Important Points to Remember
When bidding at an Auction
- Make sure you are familiar Conditions of Sale prior to bidding at the auction. Auctioneers will have these displayed at the auction for inspection by Bidders prior to the auction commencing. Some Auctioneers will read some or all of these out at the start of the auction.
- 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 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.
- Prior to the commencement of an auction, Auctioneers are unable by law to provide advice to potential purchasers as to what the reserve price is.
- At the commencement of the auction, the Auctioneer may announce if the property is to be sold with or without a reserve price.
REMEMBER TO HAND IN YOUR BIDDER NUMBER AT THE END OF THE AUCTION.
Source: Real Estate Institute of Queensland. (2015). A Bidder's Guide for Residential Property in Queensland. REIQ. Brisbane: The Real Estate Insitute of Queensland Ltd.