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We can do the bidding at auction for you.
When buying a residential or rural property at an auction, Conveyancing Bondi's Lawyers are well informed about your rights and responsibilities.
Under law, when we bid for you agents are required to give us a copy of a publication called the Bidder's guide prior to the auction.
Our Lawyers have taken the time to read it. The Bidder's guide contains important information we need to know, such as, how we register to bid and what kind of identification we must provide before we can bid for you.
We have read the Bidder's guide.
We can bid for you because buying at an auction can be a nerve-racking experience, in addition to reading the Bidder's guide, we have attended many auctions for our clients & had successful outcomes.
We also have taken the time to find out what prices properties in the area have sold for, so we have a guide to the market value of the home you want.
Before auctioning a property, the seller will nominate a reserve price which is usually not told to the interested buyers.
The reserve price is the lowest price that the seller is willing to accept. If the highest bid is below this price, the property will be ‘passed in’. The seller will then will either try and negotiate with us or put the property back on the market.
If the bidding continues beyond the reserve price, the property is sold at the fall of the hammer. If we are the successful buyer, we must then sign the sale contract and pay the deposit on the spot (usually 10%) on your behalf.
Unlike when you buy a house that is for sale, there is no cooling-off period when we buy at auction.
So it is important to: