Your Complete Guide to Buying at Auction 5 • A successful bid = the true market value • You know exactly who your competition is on the day • All bidders are given fair opportunity to buy • Negotiations are open for all to see • You know you are dealing with sellers who want to sell on the day • At the fall of the hammer, the auction is final and, if your bid is successful, the property is yours with no further negotiations, and the contract is signed then and there • You may face limited competition at auction Clear benefits to buying at auction • You might have to pay just $1000 more than the competition to secure the property • You can employ advantageous bidding strategies that may help you win the auction • Your Harcourts representative can do the bidding for you, under your instructions, if you aren’t comfortable to do so, or are absent • Auction vendors will generally try and be flexible in their terms, such as settlement date and deposit, but you need to ask for a variation prior to auction. An auction is an exciting, competitive environment where everything is out in the open. You can see your competitors and keep track of each and every bid.
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