Silent auctions by private sellers

If like many people, you are put off or intimidated by auctions and loud auctioneers, you will be pleased to know of another way.

A Silent auction takes off the immediate pressure of an auctioneer with a hammer ready to drop any minute on buyers and allows you plenty of your time to think, discuss and be clear of where you want to go with your bid.

A form is set on a table with a starting bid. The auction runs for 30min, where viewers can view the property, ask any questions to the owners and view relevant documentation i.e. code of compliance, cert. of title, Lim report, etc and have the time to think before placing a bid. Each potential buyer can view the current bid at any time throughout the 30min period.

It is the seller's choice to have a reserve or not. If there is no reserve the property will be sold after the 1st bid.

If a reserve has been set, a coordinator may write that the bid is at 20% of the reserve informing bidders that they are close to the selling price. When the reserve is met, the coordinator writes "Reserve met" and the property is now selling.

5 minutes before the end of the auction, the bidding sheet is handed to each participant for a last bid before the auction closes and providing the reserve has been reached, the highest bidder wins the auction.

Note:
Only cash buyers can bid at auctions as once a house is sold at auction it is an unconditional sale. There can be no conditions to finance, sale of another property or further inspection of the property and once the unconditional contract is signed by both parties, it is binding on both parties. Sale and purchase agreement drawn up by a sollicitor is signed by both parties on the day. A 10% deposit of the purchase price is required by cheque on signing.

There will be open homes and viewing by appointment prior to auction day for potential buyers to view the properties and documentation, etc. Open home visitors are required to show some form of identification for security reason.

Silent auctions where you have the time to think before you bid and bid before you win...

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