Bank auctions & Sheriff sales

Bank auctions on Lakitsi

Banks sell homes they have repossessed, and now own, through timed online auctions. Only banks that Lakitsi has checked can run one.

1. Register. Verify your ID, open the auction and register: say whether you pay cash or with a bond and accept the auction’s terms.
2. Bid. Each bid must beat the highest by at least the increment shown. The bank sets a hidden reserve; you see when it is met. A bid in the last two minutes adds two minutes, so nobody wins by sniping. Bids can’t be withdrawn.
3. The bank decides. When the clock runs out, the highest bid goes to the bank, which confirms or declines it within 3 business days. A bid is not a sale until the bank confirms. If it declines or doesn’t answer, there is no sale and you owe nothing.
4. Deal room. On confirmation you get the normal Lakitsi deal room: the Agreement of Sale at your bid, a conveyancer, the deposit (the percentage shown on the auction) paid by EFT into the conveyancer’s trust account, then transfer at the Deeds Registry.

Lakitsi runs the bidding and the deal room. It never holds your money: never pay a deposit to a person or before you have signed. Staying safe

Sheriff sales (sales in execution)

When a court orders a property sold to pay a judgment debt, the Deputy Sheriff sells it under the rules of the High Court. Those sales are not run by Lakitsi and you can’t bid on them here. Under Auctions → Sheriff sales we list the published notices — date, venue and the Sheriff to contact — copied from the newspaper or Government Gazette shown on each notice. Read the conditions of sale and attend the sale in person; the Sheriff’s notice is what counts.

Bank auction and sales-in-execution rules are being confirmed with partner attorneys. See What’s still being confirmed.