Q: What typically happens on Auction day?
A: Before the Auction, you’ll have the chance to revisit the property and register to bid if you haven’t already. The Auctioneer will announce the commencement, and then typically:
- Introduce themselves.
- Provide an overview of the property.
- Discuss the contract and auction terms.
- Open the bidding to the crowd.
Q: Do I have to register to bid?
A: Yes, only registered bidders are authorised to participate in the auction.
Q: How do I submit a bid?
A: Upon registering, you’ll receive a bidder’s number. To submit a bid, raise your number visibly, facing the Auctioneer and their scribe. Use a loud voice and announce the amount clearly.
Q: How will I know what to bid or how much to increase?
A: Only bid what you’re prepared to pay. The Auctioneer guides bidding increments, and new bids can only increase from the previous bid. The Auctioneer may reject bids if necessary.
Q: What if no one makes the first bid?
A: Fun Fact! Making the opening bid often leads to success; 95% of initial bidders win. Bid confidently with our expert team’s support.
Q: How do I know what the vendor will accept?
A: The vendor sets a ‘Reserve Price’ before the auction. Only the Auctioneer, Agent, and Vendor know this figure. Once met, the property is ‘On the Market,’ and the highest bidder will purchase it.
Q: What happens if the reserve price is not met?
A: If the reserve isn’t met, the Auctioneer may pause for vendor instructions. Options include a Vendor Bid or passing in the property. Negotiations follow with the highest bidder and other interested parties.
Q: Will the owner consider offers prior to Auction?
A: Yes, but specific instructions apply. Offers must be on a signed Auction contract with a 66w certificate, waiving the cooling-off period, and include a 10% deposit.
Q: Do I get a cooling-off period when I purchase at Auction?
A: No, there is no cooling-off period after successfully bidding at an auction.
Q: How do I make the deposit payment on the day if I am the winning bidder?
A: Immediate payment of 10% of the purchase price is required. Accepted forms include a Personal/Bank Cheque, Deposit Bond (if approved prior), or Electronic Funds Transfer (ensure increased limits beforehand).