The auction date will have been set at the commencement of the sales campaign and is typically three to four weeks after the launch of the marketing for the property.
Potential purchasers will have registered to bid and agreed to the DNG online auction terms & conditions. By agreeing to the terms and conditions, authorisation is provided to your DNG agent to also sign the contracts of sale on behalf of the purchaser after a successful auction.
A ‘deposit hold’ is reserved against potential purchasers’ credit or debit cards.
Any pre auction legal queries will have been answered by the vendor’s solicitor.
At the start of the auction, interested purchasers will be invited to enter the online bidding room.
Bidding will commence and bidding increments are set by your DNG agent however, the minimum is a multiple of €1,000.
Once the reserve is met, the property will be deemed as being on the market and will sell under the online gavel.
When the end time of the auction arrives, the closing bid window appears on the bidders’ screens and is set to 60 second increments. The auction will automatically be extended if there are any bids placed in the final 60 seconds of the auction. Therefore, if anyone places a bid in the final 60 seconds of the auction, the countdown will continue to zero and there will be another 60 seconds of bid time added on – this is called the extension window. Any bids placed within the extension window will reset the clock back to 60 seconds and this will continue until the sale concludes. This will ensure the highest price is achieved for your property.
Once a full 60 seconds expires, without a single bid being placed, the virtual gavel will fall, and your property will be deemed as being sold.