Bidding at an Auction

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01

Prior to the auction make sure you have:

Inspected the property.

Received a copy of the contract.

Your finance pre-approved.

Attended an auction, to see what it is like.

Arranged a building, pest, survey and/or council zoning inspection of the property.

Had your solicitor review the contract.

Pre-registered via AUCTIONS LIVE.

Decided if you will be attending the auction in person, if not have you organised and authorised (Authority to Bid Form) a 3rd party to attend and bid on your behalf.

Set your budget, the maximum price you are willing to go to.

Arranged how you will pay the deposit.

Decided what name/s will go on the contract.

02

On Auction day make sure you have:

Your Driver’s License and/or Passport, if you don’t have Driver’s License or Passport, make sure you have a government issued photo identification and proof of address.

If you will not be attending the auction make sure your 3rd party bidder has the original Authority to Bid Form completed and signed by yourself along with their Driver’s License, Passport and/or government issued photo identification and proof of their address.

03

When bidding at auction remember to:

Arrive at the auction early and register as a bidder (Required by law in NSW, QLD, ACT & SA other states at agency’s discretion).

Place yourself in a position where the auctioneer can easily see you.

Pay close attention to the auctioneer as to where the bids are at or refer to your AUCTIONS LIVE ePaddle; if still unsure ask for assistance from one of the agents.

Hold up your bidder number when placing a bid (if issued).

Call out your bid in a clear voice, you have the option to call out an exact amount, or indicate the increment you wish to increase the previous bid by.

Disclaimer

All information contained within the Auction Checklist and Frequently Asked Bidder Questions is general advice, recommendations and answers.

The information does not take into account the particular needs and circumstances of individuals and companies or various state legislation governing auctions.

Before bidding at auction you may wish to seek independent professional advice.

Every effort is made to provide information that is accurate. However, information contained with the Auction Checklist and Frequently Asked Bidder Questions are subject change at any time.

RE Software Pty Ltd gives no assurance or warranty that information is current and takes no responsibility of any of the information provided.

Download ePaddle App

Use your smartphone or tablet as an electronic bidder paddle and easily track and monitor bids.

     

Frequently Asked Questions


What is a Vendor Bid?

A vendor bid is a bid made by the Auctioneer on behalf of the vendor (owner of the property). It's not a bid to buy the property and is used to keep the bidding moving forward.

What does “on the market” mean?

If an Auctioneer announces “the property is on the market” this means it has reached or exceeded the reserve price set by the vendor and is going to be sold at auction.

Will I be informed of the reserve price prior to auction?

No, the reserve price is kept confidential, although maybe disclosed during, or at the conclusion of the auction.

What is a reserve price?

The reserve price is a price stipulated by the vendor as the lowest acceptable price the property can be sold for at auction.

What is a bidder paddle or bidder card?

A bidder paddle or bidder Card is provided to registered bidders prior to an auction commencing. Bidder Paddle and Bidder Cards will have a number recorded on them which is used to identify registered bidders.

If I arrive at the auction late can I still register to bid?

If you arrive after the auction has started and wish to bid, you will need to find an agent and register. Auctioneers are unable to accept bids until registration has been completed and a bidder number has been issued (if required).

What does “sold prior to auction” mean?

If a property has been sold prior to auction this would mean that an offer had been made on the property pre-auction and accepted by the vendor.

Is it illegal to have dummy bidders at an auction?

Yes, individuals found to be dummy bidders at an auction may be prosecuted and fined, as can the agent and auctioneer if they were involved in the arrangement.

Is the Auctioneer required to announce if the property is on the market?

No, it is up each individual Auctioneer.

Are my partner and I both required to register to bid prior to an auction commencing?

No, only one party will be required to register.

When you buy at auction, are you able to negotiate special conditions?

Yes, although these must be worked out and confirmed in writing prior to the auction commencing.

What does it mean when an Auctioneer says "the property has been passed in”?

If a property has been "passed in” it means that the “reserve price” was not met and therefore the property was not sold at auction.

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