The Selling Series: Auctions
In the first instalment of our selling series, we will be looking at selling your property through an auction. The whole process might be very confusing at first, which can cause apprehension. However, rest assured that you will be in safest and most competent hands selling with Shelley Auffret. Here is how an auction will play out.
Prior to the auction day, it is important that both you and your agent are on the same page regarding the process. This will minimise the stress and anxiety on the day so you can relax and let the agent take care of business.
Half an hour before the auction begins, your agent will display documentation about the property. Before the auctioneer begins they will make a statement about state laws, rules at this particular auction and so forth. These are legal requirements but it is important to note that laws may vary depending on which state you are in.
Next, the auctioneer will ask for an opening bid and dictate the increments at which the price must increase. As the reserve price is met, the property is then up for grabs for the highest bidder. If you are happy with a final bid and no more bids are offered, the auctioneer will say the infamous words:
“Going once, going twice, going three times… SOLD!”
Following the auction, an immediate deposit is required but the full amount is paid on settlement day which can be anywhere between 30 or 90 days after the auction. The property is officially sold when the contracts are signed and the balance has been paid.
See, it isn’t so scary! If you are interested in selling your home with Shelley Auffret then call me on 0418 611 421 or email at [email protected]