Copyright 2014©  Melonas & Associates Real Estate Group
I am interested in bidding on the property; however I will not be able to make it to the auction. Can I have someone else bid on my behalf?
How to Bid
Harcourts Auctions operate in the same way you would see a car or art auction be conducted. Upon registering and filling out required documentation, you will be handed a Bidding Paddle.

The Bidding Paddle is provided so that the Auctioneer can clearly identify you in the crowd and provides him with reassurance you have registered as a Bidder and acknowledge acceptance of the Auction Terms and Conditions.

Prior to the Auction commencing the Auctioneer will give everyone plenty of warning and clearly explain where on the property the auction will take place. Prior to the Auction commencing, make sure you stand in a clear area where you feel comfortable and can sufficiently hear the auctioneer. Don’t forget to stand where the Auctioneer can see you.

When you wish to make a bid, remember to hold your bidder paddle number high and call out your bid in a loud and clear voice.

You can call out an exact amount. For Example: “$570,000”; or indicate an amount you wish to increase the previous bid by, For Example: “Another $20,000”

If the Auctioneer calls the incorrect amount or misinterprets your bid, call out immediately, correct the Auctioneer and clarify your bid.

Any bid called out by yourself may be rejected by the Auctioneer or alternatively the Auctioneer may suggest another amount. Please do not disheartened by this. The Auctioneer is present to facilitate your purchase and the sale of the property. It is the responsibility of the Auctioneer to maintain structure and momentum in order to achieve the best outcome for you and the seller.
Tips for Bidding
1. Don’t Strategize too much:
Harcourts conduct thousands of property auctions all over the world every week and everyone is different. Don’t get caught up in worrying about what will happen or how the bidding will unfold. Focus on what you are there to do and that is purchase a property. Don’t be afraid of being the first person to bid, this will show your competition you are serious about purchasing the property.
2. Bid with confidence:
Sometimes bidders sit back and wait. They want to get a feel for what is about to unfold. More often than not, it is the bidder that bids with confidence and without hesitation that walks away with the keys to their new home. If someone bids, come straight in with another bid. You have nothing to lose and everything to gain. Show your competition your passion to own the property.
3.Set yourself a base limit:
If you are going to set yourself a limit make sure that limit has flexibility. As strange as that may sound, too many times I have seen bidders miss out on their dream home for $1k or $10k when the other bidder is at their limit also. In a very short time you will be happy for going that little bit extra.
4. You may be asked to increase your own bid:
This is a common occurrence so don’t feel uncomfortable about it. At some point in the auction, the real estate agent or auctioneer may come up to you and ask you to increase your own bid. This may occur as your current bid may not be at a price at which the seller will accept. Therefore you may need to increase your own bid if you wish to purchase the property.
This is a common occurrence so don’t feel uncomfortable about it. At some point in the auction, the real estate agent or auctioneer may come up to you and ask you to increase your own bid. This may occur as your current bid may not be at a price at which the seller will accept. Therefore you may need to increase your own bid if you wish to purchase the property.
5. What happens if the property doesn’t sell at auction:
Becoming Successful Bidder
Once the Auctioneer announces to the attendees and bidders “We have reached reserve price” this indicates that the seller’s minimum acceptance amount has been reached or surpassed. At this point the highest bidder is deemed the successful purchaser of the property. This bidder may be outbid by another bidder; however; once the auctioneer calls “first call, second call, third call” and as soon as the Auctioneer calls the words “SOLD” and the gavel falls, the highest bidder will be the lucky purchaser.

When bidding at an auction, remember that if you are the successful bidder you will be required to immediately sign the Residential Purchase Agreement and pay the deposit.
Deposit
Should you be the successful bidder at auction, you will be required to pay the deposit immediately. Details relating to the deposit amount will vary from property to property; however, the details will be clearly advertised throughout the campaign of the relevant property. If you are interested in bidding contact the listing agent prior to auction day to obtain all requirements surrounding the deposit as in some cases it may be a condition of registration that you wire transfer the deposit prior to auction day. In other cases a cashiers check of a specific amount will be required to be brought to auction day.
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