An auction is a public bidding process where interested buyers come together in one place and start shouting out the price they are willing to pay for a property. This is facilitated by an auctioneer and the process usually takes 20-30 mins. The property is sold to the highest bidder once a reserve price (the minimum price the seller is willing to accept) is met.
Buyers Advocates at an Auction
The crowd starts forming, your heartbeat quickens, and your palms start sweating – today is the day you’re going to secure your ideal property. You survey the crowd, trying to sort the sticky beaks from the serious contenders. It’s at this point that you need a clear strategy in place – otherwise, you could miss out to someone else.
Independent Auction Bidding Service Melbourne can help you by attending the auction on your behalf and putting in bids. Using their experience and thorough homework on the property, they can often save you a significant amount of money.
If you are unable to attend the auction, then you can appoint a professional bidder to act on your behalf. This is done by signing an auction bidding authority document and providing written instructions to the bidder detailing your maximum purchase price limit, settlement terms and conditions and any special requests.
Online property auctions are becoming increasingly popular and will likely continue to grow in popularity as restrictions are easing on the industry. Whether you are buying a home or investing in property, it’s important to understand how an online auction compares to an in-person auction and how your bidding strategy should be adjusted for each.