Before the auction, you need to have your finances sorted. Bids can be made either verbally or with a nod or hand signal, but once a bid has been made, it can’t be withdrawn.
If that’s you, then you have to sign the contract and pay the deposit immediately – there is no cooling-off period. If the reserve isn’t reached, the person who made the highest bid usually has the first right of negotiating a sale, you should have had the building, pest and strata inspections carried out, and your solicitor or conveyancer should have looked over the sale contract. In some states, you must also register as a bidder with the agent before the auction.
At an auction, bidding usually starts in large increments of $10,000 or so, and may finish up in increments as small as $500.
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Read our "Are you buying at Auction?" article for more details.
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