How it works

We will be auctioneering land and property in Cambodia, offering more than 100s lots from four auctions coming up each year, with a team of over experienced employees with our commitment to quality, honesty and service remaining unchanged. Buying or selling by auction may appear daunting at first glance but we assure this active way of buying and selling is meeting a great demand for the Cambodian property industry, Please click on or ask about the information points below or contact us we will help alleviate any questions or visit our office front units 3/4 Hotel Cambodiana 313 Sisowath Quay Phnom Penh Cambodia 12206. We’re always seeking Land, Houses, Residential, Commercial and Property Investments for our quarterly auctions, We offer other related property services such as independent lawyers accountants and tax advisors also Reputable companies offering maintenance, management, suppliers, etc, please join us for the real experience of releasing capital and investing in Cambodia securely. 1. Buying or selling a property at auction is significantly faster than the conventional property purchase process, enabling you to complete from as little as 20 days. 2. Professional auctioneers manage all property auctions, avoiding potential complications, such as gazumping or middle up pricing it’s a true price sold and paid when sale has been agreed. 3. Pre-registering for auction, downloading the legal pack, signing the consent to sell on your behalf and the buyers arranging there financing are all important steps in getting ready for a prompt, secure auction sale or purchase. Our Guide to Buying a Property at Auction Buying a property at auction has many advantages, from speed, with an immediate exchange of contracts and the advantage of no gazumping or gazundering, to the diversity of lots you’ll find within our competitively priced auction selections—many of which may never come to the private treaty market. SEAPS experienced Auctioneers will hold regular traditional auctions throughout the year, giving everyone the opportunity to buy residential or commercial property’s at auction from the comfort of your home, anywhere in the world. Each auction offers a wide variety of land and property, so whether you are looking for your new home, your first or next investment, a new trading location, or somewhere to graze your animals, an auction could be a great place to start your search. Previously years ago, auction sales were open only to cash buyers and focused solely on professional investors and developers. However, as interest and access to property auctions have broadened, this purchase process presents a favourable and expedient solution for everyone, from first-time buyers to DIY enthusiasts and homebuyers searching for a home a little out of the ordinary. Buying a house at auction can be a simple process, but you must ensure you have done all your due diligence and taken independent legal advice prior to bidding SEAPS are not responsible for and claim after the hammer has fallen We’ve written a guide to talk you through how to buy a property at auction in Cambodia.

Buyers

How to Register and Bid on a property

Register to Bid Online

A STRAIGHTFORWARD PROCESS FROM START TO FINISH In order to bid online at a SEAPS Auction you will first need to create an account by providing your contact details. There are three places across the site where you can do this, either select the ‘bidders registration’ point of navigation on the top right or if you are at Lot level you can press the blue bid now button on the Lot page, you can also register in the ‘My Account’ section of your SEAPS account. You will be required to verify your email address or contact No. by clicking an activation link that we’ll send to you via email. Once you’ve created an account you can ‘watch’ lots that you’re interested in (you’ll be kept up-to-date throughout the auction cycle) In order to place a bid on a lot you will need to complete the bidder registration steps, as detailed below. Please note, the first time you register to bid you will also be asked to verify your mobile number and upload copies of your photo ID (e.g. driver’s license or passport) and recent proof of address (dated within the last 3 months). This is required so we can easily keep in touch and helps us confirm your identity in the event of you purchasing a lot.

Verify your identity

When registering to bid online the ID provided is securely stored with the online bidding platform. We are unable to access these ID documents and therefore in addition to the Identity Verification used to register to bid online all successful Buyers will be required to provide the full names and address of the Buyer for Auction Contract purposes, the Bidders details (if these are different from the named Buyer) and the Lawyer/Legal Representative. In compliance with the Money Laundering Act all Buyers are required to provide photographic identification and proof of address. Buyers must present the following documents such as photographic identity document such as a current passport or driving license and an original utility bill, or or bank statement or any other form of identity document that has been issued within the last three months and that provides evidence of residency at the correspondence address. If the Bidder is acting on behalf of another party, they will be required to provide the documents detailed above for both themselves and certified copies for the named Buyers for whom they act, as well as providing a valid letter of authority from the Buyers authorising them to bid on their behalf. If the bidder is acting on behalf of a company, the above documents will still be required, together with a copy of the Certificate of Incorporation and identification.

