There are 2 ways to buy properties on Dubai Property Auctions (DPA). Each property is listed for sale either through an Auction listing or an Offer listing. This page gives an overview of the buying process either through the Auction or Offer system.
In the Auction system, Sellers list their properties for a 7- or 14- day period and receive bids.
In the Offer system, Sellers list for a 30- day period and receive offers that they can Accept/Decline/Counter just as they would in the conventional property market.
- Bidding Overview
- Making Offers Overview
Bidding Overview - how a typical property auction proceeds:
1.
Browse and find a property to bid on.
2.
Click on the 'Bid Now' button.
3.
Enter the amount you would like to pay for the property
in the text box and click 'Confirm Bid'.
4.
You are now the high bidder for this property.
5. Add the property listing to your Watch List and observe the
property until Auction Close.
6.
If someone else bids higher than you on the property, you
will be outbid. You will receive an
email stating that you are outbid and that you may choose to increase
your bid amount to become the high bidder again.
7.
You can increase your bid in 2 ways: i) Click
on the link in the outbid email OR
ii) Go into your Account and
click on 'Bidding' in the 'My Buying Activity' box.
8. Find the property in your 'Bidding' list, then follow steps 2 to 5 as
shown above.
9.
After the auction closes, you will receive an email stating
that you have won the auction and advising you what further steps to take.
10.
You will receive details for funds transfer to the solicitor's escrow account and appointment details for property transfer. By following these steps, appropriate payment will be made to the Seller and the property will be transferred into your name.
Offer Overview - how to make an offer for a property you wish to buy:
1.
Browse and find a property to make an offer for.
2.
Click on the 'Make Offer' button.
3.
Enter the amount you would like to pay for the property
in the text box and click 'Confirm Offer'.
4.
Your offer has now been submitted to the Seller.
5. Add the property listing to your Watch List and observe the
property until the property listing ends.
6.
If the Seller accepts your offer, you will get an email confirming this with an explanation of next steps to take. You will receive details for funds transfer to the solicitor's escrow account and appointment details for property transfer. By following these steps, appropriate payment will be made to the Seller and the property will be transferred into your name.
7. If the Seller declines your offer, you will receive an
email stating that your offer has been declined and that you may choose to increase
your offer amount. To increase your offer, sign into your account and click on 'Offers Made' in the 'My Buying Activity' box. Select the property and click on 'Make New Offer'.
8. If the Seller makes a Counter Offer you can check this by signing into your account and clicking on 'Replies' in the My Buying Activity' box. Select the Counter Offer for the property to 'Accept' or 'Decline' the Seller's Counter Offer. You can also click on 'Make New Offer' and follow steps 3 to 6 above again.
TIP! The status of all your property transactions can always
be tracked by signing into your Account.
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