First Time Buyers

First TIme Buyer
What costs do I need to be aware of?
  • 10% commission on the fall of the hammer, excl. VAT when attending our auction or bidding via telephone
  • Additional 2% commission when bidding online
  • 15% VAT (VAT not applicable to all assets)
  • R2 000 DOC fee, excl. VAT, on all items with registration documents
How much will I pay?

The majority of our assets are not reserved; therefore, we will sell those assets for any amount as long as there are multiple bidders and not just a single offer.

Why should I buy on Auction?

On Auction, the bidder has the option to bid any amount they wish; therefore, assets can be bought at a significantly lower price in comparison to market related prices.

If I am unable to make the auction, can I bid telephonically?

Yes, you can bid over the phone provided that you have followed all procedures and regulations in order to register for the Auction.

If I win my bid, when do I need to pay?

Unless another arrangement has been made with management, we require payment from you within 48 hrs of the Auction closure.

 

What happens when I am the highest bidder?

All bids are binding. Once you have bid on an asset and you are the highest bidder, the asset becomes yours and you are liable to pay for that asset.

Can I buy at your auctions using finance?

Yes. However, arrangements need to be made with your financial institution prior to the auction.

Pre-approval for Finance must be completed and a 10 % deposit is payable for all assets purchased the day of the auction.

The transaction is NOT dependant on finance approval and the sale will not be cancelled.

What do I need in order to register?

Nuco Auctioneers require a R50 000 registration deposit (refundable) either by EFT or by swiping your cheque/credit card onsite.

We also require your FICA documentation i.e. a copy of your ID and proof of residence (water and lights, electricity bill etc.).

How do I register to bid at a Nuco auction?

Download & complete the registration form before auction day - recommended, to avoid queues on the day.

This allows you to use the "Jump the Queue" option and immediately collect your Bidders Card from Reception without having to wait.

Download/Complete Registration Form Here

 

Register on auction day before the auction starts. Be sure to arrive earlier in order to complete the registration form and make the deposit payment.

You will be given an auction buyer’s number that you will use to bid with on arrival.