Common questions
What is meant by real estate auction?
It is a public process for selling assets where buyers compete by increasing the price until they achieve the appropriate price. This provides an opportunity for sellers to sell their properties at the highest possible price and enables buyers to acquire properties at competitive prices.
Are auctions considered one of the best ways of selling?
Yes, and this is to facilitate accessibility and achieve the principle of fairness, where bidding takes place within a specified time frame to reach the highest selling price.
What are the types of auctions on the platform?
- Hybrid Auction: It is an auction conducted physically in an auditorium also available remotely through electronic devices. Bids made remotely are monitored simultaneously with bids made in the physical auction.
- Timed Auction: It is an electronic auction where bidding takes place within a specified time period.
How to register on the platform?
You can easily register on the platform by using the “New User Registration” option and authenticating your username through NAFATH, whether you are registering for yourself, as a legal representative, or as a representative of a legal entity (such as a company or institution).
For authorized agents or representatives of legal entities, after obtaining the username, it is necessary to verify the status before participating in the auction. This involves submitting the required documents in the designated section of the intended auction. The user’s role must be specified before participating in the bidding, and the bid is recorded under the name of the entity that authorized the user to participate in the auction. It is essential for the platform user to provide accurate information during this process.
How to charge the wallet?
After registering on the platform as a user, the client can request the approval of their wallet with the platform and fund the wallet following the specified steps. This is done through transferring funds to the wallet. All amounts transferred to the wallet are refundable.
How to refund the wallet amount?
The amount is refunded in case the client or participant is not successful in winning the bid. This is done by clicking on the refund icon and then adding the IBAN for the bank account to which the amount will be transferred.
What is the importance of knowing the terms and conditions of the auction in advance?
The participant in the auction is obligated to review the details of the item or items they wish to bid on, either through the marketing brochure or the details provided on the platform. They should also communicate with the auction organizer and marketer for inspection and information to avoid any issues related to the acceptance of the sold item, payment conditions, or other reasons that could lead to allegations of fraud or ignorance.
What should the bidder do before the auction to ensure the quality of bidding?
Make sure of the quality and speed of the internet connection and update the browser.
What are the steps to participate in auctions?
- Log in to the platform
- charge your wallet
- Browse the auctions
- Choose the auction and enter to participate
Is it possible to bid on more than one auction or property?
Yes, it is possible to bid on more than one auction or property after funding the required entry amounts for each item.
The last bid that the auction ends on means winning?
The approval of winning the item to the highest bidder is subject to meeting specific conditions published in the auction. Through these conditions, the terms of sale and winning are determined, usually by the approval of the selling committee for the winning. The committee may also reject the award for reasons such as not reaching the evaluation or any other reasons.