Auction day can be a roller coaster for both buyers and sellers. Our team will guide and prepare you for success in the bidding process at the Auction. We have compiled our Auction tips below.
How to Buy Well at Auction
- Arrive at the Auction early and register your interest to bid. The agent will ask you for your full name and details as well as some photo id.
- The Auction commences. Often when the auctioneer asks for an opening bid everybody waits for each other. Being the opening bidder clearly signals your intention to purchase the property and lets other bidders know that they will need to act. It can pay to be bold.
- Be clear and confident with your bids. This will show any other parties that you are genuine and determined to buy the property.
- Pay close attention to the agent and auctioneer. They will keep you informed and let you know when the ‘property is on the market’. Also, in the event you are the highest bidder and the property has not yet reached the reserve price, they will inform you as to what price you can buy the home for (under the auction conditions).
- Your best chance to buy the property is under the auction conditions at Auction as the seller is committed to the sale.
- Should you be the eventual purchaser on the day then be prepared to pay the 10% deposit (unless otherwise agreed to a different amount prior to auction) and sign the contract. If you are bidding over the phone, the auctioneer can sign the contracts on your behalf.