What you need to Know about Auctions!

Well Hello Property Shoppers,

We have noticed that our Market is moving back into an Auction phase where you have more purchasers than properties in certain categories of properties, when this occurs the best thing for an agency to do is Auction. The things that you need to know before going to an auction are as follows:-

• You need to register with an Agent prior to the Auction in order to bid, if you are acting on behalf of another person you need to have a letter of authority with drivers license number or passport number for verification, or if it is a company their ABN number on a letterhead.
• You can register anytime prior to the auction with the selling agent, when you pre-register you need proof of identity (which could be passport, drivers licence, seniors card, council rates notice, centrelink card or vehicles registration papers)and you will be given a bidders number.
• If you do not have any of the above you can provide 2 documents like Birth Certificate, ATM card, medicare card, credit card and an electricity bill or phone bill that states your address for proof of identity.
• Note that when you register to bid you do not have to bid! It is your choice on the day, but you have to register if you wish to bid.
• If you are late to the Auction do not panic just find a selling agent and register to bid, if you wish to make a bid raise your hand. This lets the Auctioneer know that after you have registered you would like to bid
• Your personal information given to the agent in the Bidders Records is confidential and not shown or used by anyone, it is held securely and only used for the day of the Auction.
• At an Auction the highest bidder is the purchaser, this is subject to the reserve
• The Vendor is entitled to one bid only, this must be announced prior to auction
• You cannot bid after the fall of the hammer, if thier is a dispute the Auctioneer is the sole arbitrator with the final say
• It is illegal to collude or make dummy bids at an auction
• If you are successful in your bidding at an auction you must sign contracts and pay a 10% deposit of the purchase price. No cooling off period at an auction!
• The Exchange of contracts occurs and your solicitor or conveyancer will do the relevant searches and arrange settlement within the set period on the contract this could be 28 days, you are required to pay the balance of the purchase price on settlement and the property is finally yours!
• You can look up the Office of Fair Trading on www.fairtrading.nsw.gov.au for more information if you wish to do more homework before attending your next auction. Good Luck to you all, Happy Bidding!