We’ve all seen the drama of an auction on TV – the auctioneer with their quick fire speech, waving hands and pointing fingers. But what actually happens in the lead up to the auction and on the day. Understanding this process and the key auction terms is critical if you are selling your property at auction.
Before auction day
The very nature of an auction means that they can happen very fast so it is important that you talk to your agent ask any questions you may have about the process, about setting your reserve price and whether you will be making a vendors bid on the day. Your agent legally must know if you plan on placing a vendor bid so make sure you discuss this.
On auction day
Prospective buyers are encouraged to view the property one last time before they bid. This means you should ensure your property is looking spotless and well-presented – especially if you’ve chosen to host the auction at your property rather than an office or conference room.
Your agent needs to clearly display documentation of the property at least 30 minutes before the auction. It is a requirement by law to have this information easily viewable for all interested parties.
In most states, all interested buyers are required to register before the auction commences in order to receive a bidder’s number. This list is confidential and you will not be able to see it even after the auction.
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