E12M BIG BEND FARMS SALE CANCELLED

SITEKI – The sale of three Big Bend farms has been cancelled. Deputy Sheriff Thulani Ndzabandzaba said the farms, which measured a combined 1 240 740 hectares, would be re-auctioned after the highest bidder did not pay the deposit and other related costs.

Ndzabandzaba said a new date for the public auction of the farms located at the agricultural town of Big Bend, behind Riverside Complex would be announced soon. Located next to each other, the properties could be ideal for agriculture or tourism.
“All information related to the farms will be availed to potential buyers who may consider the acquisition soon after announcement of the new dates,” Ndzabandzaba clarified. 

On the conditions of sale, which were available for viewing either at the office of the sheriff at the High Court or Lubombo Regional Administrator, it had been mentioned that the purchaser would be expected to pay a deposit of 10 per cent in cash upon the fall of the hammer by the auctioneer.
The balance against transfer ought to be secured by a bank or Building Society guarantee; to be approved by the plaintiff’s attorneys and furnished within 21 days after the date of sale.

Pay

“In the event of the purchaser being unable to pay the 10 per cent deposit immediately, the deputy sheriff shall be entitled to forthwith cancel sale and put the property on auction,” read the conditions of sale in part.

It was explained that if transfer of the property was not registered within three months after the sale, the purchaser would be liable for payment of interest to the plaintiff at the rate of nine per cent per annum on the amount of the award.

The initial auction was scheduled to start at exactly 3pm at the Siteki Magistrates Court but began 30 minutes later, reportedly because some interested buyers were running late.
Surprisingly, when the auction finally began, there were only a few bidders, and the rest of the attendees who were about 20 people simply turned into spectators.

When the actual bidding started, only two interested buyers remained standing, with the rest literally throwing in the towel.

Reserve

The first farm to be bidded for was farm 1302 (Lubombo District), which had a reserve price of E4 400 000. Its bids were raised up to E4 400 100 by a young woman, who was reportedly into sugar cane farming.
The same woman also won the bid for the second farm, measuring 43.7410 hectares, with E4 424 000 reserve price. She had bidded this farm for up to E4 425 000.

The same woman also hiked bids for the third farm to E3 301 000. The farm measuring 34.7204 hectares had a reserve price of E3 300 000.
It was earlier reported that the young woman, who was in the company of a young man, did not want to be photographed and was also unwilling to be interviewed.

After outbidding other interested buyers, she reportedly signed unidentified documents with the deputy sheriff.
A seasoned auctioneer advised bidders that if interested in trying to pick up a bargain property at auction, there was a lot to learn.

Advised

An expert recently advised that it was important to be extremely well-educated about the process and about the properties you were interested in bidding on.
“For the savvy, intelligent and motivated individuals, property auctions are worth exploring as a way to pick up an investment property on the cheap,” said the auctioneer who preferred anonymity. 

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