Auctions & AuctionNow
GOOD NEWS. WE'RE USING AUCTIONNOW AND SO CAN YOU.
The future is with us. The future is now.
AuctionNow is an online auction platform enabling buyers to watch, register, bid, buy and exchange on live property auctions on any device from anywhere in the world.
The upside for buyers
AuctionNow put buyers in the box seat. With AuctionNow, buyers can complete their property search, monitor the market and buy their dream property online from the comfort of their own home.
How does it work?
- Go to auctionnow.com.au
- Browse the properties listed for auction
- Click "Follow" to be informed of the result or register to bid and compete
- You can watch and hear the auction live-streamed to your device of choice
- Sign up in a few easy steps
Auctions can appear daunting at first when in reality they provide a simple, straightforward method of purchasing a property. To help you with any auction night nerves we’ve provided a simple guide that walks through the basics of an auction night.
If you've never been to an auction before it can be helpful to get familiar with the process by attending other auctions in advance in order to give you a good understanding of how auctions work and what happens before the fall of the hammer. We invite members of the public to attend any of our auction events, please call our office to find out when our next auction is being held.
Before the auction, it's important to carry out your due diligence on the property. If you're successful on the night of the auction there is no cooling-off period so we recommend that you have carried out all the necessary inspections and reports beforehand. You should always:
- Conduct a thorough inspection of the property
- Have a pest and building inspection or strata report prepared
- Get your solicitor or conveyancer to review the contract
- Organise pre-approval with your bank, lender, or mortgage broker
- Prepare for success and make arrangements to pay the deposit
Our auctions are held at Homely Auction House, the address is:
Level 1, 29-33 Bay Street, Double Bay and we commence at 6pm.
In order to bid on the night you will need to register. This is very straightforward and all you need to bring is photo ID (either a passport or driver’s license). Once your details have been recorded, you will given a bidder’s number which you hold up for the auctioneer when you place a bid.
Authority to Bid
All bidders are required to register at auction
The registration desk opens half an hour prior to auction.
You will be required to present photo identification and proof of address. A drivers licence is ideal, if not a passport with a supporting document with your address on it. If you are bidding on a property where a 2nd person or multiple people will be signing the contract, they too will need to register and will require their photo identification.
Authority to Bid in Person
If you're going to have somebody to bid on your behalf, whether you are also attending the auction or not, you'll need to fill in an Authority To Bid - In Person form and provide identification for all parties.
Authority to Phone Bidding
If you'd like to have somebody bid on your behalf whilst you are on the telephone, you will need to have the Authority To Bid - On Phone form completed by both yourself and the person bidding and the identification of both parties provided. If you would like to have somebody from our agency bid on your behalf, we can arrange this.
Authority to Bid on Behalf of a Company or Superannuation/Trust Fund
If you are buying a property in a company name, superannuation fund or trust fund, you must provide a copy of the Certificate of Company Registration & the most recent Annual Review that provides evidence of the shareholders of the company. No financial details are required. You must also have the Authority To Bid - Company completed. Even if you are the sole director and you will be bidding and signing the contract yourself, the form must be completed.
Some other important documents to make yourself familiar with that are published by the NSW Office of Fair Trading are:
At the fall of the hammer, the property is sold and if you are successful you must pay the deposit straight away. There are a couple of ways to do this:
Paying by cheque
It may seem old-school but many buyers still bring a cheque or arrange a bank cheque to be made out in order to pay the deposit. Any cheque needs to be made out to ‘Raine & Horne Potts Point | Elizabeth Bay Sales Trust’
Electronic funds transfer
You are more than welcome to pay for the deposit via EFT. It is important to discuss this with your bank well before auction day. You need to ensure they will extend your daily transfer limit to a level high enough in order to cover the full deposit required. They may require you to set up additional security features or accounts so give them a call as soon as you consider paying in this way.
If you have any concerns about the deposit don’t hesitate to contact our office prior to the auction.