Auctions are common sites for selling real estate in Australia. Auctions are where first-time and veteran buyers meet up for the bidding of respective properties that they are setting their sights on.
Experienced buyers already know the goings-on at auctions. However, for the new bidders, here are some practical information from the Real Estate Institute of Victoria to enable you to sail through the affair slickly.
At auctions, earlier than the commencement of the bidding, check the auction regulations and the important documents pertaining to the property that you are preparing to bid for. Two of the most important papers are the contract of sale and vendor’s statements. With that being said, it is important to be at the auction spot early in order to be able to inspect these significant details. Should you have things that you feel you don’t comprehend, you still have time to request answers from any agent involved in the auction if you come early.
It is important to know a chief rule in the auction process. If the property is “Passed In” below the owner’s reserve price, the owner will first have to negotiate with the highest bidder for the buying of the property. This is done through the agent or auctioneer.
By the time the auctioneer would declare that the particular property is going to be passed in, it would be a good strategy to make sure that you are the highest bidder at that very moment. Even just a second can do wonders. If the property is announced as “Passed In”, late bids are no longer accepted, and the right to negotiate goes to the declared highest bidder.
Being the declared highest bidder for a passed in property does not automatically mean that you are the buyer. Remember, negotiation must still come to pass between you and the owner, and if both parties don’t see eye to eye regarding the price, the owner can pursue the negotiating process with the next qualified interested purchaser.
When all else becomes difficult to comprehend, do not shilly-shally in asking for the help of the real estate agents.
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