Need more clarity regarding online auctions? MyRoof.co.za is a website where bids can be made on an online auction for bank repossessed properties. This is done in conjunction with Standard Bank. Moreover, this can be done from the comfort of your own home or office.
MyRoof introduced online auctions to specifically comply with the Consumer Protection Act (CPA), whereby a specified end date and -time for each auction is indicated. Thereafter Standard Bank will consider the received bids.
In the relationship presented by MyRoof and Standard Bank, Standard Bank is the Seller while MyRoof acts as the agent to the transaction. This is in terms of the Consumer Protection Act.
In a case when a property on auction has a “reserve price”, MyRoof has no knowledge of the reserve, acting solely as agent to the transaction. An auction will clearly indicate when it is a “no reserve auction”.
When a property has not been sold on the online auction, it will be listed to go onto another upcoming auction.
The highest bid will also not necessarily be accepted, since Standard Bank holds sole discretion to accept a bid or not. Reasons for not accepting a bid may include, but not limited to:
1. Amount of deposit to be paid vs. bond grant required
2. Bidder’s previous behavior and historical data in terms of online auctions
You can see for yourself what online auctions are all about on www.myroof.co.za. What have you got to lose?