Auctioneers

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The two most common ways of selling a property are by private treaty or an auction.

What is an auction?

An auction is a public sale where buyers bid against each other to purchase a property. If the highest bid is acceptable to the vendor (the seller) a sale occurs on the fall of the hammer. As the buyer of the property, the highest bidder is required to sign the Contract for Sale and to pay the deposit as stated in the Contract at the conclusion of the auction. The vendor also signs the Contract and exchange of contracts takes place immediately.

There is no 'cooling off' period at an auction. The property is "passed in" if the highest bid fails to meet the seller's reserve price.

Selling at auction

If you're selling a property, your agent may suggest you sell by auction to attract the maximum number of potential buyers, to set a specific timeframe for the sale and to obtain the best price for the property.

For the seller, auctions have many advantages including:

• A sale made under the hammer is definite and there is no cooling off period.
• Marketing usually occurs over a three to four week period before the auction and open for inspection times are selected to show the property to best advantage during that period.
• An auction date encourages potential buyers to make a decision and act within a definite timeframe.
• As there is no advertised price, the promotion of the property during the marketing period can attract interest from a wide range of potential buyers. If there is a strong demand for the property, interested parties will compete against each other, which can sometimes result in a sale price exceeding your expectations.
• Potential buyers focus on the attractions of the property and not just on the price.