New webcast auctions explained
Sheriff Halfway House / Alexandra utilises Webcast auctions, which allow floor and online bidders to compete against each other in real time.
Floor bidders refer to clients attending the Live Webcast auction in-person at the premises where the Sheriff Halfway House is auctioning from.
Online bidders refer to clients who will be attending and bidding on the Webcast auction through the internet. Online bidders use an online auctioning platform (hosted by a South African auctioning company called Online Auctions Africa) to place bids.
Online bidders can start bidding once they have completed the auction registration process, meaning that they can place bids before the Live Webcast auction starts (this action is known as pre-bidding).
The highest pre-bids placed by the online bidders are the opening bids for each respective item once the Live Webcast Auction starts.
1. Webcast auctions consist of two phases:
a) The pre-bidding phase
i) This is the first phase. Each bid placed in this phase is referred to as a pre-bid because it has been placed before the Live Webcast auction has started.
b) The Live Webcast phase:
i) Where online and floor bidders come together and bid against each other.
ii) All lots are sold in this phase of the Webcast auction.
2. How each Webcast auction unfolds:
a) Each auction is posted on the Sheriff and Online Auctions Africa websites two weeks before the scheduled start date and time of the Live Webcast Auction.
b) One week before the start, of the Live Webcast auction, registered online bidders will be allowed to place pre-bids.
i) Online bidders need to register as required by the Sheriff Halfway House/Alexandra by following the “Register to bid” links on www.shha.online.
ii) Only once registration is complete will an auction administrator approve an online bidder, which enables the online bidder to place bids.
c) Floor bidders can be registered before each auction by following the “Register to bid” links on www.shha.online.
3. The Sheriff will sell each listed lot on the Live Webcast phase to the highest bidder (in-person or online).
4. Only 30 Floor bidders are allowed to attend the Live Webcast auction at the Sheriff’s auction Venue.
5. Unlimited online bidders are allowed to attend the auction virtually utilising the online auctioning platform hosted by Online Auctions Africa.
6. A Sheriff administers the execution of duly issued court orders. Part of the execution of court orders is Sales in execution which are sold on Sheriff auctions. These are public auctions in which a sheriff sells a defendant’s assets to raise money that will be used to settle the judgement debt owed by such a debtor.
7. Sheriffs are governed by certain acts and rules. These rules instruct sheriffs to sell assets, that they have been entrusted with, by means of a public auction. Meaning that all members of the public are allowed to register for such an auction.
8. Members of the public are allowed to watch auctions on the Online Auctions Africa auction platform without having to register for the auction.