Your Complete Guide to Selling at Auction 15 What if no one registers for, or turns up to the auction? In this instance, your Harcourts auctioneer will pass the property in and informany attendees of the next steps to take if they are interested in purchasing the property. In reality, this isn’t something that happens very often. With a robust andwell-thoughtout marketing campaign, any home can attract prospective buyers. What if nobody bids? It’s understandable that buyersmight be nervous amid the excitement and pressure of an auction. This is why it’s common for an auctioneer to bemet with silence when asking for an opening bid. Some buyers will have a strategy andmay wait to see what others at the auctionmight bid. So, to get the auction rolling, your Harcourts auctioneer may choose to nominate a starting bid – this is referred to as a ‘vendor bid’. A vendor bidwill only be used to createmomentum during the auction, and cannot be used at or above the seller’s reserve price. What if the reserve price is not reached? In this event, your Harcourts auctioneer can pause the auction and come and speak to you, the seller. They may go back to the current highest bidder and ask if they’re prepared to increase their offer to a price at which you’re prepared to sell. FREQUENTLYASKED QUESTIONS If the bidder is not prepared to do that, your Harcourts auctioneer will then ask if you’re prepared to adjust your reserve price. That’s why it’s important for you to have a price inmind that perhaps youwouldn’t be entirely happy with, but you are prepared to sell at. If neither of these scenarios happen, then a sale cannot occur, and your property will be what is referred to as ‘passed in’. The highest bidder may get first right to negotiate a price with the seller. If the highest bidder and seller cannot agree on a price, the estate agent may approach another bidder to negotiate a sale price. If the seller cannot agree on a price with any buyer and they decide to leave the property on themarket, they may offer it for private sale. If the agent advertises the property after the auction at the ‘passed in’ amount, theymust disclose if it was a vendor bid. What happens when the property sells? After your Harcourts auctioneer announces the property as ‘sold’, it is then time to focus on the buyer. Your Harcourts sales consultant or auctioneer will then take the buyer aside and begin to process the contract of sale straight away. The buyer will thenmake arrangements to pay the deposit. As the seller, youwill be required to sign the contract and the sale will be concluded.
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