Watch out for shady property auctioneers

2014-10-26 18:12
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Johannesburg - If you are looking for a good property buy then be careful not to fall prey to fly-by-night auctioneers, warned an industry expert.

Auction Inc CEO Paul Winterstein told Fin24 in a video interview it is crucial that buyers attending an auction do a check on the auctioneers.

"Please to protect yourself, make sure that you are working with an auctioneer that has a good reputation," he cautioned.

"There are a lot of fly-by-night auctioneers, who do cause major harm to the industry."

Winterstein said auctioneers should be transparent about what is going on with the property and be accredited with governing bodies.

"There is the Auctioneers Association, which is a voluntary organisation but when I am selling property I am ... registered with the Estate Agents Affairs and ... all my accounts and all my dealings are audit by them."

Watch the full interview:

Winterstein also shared some tips with Fin24 for buying property on action.

He highlighted three key factors too look out for:

* Know what your limit is;
* Do comparatives; and
* Understand the value of the house.

Watch the full interview for Winterstein's most important tip:

 - Fin24

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