Bidding At An Auction
If you are unsure about bidding at an auction, you may wish to engage the services of a member of the Society of Auctioneers and Appraisers or the Real Estate Institute in your state, who are independent of that particular auction. They will be happy to act on your behalf for an appropriate fee. If you engage a member to act, they will require instructions in writing and the limit of your authority.
Advise the agent of your interest in a property
If you are interested in a particular property, advise the agent so that you can be kept informed (eg: whether the property is to be sold prior to auction).
Attend other auctions
Attend other auctions to familiarise yourself with the procedures.
Have an expert check the property
Have an expert check the property (eg builder, architect or independent agent) before the auction if you have any concerns.
Check all local services and facilities
Check all local services and facilities, eg schools, shopping, access to public transport, etc.
Compare property values
Compare property values in the area by monitoring local advertisements and sales.
Check the contact details
Prior to the auction, check the contact details, Section 7 Statements, with the seller’s agent or the agent you engaged to represent your interest.
Organise your finance
Most banks and lending institutions will inspect and/or approve your finance prior to the auction.
Know the time and date of open inspections and the auction
Be sure you know the time and date of open inspections and the auction. Give yourself time to look through the property more than once and satisfy yourself that the property is right for you.
Bidding at auction
You may bid by getting the auctioneer’s attention with your voice, by waving your hand, nodding your head, etc. Ensure that you position yourself where the auctioneer can see you.
Set your limit
Set your limit for the auction but be prepared to stretch yourself beyond your initial limit if you really want to acquire the property.
Be positive – bid with confidence!
If successful you should arrange suitable insurance cover
If successful you should arrange suitable insurance cover, it is recommended. Contact Elders Insurance for more information.