Enter Payment Details

At Registration you will be asked to pre-authorise and verify the credit/debit cards or bank details for the full or part payment of the deposit if you are the successful bidder. Following your successful bid, you will then be contacted by a member of the SEAPS team for the balance or the full deposit, which is 10% of the purchase price (If the purchase price is less than $30,000 then a minimum deposit will be payable) together with the appropriate administration fee per lot. The balance of the deposit and administration fee is due within hours and is payable by bank transfer. a copy of transaction payment confirming your purchase to our client or client Account details will be sent to you as soon as the buyer is agreed at the auction. We have a primary duty to our clients (the Sellers) and reserve the right to immediately re-offer any Lot if the deposit conditions are not strictly adhered to in accordance with our Conditions of Sale.

Pay Administration Buyers Fee

An Administration Fee is payable at the same time as the deposit for each Lot purchased. The administration fee will be added to the sale price on the following scaled increments. Up to $29,999 = $500 deposit $30,000 to $99,999 = $1000 $100,000 to $249,999 = $1500 $250,000 to $499,999 = $2000 $500,000 to $749,999 = $3000 $750,000 to $999,999 = $4000 $1,000.000 Up Wards = $5000 We request or offer advise for lawyers /licensed conveyancers details as these will be added to the Memorandum of Sale which is part of the auction contract on the day of sale.

Understanding the process of buying a property at auction

Property auctions follow a set process, and you can review properties due to be sold in an auction up to around a month before the date. This gives you plenty of time to download and review the legal pack, arrange a viewing, and decide on the amount you might wish to bid.

Once the auction starts, pre-registered bidders are invited to submit their offers and can see the total amount bid thus far. This transparency means sellers can watch the auction as it progresses, and buyers can make informed decisions about whether to submit a further offer.

The auction has a confirmed start time and often has flurries of activity close to the ending point. Sellers normally set a reserve, which is the minimum they are prepared to accept, so provided the highest bid exceeds this value, the auction will have been successful.

At this stage, the highest bidder enters into the purchase transaction and pays the deposit.

Use our ‘current auction’ tab or lot search to view the auction details which may be of interest to you, then you can click on the lot see the information; register and download legal documentation as well as register to bid. (Please note that our online bidding platform my require Google Chrome to operate fully).

Please feel free to call or visit us arrange a meeting or viewing we will fully explain all process please assure it’s 4 weeks before the action date so to give you time to research and arrange finances.

Bidding

STRESS-FREE BIDDING FROM THE COMFORT OF YOUR OWN HOME.

When the auction opens, you will be able to place bids in line with the pre-determined bid increment levels, using the bid increase (+) and decrease (–) buttons provided. Having set your preferred bid amount and clicking the ‘Place Bid’ button, you will be asked to confirm your bid at which point it will be placed. Every time you submit a bid you will be clearly shown whether your bid was successful, and a full list of all bids is displayed on-screen at all times if you lose the connection reset the auction lot

Proxy Bidding

You are not restricted to placing a bid at the minimum bid amount, but can instead increase your bid and place a maximum (proxy) bid in the system. By setting a maximum bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your maximum bid amount. If you are outbid, you will be notified via email or phone link so you can opt to increase your bid if you so choose.
How proxy bids work with the reserve price
Virtually every lot is sold subject to a reserve price (the minimum price that the auctioneer is authorised to sell for on the day). When you submit a maximum bid, the actual bid placed by the system will depend on where the reserve price is in relation to your maximum bid, as defined below.

If your maximum bid is below the reserve price
– The system will place an immediate bid at your maximum bid amount.

If your maximum bid is at or above the reserve price however a lower bid will be notified to the seller.
– The system can automatically increase your bid to be at the reserve on your permission, and will only bid again on your behalf if you are subsequently outbid by another bidder (up to your maximum bid amount).

– If another bidder has already placed the same maximum bid or higher, they will be the highest bidder at you max bid level and the system will notify you via email or phone link so you can place another bid.

NB: Your maximum bid is kept completely confidential – it’s presence or amount are not disclosed to the auctioneer, vendor or any other bidder.

FAQ’s
What happens if someone else places the same maximum bid as me?
In the case where two or more people have placed their maximum bids for the same amount, the earliest bid placed will have priority and will be regarded as the highest bidder.
I’ve placed my bid, why have I been outbid immediately?
If your bid is immediately outbid, it means that another bidder has a higher maximum bid set up. You will need to increase your maximum bid if you wish to win the auction.
Can the anyone see a buyer’s maximum proxy?
No. Your maximum bid is strictly confidential to maintain the integrity of the auction.
Is there a reminder of what my maximum bid is?
Yes. You will see your maximum bid on the expanded bidding tool at the side of the screen on that lot.

