A real estate auction is a public sale of a property, usually conducted by an estate agent acting as an auctioneer, and is governed by strict rules.
00:00 Buying Property at Auction [12 Things You Need To Know]
00:21 1. Is It Legally Binding?
01:13 2. If You Change Your Mind
01:50 3. Contract After Auction?
02:11 4. What To Do Prior To Auction
03:23 5. Idea of Price From Agent?
04:13 6/7. Can You Withdraw Bid?
04:18 8. Are Dummy Bids Illegal?
04:53 9. Are Vendor Bids Legal?
05:16 10. If No One Bids At Auction?
05:36 11. Have to Accept Highest Bid?
05:55 12. Bid Without Pre-Approval?
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The auction is advertised for a specific place, time and date. Prospective buyers bid and the property is offered to the highest bidder at the seller’s discretion.
There is usually an advertising campaign with open house inspections for several weeks leading up to the auction date. If you have attended an open for inspection and left your contact details, the agent may contact you in the lead-up to the auction to gauge your level of interest.
Buying real estate at an auction is an exciting and fast-paced experience. If you’ve never been to a real estate auction before, make sure you attend a few to get a good feel for the process.
Before auction day
Be sure that your finances are all sorted and your deposit is ready to go. If your bid is successful, you will be required to pay the deposit on the day. This is usually 10% but it can vary, so make sure you know the percentage before auction day.
Conduct all necessary inspections on the home before auction day so you can ensure the building is sound. It is recommended you have a building and pest inspection on all properties you are serious about buying as it may save you thousands in the long run.
Decide on a strict price limit so you don’t end up overspending.
On auction day
Register as a bidder, giving your name, address and telephone number. You will be required to show proof of ID such as a drivers licence or passport. Each state and territory has different regulations so find out what happens in your area before auction day
You will receive a bidding number that you need to display when making an offer.
Only registered bidders or their representatives will have the opportunity to buy at auction.
The auctioneer will present the property for sale then invite bids from the audience
If you can, make bids in larger increments to knock out those who cannot afford to pay more.
Steady firm and unemotional bidding is often the best tactic, set your limits and most importantly stick to it.
If you are the highest bidder, you must be ready to pay the deposit as you are legally bound to buy the property, you have no cooling off period
If you default you risk losing the deposit which is a substantial amount money.
If the reserve price is not reached, there is still an advantage in being the highest bidder, as you will then have first right of negotiation with the vendor.
Note: legistration in all states and territories in relation to bidding at auction differs, so make sure you find out what they are in your state or territory.
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