Auction Bidding Service Melbourne – What You Need to Know
An Auction Bidding Service Melbourne is an invaluable tool for buyers wanting to secure a property at an auction. An in-depth understanding of the auction process can mitigate anxiety and instil confidence.
What is auction bidding?
Before the bidding begins, potential buyers are given a period of purview to examine the property for sale and check its condition. They are also required to register their name and address to obtain a bidder’s number which is then used to identify them during the auction.
Once registered, the auctioneer will introduce the product and explain any auction conditions, before the bidding starts. Each bid is stated aloud with the auctioneer repeating the amount for clarity. Often the pace of an auction can be fast, as the auctioneer seeks to maintain momentum and foster a competitive environment.
Buyers should be sure to have their finances in order before attending an auction, as a successful bid usually requires immediate payment and a 10 per cent deposit. Buyers should also make themselves aware of the terms of settlement, as these will not be able to be changed once they are agreed upon.
It’s essential that potential buyers have a clear idea of their bidding limit and stick to it, as the excitement of an auction can easily see a buyer overpay for a property. The best way to determine your limit is by comparing the property to similarly valued properties in the area and considering Melbourne property market predictions. It’s also worth considering getting a pre-approval from your bank before attending an auction.