What is an Auction?
An Auction is held to sell a pry at a set time to a group of interested buyers.
The Auction is conducted by an Auctioneer and the sale of the property usually goes to the highest bidder on the day.
It is important to be prepared for an Auction before you bid because there is no cooling off period. Once you have been identified as the successful bidder the property is sold.
Points to remember:
- there is no cooling off period after the exchange of contracts at Auction
- you must have your deposit ready on the day
- if the reserve (the minimum amount the owner will accept for the property) is not reached the property can be passed in. This then usually means that the Real Estate Agent will negotiate with the highest bidder to achieve a sale price closer to the reserve price.
If you are not confident to bid at an Auction you can ask a Buyer’s Agent. They can take all the stress out of the Auction bidding process for you.
All information contained in this article is intended for general information purposes only. The information is provided by Hunter Property Services Pty Ltd, and does not take into account your individual circumstances, as such the information should not be solely relied upon in making decisions. Hunter Property Services Pty Ltd has made every endeavour to ensure that the information was correct at the time of first publication, however we accept no responsibility for the accuracy of the information provided.
Readers should make their own enquiries to verify the information provided and its appropriateness to your individual objectives, financial situation or needs and speak to a financial planning professional regarding the appropriate investment strategy to suit your individual circumstances. We try to keep the information up-to-date and ensure that it is correct. However, we make no warranties of any kind concerning the accuracy, completeness, suitability, reliability, or availability of the information contained in this article.
Use this information at your own risk.