Advice from the Auctioneer

Have you fallen in love with a local property that is going to Auction?  Here are some tips on how to secure your local Coolum Real Estate!

“On auction day it is a mandatory requirement that you are registered to bid prior to the auction, this is part of legislation aimed to protect both the buyer and the seller. You will need either driver’s license or passport to register to bid. I recommend registering in the week prior to the auction to allow you to be more relaxed and settled on auction day. Once you are registered, it is time to get the auction underway.

My advice is to bid confidently, don’t be hesitant to set the opening bid as research shows that up to 68% of opening bidders are the successful purchaser. By opening bidding you are putting your stamp on auction proceedings and showing competing buyers that you are serious about purchasing the property. Throughout the auction, the auctioneer or
agent may ask you to increase your bid; this is common practice in today’s market and can often put you in a stronger position to negotiate the purchase of the property.

Remember, as an auction bidder you are getting the opportunity to purchase the property prior to other conditional buyers that cannot buy under auction terms and conditions and if the property is passed in, you will be competing with not only other bidders but the conditional buyers too. Your best chance of your best buy is under auction conditions. The sellers have invested significantly into the auction campaign and the presentation of their home, so you know if the property is being auctioned they are genuine about selling. You can submit offers for the home prior to auction day but remember that the sellers are under no obligations to take the offer or even counter offer but they may entertain a good offer very seriously.” – David Holmes from Metro Auctions