What is meant by “online auction”?

An online auction on MyRoof.co.za was introduced specifically to comply with the Consumer Protection Act.  The online auction will have a definite closing date and time e.g on a Monday at 12h00, whereafter bids will be considered by Standard Bank.

How regularly will bids be held?

Online auctions will initially commence every 10 (ten) days.

Is there a reserve price on the online auctions?

The online auctions will clearly indicate if an auction is a “no reserve” auction.  All other auctions will have a reserve price.

What is the relationship between MyRoof Auctions and Standard Bank?

In terms of the Consumer Protection Act, MyRoof Auctions act as agent to the transaction, whilst Standard Bank is the Seller (or Principal).

Do MyRoof Auctions know what the reserve price is?

No, MyRoof Auctions act purely as Agent, and has no knowledge of the reserve.

What are the requirements in order to participate in an auction?

Every bidder will have to register for a specific auction when making the first bid.  The bidder will be required to submit certain information of a personal nature in order to bid.  This information will be stored in the database, but will not be used for any purposes whatsoever unless permission from the bidder has been obtained, as required in terms of the CPA.

Will the highest bid be accepted?

The bidder will have to submit his / her best bid before the end of the auction.  Standard Bank has the sole discretion to accept the best bid, which might not necessarily be the highest bid. The best bid is determined by the amount of Deposit paid upfront vs bond grant required, whether the bidder visited the property, and gained access, and the previous historical data of the behavior of the bidder i.e if a bid from a the bidder was accepted previously, and the transaction fell through due to non-compliance.

Can other Estate Agents make offers at online auctions?

As a brand new feature, STD Bank welcomes Estate Agents that bid on their Online Auctions on behalf of clients and remunerate them with 3% commission upon Registration. Just make sure you upload your Proxy Letter and Fidelity Fund Certificate, when participating in an Online Auction.

Can I nominate someone to bid on behalf of me?

Nominations in terms of the CPA will not be allowed.

What happens if a property at the online auction is not sold?

The property will be scheduled for another auction, which could take the form of an online auction, or a physical auction.

Can I put an offer in for a property not on auction?

“Pre-auction” interest and offers can be submitted by an interested purchaser.  However, this is done to determine what properties will be placed on future auctions.  The more interest that is expressed in a property, the sooner it will be back on auction.  Bidders will then be sent another mail once the auction commences if they expressed their interest as mentioned above, inviting them to participate in the actual auction.

How secure are my personal details on the MyRoof.co.za website?

Very secure. Data you exchange with Myroof.co.za is kept on a secure server and never provided to third parties.

Can I stop receiving emails from MyRoof.co.za, even if I asked to be notified?

To stop receiving emails when people make offers simply click on the “unsubscribe” link at the bottom of any email. You need to click on the unsubscribe button once for every property you’ve made a bid.

Who owns the Standard Bank properties in possession?

All Standard Bank repossessed property listings were previously bonded by Standard Bank. When the previous owner defaulted on his / her financial obligation, the property was sold at Sheriff’s Auction. Where any property does not reach its reserve price, this property was bought in by Standard Bank. Properties in possession are thus registered, or in the process of being registered in the name of Standard Bank.

How long does it take to register a repossessed property bought from Standard Bank?

The process of registering properties in the name of the new owner (buyer) is more complex than a normal transfer between private individuals. Although Standard Bank does everything in its power to ensure fastest possible registration, finalizing a transaction of a repossessed property can take anything between 4 and 6 months.

Glossary of Terms