For many would-be sellers, the thought of auction day brings about an overwhelming feeling of anxiety and nerves.\u00a0 The best thing you can do is to be prepared.\u00a0 Knowing how the auction will run and understanding possible outcomes is likely to reduce your stress levels.\u00a0 To help you get in the know, we have outlined a typical auction and what you can expect.<\/p>\n
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Before the auction<\/strong><\/p>\n Schedule of Procedures<\/em><\/strong><\/p>\n Your agent should provide you with a detailed schedule of what is likely to happen on auction day.\u00a0 If this is not provided then you should ask him\/her to do so.\u00a0 Issues may include: where should I be during the auction, what if no-one bids, what happens if we don\u2019t reach the reserve, should I have my family and friends with me for support?<\/p>\n Attracting a crowd<\/em><\/strong><\/p>\n On the morning of auction day, your selling agent will go to nearby streets and busy roads to place sign boards (also known as \u2018A frames\u2019).\u00a0 These are intended to attract passers-by and publicise the auction.<\/p>\n Meeting the agent<\/em><\/strong><\/p>\n You should have met with your agent a day or two prior to auction to finalise most details so the auction day conference will really be a confirmation of that meeting.<\/p>\n In most cases your selling agent will meet you at the property about 45 minutes before the auction is scheduled to commence.\u00a0 During this meeting, you will confirm important information regarding the auction, such as;<\/p>\n \u2013\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Your reserve price<\/p>\n \u2013\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 How many bidders are anticipated to attend<\/p>\n \u2013\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 How and when you will communicate with the agent during the auction<\/p>\n \u2013\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bidding increments<\/p>\n \u2013\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 What happens if the reserve is not met<\/p>\n \u2013\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 How any vendor bids will be used<\/p>\n \u2013\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Confirm that you or any friends will not be bidding at the auction<\/p>\n Pre-auction inspection<\/em><\/strong><\/p>\n Most agents will open the property for inspection at least 30 minutes before the scheduled auction.\u00a0 This allows potential buyers to have a final look at the property, so it is important to ensure that your house is well presented and looking its best.\u00a0 During this time, the agent must display the mandatory rules and information regarding the auction in a prominent location for potential buyers to see for at least 30 minutes prior to the auction commencing.<\/p>\n \u00a0<\/strong><\/p>\n During the auction<\/strong><\/p>\n Auctioneer Announcements<\/em><\/strong><\/p>\n Before the auction gets underway, the auctioneer will provide an introduction of themselves and the agency that they work for.<\/p>\n In accordance with auction rules and laws, there are several mandatory statements that an auctioneer must announce before the auction can commence.\u00a0 Once all legal announcements have been made, the auctioneer will proceed with describing the benefits of purchasing your property.\u00a0 As this is their last chance to engage the crowd and get them excited, they will often provide a detailed description of your property and list the valuable features and benefits.<\/p>\n Bidding at the auction<\/em><\/strong><\/p>\n One the auction preamble is concluded, the auctioneer will call for an opening bid from the crowd.\u00a0 If no opening bids are received, the auctioneer may commence the auction with a vendor bid.<\/p>\n From this point onwards, the auctioneer will control the flow of the bidding.\u00a0 As the bidding continues, the outcome of the auction could be one of two options:<\/p>\n <\/p>\n After the auction<\/strong><\/p>\n Depending on the outcome of the bidding process, you may take either of the following actions after the auction is over;<\/p>\n Keep out of the way until the purchaser(s) have signed the contract, no matter how pleased you may be. \u00a0Let the professionals handle all the paper work.\u00a0 Your presence will only delay the sign up process.<\/p>\n Before you sign the contract, confirm with the agent that the deposit has been paid<\/strong>.\u00a0 Once you counter sign the contract an unconditional contract exists between you and the buyer and you may meet with them knowing the sale is complete.<\/p>\n","protected":false},"excerpt":{"rendered":" For many would-be sellers, the thought of auction day brings about an overwhelming feeling of anxiety and nerves.\u00a0 The best thing you can do is to be prepared.\u00a0 Knowing how the auction will run and understanding possible outcomes is likely to reduce your stress levels.\u00a0 To help you get in the know, we have outlined … <\/p>\n\n
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