Selling By Auction

HOW TO BUY AT AUCTION

  1. Make sure you have reviewed the contract of sale and completed enquiries.
  2. Understand your financial limits and obtain finance pre-approval.
  3. Bring your personal chequebook, bank cheque or deposit bond. Speak to the agent to make arrangements in advance if unsure.
  4. Understand the rules of auction displayed at the property.
  5. Make yourself clearly visible to the auctioneer and, if required, register to bid on arrival.
  6. Bid confidently by stating your offer clearly or raising your hand or bidder’s number.
  7. When the auctioneer says ‘the property is on the market’ it will be sold to the highest bidder.
  8. If bidding doesn’t reach the vendor’s reserve price, the property will be ‘passed in’ to the highest bidder. That person has the first opportunity to negotiate.
  9. When the property is sold, the highest bidder must sign the contract, pay the deposit, and contracts are immediately exchanged.