AUCTION BIDDING

Some people find bidding at auction stressful and daunting and are scared of making a mistake and missing out on the property altogether. Bidding is not simply about inspecting the property and then raising your hand at the auction, it’s a strategic process that needs to be carefully researched and planned to win.

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What we do for you prior to bidding at the auction. 

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1. With help from our independent valuers, we can establish the true market value of the property. This gives you an accurate guide as to what you should be bidding to secure the property.

2. We research the sales and advertising history of the property you want to buy and neighboring properties to truly understand local demand.  If a property has repeatedly been on the market for a long-time you may want to steer clear. 

3. We speak with the agent and other local agents to find out what is really happening with the campaign ie. how many contracts have been issued? How many people have registered to bid? We generally find out more information about the property than the average buyer can. 

4. We arrange for the necessary due diligence checks to take place such as strata, building, and pest inspections.

5. We liaise with your solicitor/conveyancer to double-check that they are happy with the contract and all changes to the contract have been made to the contract and we have them in writing for auction day.

6. If your borrowing money, we liaise with your mortgage broker to make sure you are approved to bid at auction. Once we have purchased we send your mortgage broker or bank the front pages of the contract, your deposit receipt and any paperwork required by your mortgage broker.

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On Auction Day  

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Once we are armed with the right information and we are ready to bid at the auction for you.

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1. We sit down with you in person or over the phone to go over the "game plan" including what to expect during the auction, our strategy and your auction limit (most you are prepared to pay) which remains completely confidential. 

2. Bid for you at the auction. You can be there with us in person or on the phone, it’s up to you. We strategically stand in a certain area during the auction giving us a good view of the people bidding, which helps us read their body language and ascertain how much higher people can bid.

3. We have won the auction and we oversee the signing of the contracts and double-check that the contracts are correct. In all the excitement,  things can be overlooked. We make sure everything is done correctly for you. 

4. If we are the highest bidder but the property has not reached the reserve price, we have the first right of refusal to purchase the property at the reserve price or negotiate on the day.