How to Use an Auction Bidding Service to Buy a Property at an Auction

Auction Bidding Service Melbourne  at auction can be a nerve-wracking experience – you’re in a crowded room shouting your price to compete with others, and all you have to go on is the information presented by the agent and the property’s previous sale history. However, if you are prepared and organised it can be a great way to secure a property at a good price.

Before the auction begins, you should take the opportunity to inspect the property and familiarise yourself with its terms of settlement. You should also have a thorough understanding of how the auction process works and the rules that apply to your state or territory.

The first step in the process is to register your interest and provide identification, including a driver’s license. You can also nominate a representative to bid on your behalf (this is a requirement in most states).

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The auctioneer will outline the terms of settlement, set any conditions and clarify any rules. Once everyone has registered, the bidding process will begin. Each bid is made by calling out the amount, with the auctioneer repeating the bid to ensure all buyers can understand it. Each bid is made quickly and the rhythm of an auction can be fast.

Once the auction has reached its reserve price, it is ‘passed in’ and the highest bidder will be given the chance to negotiate with the vendor to conclude a sale. If you’re successful, you’ll immediately be required to sign the contract and pay a deposit – normally 10%.