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Do you need an auction bidding service?
Are you confident in your ability to bid at auction?
Have you been bidding at auction and missed out on multiple properties?
Our auction bidding service ensures an experienced buyers agent develops a strategy, attends the auction and places bids.
The auction environment is very fast paced and competitive. It’s easy to get caught up in the hype, especially when agents and the auctioneer are encouraging buyers to place bids. A Sydney buyers agent is able to remove emotion from the process and avoid paying over what the property is worth. An auction bidding service will ensure an experienced buyers agent puts a strategy in place when bidding at auction within Sydney real estate.
Our auction strategy includes understanding the properties value and making calculated bids depending on factors such as location, type of property and your budget.
Sydney buyers agents can save buyers a substantial amount of money by conducting thorough due diligence and providing current comparables from recent sales within the area. Our market knowledge and negotiation skills will help you avoid overpaying and ensure you’re making an informed decision, backed by data and facts.
Auction Bidding Fees
Our auction bidding fees are $500. This includes developing a strategy and representation on auction day. If you are the successful purchaser a subsequent fee of $500 is payable upon completion of contracts. Our auction success rate for our clients is 95%.
Why choose an auction bidding service?
Auctions can be intimidating without a strategy in place. Our auction bidding service offers an opportunity to have expert property buyers on your side. An auction bidding service is designed for buyers seeking assistance when purchasing a property at auction. Choosing to enlist a buyers advocate will give you the upper hand in competition when purchasing within Sydney real estate.
A Sydney buyers agent will attend the auction on your behalf. Some buyers prefer to attend the auction although it isn’t necessary.
Enlisting a professional to bid at auction on your behalf ensures that you have the best chance at winning with a strategy and plan in place. Our auction bidding services are for those who have found the perfect property but are unsure of how to secure it at auction.
Auction bidding service is a small price to pay for buyers looking to maximise their chances of success at auction. We offer expert guidance and support throughout the auction campaign, ensuring that buyers make informed decisions.
Why use a buyers agent to bid at auction?
Our Sydney buyers agents follow a thorough 40-step process to ensure that every detail is covered and you understand each stage of the home buying journey.
Finding the right property can be a challenge in itself, let along bidding for a property at auction with no experience. I have seen many buyers miss out when buying at auction due to a lack of knowledge, inexperience and a poor bidding technique. Most buyers don’t transact property often and bidding at auction is even more infrequent. A Sydney buyers agent takes care of the entire auction campaign and will keep you informed each step of the way. Our buyers advocates are experienced in purchasing properties via auction with a high success rate. Engaging an auction bidding service ensures your best chance at securing the property and provides confidence that a strategy has been put in place.
Benefits of an auction bidding service
- An independent professional working on your behalf, guiding you through the process and removing emotion from the purchase.
- A Sydney buyers agent understands the legal aspects of purchasing a property at auction. This can save buyers from making common mistakes which can be costly.
- We will provide you with an appraisal, guiding you on the value of the property. This ensure that you don’t over pay.
- Our team work to put a strategy in place for the auction day, giving you the best chance at securing the property.
- A buyers agent will follow the campaign and advise when to make an offer prior to auction and try to secure the property before any chance of competition.
- If the property is passed in at auction, meaning the reserve price hasn’t been met. We will privately negotiate with the agent after the auction to try and purchase the property.
Auction Process
Pre-Auction Preparation
As a prospective buyer, you should conduct thorough research on the property and the local real estate market. Review current listings, recent sales data and comparable properties to determine the value.
Attend the open homes ensuring to physically inspect the property. This allows you to assess the condition of the property and visually identify any potential issues.
Seek advice from a solicitor or property conveyancer to review the contract and ensure you understand the terms and conditions of sale. Amendments are likely to be made to the contract, this needs to be done prior to the auction day. Ensure you have spoken to your broker or bank, getting finance pre-approval in place if a loan if required. This is a crucial step as there is no cooling off period within an auction campaign.
To participate in the auction, you must register as a bidder. This involves providing identification and signing a bidding registration form with the real estate agent.
Auction Day
The auctioneer will begin the auction by introducing the property and explaining the rules of the auction. They will then invite bids from the registered attendees.
