Tavares-Finson

Are you getting ready to bid for one of the more than 120 houses, apartments, townhouses and lots on the auction block?

D.C. Tavares & Finson Realty Ltd., which advertised the properties in The Sunday Gleaner, said that there's much work to get done before 11:00 a.m. on Tuesday, October 24.

"The common assumption is that property will be given away at auctions, and that the banks are only interested in what is owed to them and nothing above that. But that is not true," said managing director of D.C. Tavares & Finson, William Tavares-Finson.

"Essentially all the properties have a reserved price - the minimum that must be obtained before the property is sold - and that reserved prices must either be met or surpassed in the competitive bid-ding process for the sale to go through," he explained.

"A common mis-take some people make is that they get up on the morning of the auction and just decide that they are coming to the auction and they don't do adequate background check on the property," he said in an interview with The Gleaner.

Such checks include visiting the Titles Office and researching the title to see what, if any interests, are noted. It also makes sense to do a site visit of the premises.

Mr. Tavares-Finson stressed: "An auction is serious business. Once a bidder is successful he has bought the property and it is not a case where the bidder can now decide that they are not going to go through with it.

Must for auction

Deposit: This may range from 15 to 25 per cent of the reserved price and must be paid by Manager's Cheque on the day of sale.

Financing: It is advisable to have your financing in place. Most institutions give anywhere from 30 to 60 days for the balance to be paid.

Lawyer: Always consult with a lawyer before you purchase an auctioned property.

Research: It is advisable to do a title search on the property to see if there are any covenants or caveats on the property.

Contact D.C. Taraves & Finson Realty, Tel:926-7200, email: dctf@cwjamaica.com.