If you are bidding at an auction, you might want to consider how an auction is run. Below is the legislative requirements from the Civil Law (Sale of Residential Property) Regulation 2004 that all auctioneers must abide by:
- *No bids may be made for the seller of the property.
- *The auctioneer may make 1 bid for the seller of the property at any time during the auction. [* One of these alternatives must be deleted]
- Each person bidding must be entered on the bidders record.
- The auctioneer may refuse any bid.
- The auctioneer may decide the amount by which the bidding is to be advanced.
- The auctioneer may withdraw the property from sale at any time.
- The auctioneer may refer a bid to the seller at any time before the end of the auction.
- If there is a dispute about a bid, the auctioneer may resubmit the property for sale at the last undisputed bid or start the bidding again.
- If there is a dispute about a bid, the auctioneer is the sole arbiter and the auctioneer’s decision is final.
- The sale is subject to a reserve price unless the auctioneer announces otherwise.
- The highest recorded bidder will be the buyer, subject to any reserve price.
- If a reserve price has been set for the property and the property is passed in below the reserve price, the seller must first negotiate with the highest bidder for the purchase of the property.
- The buyer must sign the contract and pay the deposit immediately after the fall of the hammer.
Penny Hyde is a buyer’s agent with a wealth of experience and awards in the local and national real estate industry. Auction day representation is one of Penny’s specialities so if buying at auctions still sounds like something you would like to avoid, let Penny do the bidding for you. Visit http://www.pennyhyde.com.au to learn more.