MAKING BUYING A HOME EASY AND TRANSPARENT.
Buying a home through the auction process, let alone buying a home period, may scare you a bit. At Harcourts Auctions, we are committed to providing you with as much information as possible to ensure you are comfortable every step of the way.
Before the property goes live on the market for auction, we work together to set the bidding start amount, deposit amount and close time. Be sure you pay attention to the calendar, so you’re fully aware of the schedule for the entire process. We make it our mission to ensure your property sells by taking care of the following details.
STEP #1 KNOW THE TERMS
Familiarize yourself with the Terms and Conditions of sale before you bid. Terms and Conditions vary slightly for each property.
HOW TO BID AUCTION DAY
Upon arrival and confirmation of your registration, you’ll be handed a bidding paddle. This helps the auctioneer clearly identify you in the crowd. Before the auction starts, the auctioneer will give everyone plenty of warning and clearly explain where the auction will take place. Make sure you stand in a clear area where you feel comfortable and can sufficiently hear the auctioneer. Don’t forget to stand where the auctioneer can see you.
When you’re ready to make a bid, remember to hold your bidder paddle number high and call out your bid in a loud and clear voice. You can call out an exact amount. For example, you can call out “$570,000” or indicate the amount you want to increase the previous bid by. For example, you can say. “Another $20,000.” If the auctioneer calls the incorrect amount or misinterprets your bid, call out immediately. Correct the auctioneer and clarify your bid. The auctioneer can reject any bid or suggest another amount. Don’t be disheartened by this. The auctioneer is present to facilitate the sale of the property. It is their responsibility to maintain structure and momentum and achieve the best outcome.
The three stage process to auction means there is always a chance of a ‘post – auction’ purchase. Post Auction will arise if the property has not sold prior to or on auction day. If none of the submitted offers or bids meet the sellers reserve price the seller has a couple of options. The Seller can either competitively price the property on review of buyer feedback throughout the campaign or extend the auction date. These options will arise depending upon a number of reasons including the sellers circumstance and level of buyer interest.
Post Auction, regardless of the seller’s decision will still allow the buyer an opportunity to purchase in a transparent manner including review of all disclosures and reports. Keep in mind although it may be your strategy to hold off until after auction day, this could leave you disappointed. Often post auction will mean a lot more competition for buyers. The best strategy is to make your interest known early.