Bidding at an auction can be both exciting and intimidating to the uninitiated. This guide seeks to de-mystify the auction process and provide clarification on the roles and responsibilities of auctioneers and bidders.
How To Register:
- You can register at any time prior time prior to the auction. This can be at an open for inspection, or when visiting the listing agency prior to the auction. Registering early will save you the trouble of registering on Auction Day.
- You will need to provide your name, contact details and some photo identification – e.g. current drivers licence or passport.
- These details will then be recorded in a Bidders Register and you will get your Bidder number. This number must be displayed by you when making a bid during the course of the auction.
- If you register prior to auction day, you will not receive your number. When you arrive at the auction, you will need to see the Auctioneer or the agent, provide them proof of your identity, and receive your number or bidder card at that time.
How To Bid:
- Make sure that the Auctioneer can see you. Ideally you should hold up your bidder number and call out your bid in a clear audible voice.
- You can call out an exact amount – e.g. $260,000 or indicate the amount you wish to increase the previous bid by – e.g. “Another $10,000”.
- If the Auctioneer calls the incorrect amount or misinterprets your bid – call out to the auctioneer and clarify the bid with them immediately.
- Make sure you are familiar with the Conditions of Sale prior to bidding at the Auction. The agent will have these terms displayed at the Auction for inspection by bidders prior to the auction commencing.
- If you propose to bid on behalf of another person, you must have a letter of authority and provide the name and address details of that person to the Auctioneer and agent in order to register them as bidders in the bidder register.
- When bidding at an auction, remember that if you are the successful bidder you will be required to sign the contract of sale and pay a deposit on the spot.
- There is no cooling off period when you buy at an auction.
- The Auctioneer’s decision is final. In the event of a dispute arising, the Auctioneer has the right to resubmit the property afresh or with a vendor’s bid in the event that the dispute arose before the reserve price was reached.
- Auctioneers are unable by law to provide advice to potential purchasers on whether a reserve price has been set, or what that reserve price is.
Need More Information?
The Office of Fair Trading can you provide you with more information on the laws that apply to property auctions. You can contact them on 3246 1523 or check out their website on www.fairtrading.qld.gov.au.