If you are thinking about buying a commercial, industrial or residential property at auction you need to be well informed about your rights and responsibilities. In addition, buying a property at auction can be a potentially costly and nerve racking experience.

Under these circumstances it may pay you to hire the services of a professional auctioneer to act for you at the auction. The team at YOUR AUCTIONEER are available to assist you by acting as your agent for the property of your choice at auction. The team at YOUR AUCTIONEER will act on the day under a Letter of Authority from you containing all your required instructions. On the day they will be in contact with you to receive any last minute instructions which can also be forwarded by e-mail or text message.

 

If the highest bid is below the Reserve Price, the property will be "passed in". The highest bidder will then have the opportunity to attempt to negotiate a price with the seller.

 

The successful bidder must sign the sale contract and pay a deposit of 10.00 per cent, unless otherwise agreed, of the sale price immediately after the conclusion of the auction.

Remember when buying a property at auction there is no cooling-off period if the property is sold to you or if the property is passed in but contracts are exchanged on the same day after successful negotiations, so it is important to:

1. Have your solicitor examine the contract before the auction to ensure all is in order
2. Have your finances arranged; and
3. Have pre-purchase inspections completed prior to the auction.

It is strongly recommended that you read a copy of the Bidders Guide prior to the auction. The guide contains important information that you need to know such as how to register to bid, and what kind of identification you must provide before you bid.