Auction Contracts

Entering a binding contract -On the fall of the manual live or electronic gavel the highest Bidder at or above the reserve is contracted to buy. You will then be contacted by a member of the SEAPS team for the balance of the full deposit, which is 10% of the purchase price (If the purchase price is less than £30,000 then a minimum deposit will be payable together with the appropriate administration fee per lot.
The auction contract including the signed Memorandum of Sale (which formalises in writing your purchase) will be sent to the sellers legals and a duplicate sent to you and your Legal Representative. You should also insure the property, if appropriate.
Completion – the standard completion is 20 business days after exchange, but this may be varied in the individual Special Conditions of Sale, available prior to bidding and part of the legal documentation.
The Auctioneer is legally authorised to sign the Sale Memorandum on behalf of both the Buyer and Seller. We reserve the right to immediately re-offer the Lot if the deposit conditions are not strictly adhered to in accordance with our Conditions of Sale.

After the Auction

Unsold Auction Property Lots – Still Available
Sometimes a lot may not sell. It could be for a variety of reasons, but you should still be able to view the auction details and download the legal documentation for the unsold auction property Lots from our website. Under each lot it should state the minimum price that Lots may be available.
Post auction offers will be submitted on the basis of:
An immediate exchange of Auction Contracts.
It is your best and final offer.
You have read the legal documentation and made all your enquiries and taken independent legal advice.
Acceptance by the Seller.
Until an exchange of contract we are duty bound to submit further offers for the sellers consideration.
To make an offer on an unsold Lot please give us a call.

Modern method vs Traditional Property Auction: Which Is Right for You?

There are several methods to buy a property at auction but the most common include the modern method and the traditional method.
SEAPS holds traditional auctions, and the contrast between a modern and traditional auction is unrelated to whether an auction is held in person or online in an auction saleroom.

What is a traditional auction?

A traditional auction is unconditional, with defined timeframes for completion, and interested bidders can see what other parties have offered. When the auction ends, the deposit, normally 10% of the purchase value, is paid immediately.. The balance is typically payable within 20 days, and any variances in that schedule will be shown in the auction particulars.
What is the modern method?

Modern auctions are conditional and take longer to complete. They offer a little more flexibility for the buyer but extended timeframes for the seller. These auctions can last as long as 2 months, with the winning buyer paying a reservation fee of roughly in excess 10% which covers the auctioneer’s fees and other administrative charges, remainder goes to the seller.

The process usually gives the buyer 30 days to finalise the transaction.. Having more time might make it easier to arrange mortgage financing, but there can be an agreement between parties after the hammer falls or agreed with SEAPS but my be a added risk for both buyer and seller, as something could stall the process or lead to one party or the other backing out, along with the potential loss of the reservation fee.

The Appeal of Property Auctions for Sellers

Property owners or executives or pemitted leaseholders choose to sell at auction for myriad reasons, often primarily because they are assured that they will be able to sell quickly and that the process is straightforward, with assistance from an experienced team of auctioneers.

Owners might, for instance, be keen to sell quickly because they have an inherited home that they do not wish to live in, need to sell promptly to release financing for other projects or expenses or be selling as part of a separation or receivership where all parties want to finalise the sale as soon as possible.

In other cases, properties are sold at auction because they are complex to sell in different environments. That could be linked to structural improvements that mean a conventional mortgage product might not be available or because a property needs renovation or modernization all conditions of sale will be not the liabilities of seaps auction services.

Fixed timeframes add to the appeal, where the sale completes quickly and efficiently, with defined dates by which the auction will start, the deposit will be paid, and the balance will be remitted to the seller.
If you’re looking to understand more about seaps auctioneering please contact us.

Maximising Your Chances of Being the Winning Bidder at a Property Auction

Auction sales can often become competitive, with several interested bidders vying to secure a lot. The best advice before auction day is to establish a budget based on your financing position and the amount you are prepared to pay for the property. This approach will prevent you from bidding over your maximum budget.

Remember, when the hammer falls, the highest bidder enters into a legally binding transaction.

If you have your heart set on a property in a forthcoming auction, you can improve your prospects of being the winning bidder by telephone bidding or online bids please always have a back plan should you lose internet connection or late for the auction lot.

We are available to help answer your questions. Contact us today and we'll be happy to help.