behalf.
A member of staff in the DNG office will sign on behalf of the purchaser (as per the terms and conditions) and a signed contract is issued to both the owner and purchaser’s solicitors.
The sale will close typically within 4-8 weeks or prior by agreement, this closing date will have been predetermined in the contract of sale.
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