Auction Bidding
If you intend to bid, make your intentions clear by signalling to the auctioneer. Bids are typically made in increments and the auctioneer will announce each new bid.
Winning Auction Bid
The highest bidder who surpasses the reserve price (minimum price the seller is willing to accept) will secure the property. The auctioneer will declare the property “on the market” when the reserve price is reached, indicating that the property will be sold to the highest bidder.
Post-Auction & Signing the Contract
If you are the successful bidder, you will be required to sign the contract of sale and pay the deposit immediately after the auction.
Settlement
After signing the contract and paying the deposit, you are now working towards settlement. Settlement is when the balance of the purchase price is paid and ownership of the property is legally transferred to the buyer.
Auction Strategy
Austin Buyers Agents have extensive knowledge and experience in representing buyers. We will develop an auction strategy best suited for the property campaign, location and your budget.
Property Appraisal
Prior to the auction our Sydney buyers agents will conduct a market appraisal on the subject property. This helps you to understand value of the property. Our auction bidding service will provide you with the most current data and recent comparables for both on and off market properties.
Due Diligence
We will complete research and due diligence on the selected property, ensuring that a building and pest inspection has been completed. If one has not been completed by the vendor our buyers agents will coordinate an independent inspection to be carried out.
Auction Terms and Conditions
1. Reserve Price
This is the minimum price set by the seller (vendor) that must be reached for the property to be sold. If the reserve price is not met, the property may be withdrawn from the auction.
2. Deposit
The deposit is a percentage of the purchase price that has been agreed upon with solicitors prior to the auction. This is usually 5% or 10%. The successful bidder is required to pay the deposit on the spot after winning the auction.
3. Settlement Period
This refers to the timeframe within which solicitors work towards for transfer of ownership. It is typically six weeks (42 days) but this can vary depending on the terms and conditions of the contract of sale.
Successfully bidding at auction requires a combination of knowledge, strategy and confidence. These are some proven tips to help you navigate the auction process and increase your chances of success.
Firstly, arrive early and familiarise yourself with the auction venue or online platform. This will give you an opportunity to assess the atmosphere, observe other auction bidders and get comfortable with your surroundings. Being prepared and confident will help you make better decisions during the auction.
When bidding at auction it is important to have a clear understanding of the properties value. Set a maximum bid that aligns within your budget. This will help you avoid paying more than what the property is worth. Stick to your budget and resist the temptation to get caught up in bidding wars.
Buyers Agent Services
Contact us today to see how our auction bidding service can help you with your next property purchase.
Frequently Asked Questions
You will need to complete paperwork sent to you by the selling agent. This is to register as a bidder for the auction. As part of the registration process you will need to provide a valid form of identification. This could include either a driver’s license or passport. The identification is used to verify your identity and ensure you are eligible to bid at the auction.
Upon completion of the registration form and verification of your identification, the auctioneer or the agency will assign you a unique bidder number. This number will be used to identify you during the auction. Ensure to ask any questions you may have to understand the auction bidding process, rules and conditions of the sale.
No, when purchasing a property at auction there is no cooling off period. When a property is sold at auction, the sale is considered unconditional. This means the buyer is legally bound to proceed with the purchase once they have successfully won the auction.
Payment and deposit requirements for a property bought at auction in New South Wales are crucial aspects of the auction process. When purchasing a property at auction the contract is unconditional, therefore you must meet the requirements and pay the deposit immediately. If you successfully win the auction, you must be prepared to pay the deposit. This is usually 10% of the purchase price but your solicitor may have negotiated a 5% deposit when amending the contract.
Deposit
The deposit is a percentage of the purchase price. Its purpose is to demonstrate good faith and commitment to the property purchase.
In NSW, the standard deposit amount is usually 10% of the final purchase price. For example, if the property sells for $1,000,000, the deposit required would be $100,000 (10% of $1,000,000).
Payment at Auction
Payment of the deposit at auction is required in the form of a bank cheque or electronic funds transfer (EFT). Cash payments are usually not accepted due to security reasons.
Settlement
The settlement period is the timeframe within which the buyer is required to pay the remaining balance of the purchase price to complete the transaction.
In NSW, the standard settlement period is often 42 days after the auction date. However, the settlement period may be negotiable between the buyer and seller. This will be specified in the contract of sale.
