Auction Bidding

We can attend Auction Bidding on your behalf if you don’t want to do it yourself, have a busy schedule, or just don’t like bidding yourself.

Things to know before an auction

  • Auctions are unconditional and no cooling period is allowed.
  • Dummy bids are illegal. Dummy bids are attempts in raising the bid price with no real intention of buying the property.
  • When a property ‘passes in,’ the highest bidder has the priority to negotiate.
  • A bidder must pay a deposit, usually 10% of the price, on successful bids.
  • If the house has any structural defects, unpaid rates, or disputes, it will be inherited by the new owner.

How can Buyers Agents Help You?

Buyers Agents have experienced at buying homes and know the ins and outs at auctions which can give you the following advantages:

  • Prevent you from overbidding. Buyers agents can assess the market value of a property, preventing you from doing spur of the moment bids.
  • Help negotiate after the bidding. When properties “passes in”, it can be intimidating to have a one-on-one negotiation with the vendor’s agent (who does this kind of work daily).
  • Save you time and stress. Auctions can become an adrenaline-inducing venue where both experienced and inexperienced buyers try to buy the house of their dreams.
  • Assist in finding profitable properties. Buyers agents offer different services and some of which allow them to assess the potential of a property.

A property put up in auction ‘passes in’ when the top bid fails to secure the vendor’s expected price. The highest bidder is then given priority to negotiate the price of the property with the vendor’s real estate agent.