Auction is a system where a property or item is submitted for Sale without a set price, the highest bidder shall be the successful purchaser if the reserve price is met, and the reserve price is the minimum amount which the owner is willing to sell the item or property.

An auction Brings more potential buyers to the transaction, in most cases as soon as the auction is announced it will encourage investors to place their bids, these investors will feel stimulated and anxious to outbid other bidders, and this impulsive feeling will push the bid to higher amounts, which is a better outcome for the sellers.

Response Auctions will generate competitive bidding, which can drive up the final sale price of item. In some cases, rare or highly sought-after items can fetch prices significantly higher than their market value.

Response Auctions have a set timeframe, which can be beneficial for sellers looking to sell their items quickly, this is especially advantageous when compared to other selling methods like listing items for sale individually over an extended period.

Response Auctions can attract a broad and diverse audience of potential buyers, both locally and internationally, this exposure cand lead to a larger pool of interested buyers than traditional sales methods.

There are typically two reasons.

1.      When the auction is complete and the highest bid is accepted, the sale is typically final, this can provide sellers with a level of certainty compared to other sales methods, where buyers may back out of agreements.

2.     The competitive nature of Response Auction can result in higher bids and a sense of urgency among buyers. This can be especially advantageous for sellers with in-demand or unique items.

Response Auctions invests in marketing and promoting the lots which attract, potential buyers and generate interest for the lot to be sold faster, Response also has a pool of registered enthusiasts who are waiting for the right items to appear on the auction site.

Response online auction platforms handle various aspects of the sale, including marketing, cataloging, and payment processing, which can be convenient for the buyers and sellers.

1.      Timed Auction

2.     Live Auction

A timed auction is done through computers, and competition between buyers is done through the website only.

A live auction is more complex, with the bidders able to participate in the auction room or bid via live stream video connection. An auctioneer attends the auction, and real competition is visible for each lot offered.

Sellers can set a reserve price, so they know the minimum amount they will receive before their items goes under the hammer.

The amount that a bidder need to deposit or kept by the Auctioneer as a guarantee of proof of fund as well as commitment to finalize a purchase after a successful bid, response auction intend not to collect a deposit from potential bidders instead using the KYC system (know your client) however in majority of cases specially those dealing with high- value items like, art or real estate or by order of UAE government deposit become compulsory for those cases, Response will request the deposit to be placed

NO, only a bank cheque or direct bank transfer allows the bidder to participate in the auction.

No, selling the item or property after the fall of the hammer is final

The seller must provide a power of attorney certified by a notary public or memorandum of association authorizing him or her to enter a buying or selling contract on behalf of a company Copy of passport, copy of Emirates ID of the owner of the property, and POA must be presented, those overseas power attorneys need to be certified by UAE Department of Foreign Affairs.

Disclaimer The frequently asked questions only provide broad information, guidance, suggestions, and responses. The data doesn't account for the unique requirements and situations of people and businesses, nor do the regulations that control auctions. You might want to get independent professional counsel prior to placing an auction offer. Although every attempt is made to give correct information, the data in the commonly asked questions could change at any time. Response Auctions disclaims all liability for any provided information and neither guarantees nor warrants that the material is accurate.