Questions and Answers
How to register?Sign in as a member by entering your personal information such as:
- Contact information
- Credit card information
- Important note: there is no FEE incurred to register as a member.
Benefits of being a member
- Save properties to watch-list
- Receive email alerts on saved properties
- Submit pre-bids using Proxy Bidder
What is Proxy Bidder?Proxy bidder is the automated bidding system that assists bidders to submit bids on their behalf without being present. Bidders submit their highest bid limit and the system automatically submits bids on the bidder’s behalf to maintain the high bid position within the amount set.For Example: if the current bid amount is $100,000.00 with bid increments of $1,000, and your bid limit is $120,000; the system will submit bid increments of $101,000, $102,000, and so forth to maintain the highest bid position within the $120,000 initial budget set. The system will also notify you if you loss the highest bid position to confirm if you would like to resubmit a bid.
Credit Card chargesThe user’s credit card is used to verify the bidder is of legal age upon registration. There is no fee to register.The only fee charged on the bidder’s credit card is upon winning an auction. The system will charge the standard ‘internet transaction’ fee of $125.00 for utilization of the auction platform provided by International Auctions.
How to close (after Winning)Upon winning the auction, the system will charge the ‘internet transaction’ fee to the bidder’s credit card. Additionally, the winning bidder will receive a congratulatory email that also provides information on the closing process to follow.
- Winning bidder will receive Purchase Agreement via email to sign, notarize and send back to International Auctions
- Winning bidder has 72 hours after receiving Purchase Agreement to submit security deposit into Escrow Account provided.
- The respective seller has 5 business days to complete Purchase Agreement received from the winning bidder, and to surrender any document relevant to the closing of the purchase of the property upon notice of receipt of the security deposit into International Auctions Escrow account.
- After Purchase Agreement has been fully executed by the seller, the winning bidder is granted 15-30 days to conduct due diligence, submit any necessary transfer documents and submit remaining balance of full purchase price to escrow account.
- Upon receipt of remaining balance, International Auctions will surrender all documents pertaining to the transfer of ownership of the respective property.
What are the fees I could expect to pay when if I win a property on auction?
- Internet transaction fee: this fee is charged by International Auctions for the utilization of the auction platform offered on the website.
- Bidding Price (Purchase Price): this is the amount the property was won for. This is the cost only cost paid to the seller of the property.
- Closing Fees: upon wining a property in auction, it is advised to consult with a closing agent to conduct necessary due diligence and prepare all necessary closing documents (title search, tax search, transfer of ownership documents, etc). International Auctions recommends using Bella Belize Closing Agency as they are familiar and reputable within the closing process of Belize.
- Stamp Duty Tax: this tax is payable to the Government of Belize upon submission of Transfer of Ownership documents into the Ministry of Natural Resources – Lands Department for processing. Stamp Duty tax are as follows:
- Foreign Buyer: 8%
- Belizean Citizen: 5%
- The reserve price is not disclosed however if the reserve price has been met, the listing page will indicate by showing ‘Reserve Met’.
- The reserve price is determined by the seller.
- c. A unique formula utilized by International Auctions to assist with listing the property at an attractive starting bid price.
- a. Reserve Price NOT Met: If the bidder is the winning bidder and the reserve price has not been met, the system will notify the highest bidder along with all participating bidders that the auction has closed and the reserve price has not been met.
- Reserve Price Met: If the bidder is the winning bidder and the reserve price has been met, the system will notify the winning bidder via email with a congratulatory email along with closing process instructions. (See above closing process).
- there is no 100% guarantee that winning bidder automatically wins the auctions upon closing of the auction period even if the reserve price has been met.
- Sellers hold full discretion to accept or decline offers.
- Sellers may have received sealed offers during the auction period.
- The services offered on this website by International Auctions is to provide bidders with a fair and open opportunity to acquire auction properties easier and securely. Also to provide sellers with a wide platform to showcase and liquidate properties through an automated auction platform.
Viewing of property
- In some cases, the property is unavailable for viewing due to occupancy, or accessibility. Please contact the listing agent to request possibility of viewing the property beforehand. Please only submit bids for properties you are confident to acquire. International Auctions is not to be held liable for