Buying at auction is probably the simplest and most straightforward methods of purchasing a property. The process is quick, transparent and simple.
Once you’ve identified the property you desire, there are a few simple steps you can follow:
Preparing for the auction
Let your local Ray White Whitsunday salesperson know that you have interest to ensure you are kept fully informed of all developments and to ensure you are contacted should a pre-auction offer be made.
Note: If you wish to alter any of the standard conditions (usually pertaining to settlement or deposit) this may be arranged through the sales person if the vendor is in agreement (Side Agreement). This must be done prior to the auction.
We always advise people to arrange finance a little beyond what you would like to pay – property is a long term investment and nothing is more frustrating than losing your dream for the sake of a few thousand dollars.
There are no tricks to bidding – simply let the auctioneer know you are bidding (usually by raising a pre-registered number). If the property has reached the Reserve and you hold the highest bid you will become the joyful new owner – if it goes beyond you, you have a period of disappointment but have learnt a great deal about the current market.
If you see other people bidding for any property at our Auctions, be assured that these are all genuine interested bidders/buyers – we do not have “dummy bidders”.
At times potential bidders and buyers may hold back and wait for others to do the bidding, wait for the auctioneer to take $1,000 bids, or for the property to be “on the market”. Given this, the Contract of Sale and the Sale of Goods Act 1908 permits the auctioneer to place bids on the vendor’s behalf in order to move bidding towards a price level acceptable to the vendor.
Any vendor bids will only be exercised by the auctioneer at his discretion and will most certainly be below the reserve price and below a price level which the vendors would consider accepting (Therefore helping buyers to buy – not penalizing them in any way.)
Ray White Whitsunday strongly recommends that you seek legal advice before participating in any actions.
Good luck with your purchase.