Buyer FAQs

  • Buyers
  • Buyer FAQs

Frequently Asked Questions


Vendor
Do I need to register to bid online? Online Bidding
AuctionsLive

Yes, all online bidders will be required to register online a minimum of two working days or 48 hours prior to the commencement of an auction.

Vendor
How do I bid online? Online Bidding
AuctionsLive

Bidding online is not difficult, please make sure you download the AUCTIONS LIVE Bidder App prior to the auction commencing and watch the “How to Bid Online” instructional video.

Vendor
How do I pay the deposit if I am bidding online and successful? Online Bidding
AuctionsLive

Prior to the commencement of the auction, all prospective buyers will be notified by the selling agent, how the deposit is to be paid should they be successful in purchasing the property.

Be sure to have the deposit money accessible and in your bank account. (banking institutions may have daily transfers limits)

Vendor
Is it possible to accidentally place an online bid? Online Bidding
AuctionsLive

No, this is not possible. Every bid placed online must be confirmed by the bidder before it is submitted to the Auctioneer.

Vendor
What is a Vendor Bid? General
AuctionsLive

A vendor bid is a bid made by the Auctioneer on behalf of the vendor (owner of the property). It's not a bid to buy the property and is used to keep the bidding moving forward.

Vendor
What does “on the market” mean? General
AuctionsLive

If an Auctioneer announces “the property is on the market” this means it has reached or exceeded the reserve price set by the vendor and is going to be sold at auction.

Vendor
Will I be informed of the reserve price prior to auction? General
AuctionsLive

No, the reserve price is kept confidential, although maybe disclosed during, or at the conclusion of the auction.

Vendor
What is a reserve price? General
AuctionsLive

The reserve price is a price stipulated by the vendor as the lowest acceptable price the property can be sold for at auction.

Vendor
What is a bidder paddle or bidder card? General
AuctionsLive

A bidder paddle or bidder Card is provided to registered bidders prior to an auction commencing. Bidder Paddle and Bidder Cards will have a number recorded on them which is used to identify registered bidders.

Vendor
If I arrive at the auction late can I still register to bid? General
AuctionsLive

If you arrive after the auction has started and wish to bid, you will need to find an agent and register. Auctioneers are unable to accept bids until registration has been completed and a bidder number has been issued (if required).

Vendor
What does “sold prior to auction” mean? General
AuctionsLive

If a property has been sold prior to auction this would mean that an offer had been made on the property pre-auction and accepted by the vendor.

Vendor
Is it illegal to have dummy bidders at an auction? General
AuctionsLive

Yes, individuals found to be dummy bidders at an auction may be prosecuted and fined, as can the agent and auctioneer if they were involved in the arrangement.

Vendor
Is the Auctioneer required to announce if the property is on the market? General
AuctionsLive

No, it is up each individual Auctioneer.

Vendor
Are my partner and I both required to register to bid prior to an auction commencing? General
AuctionsLive

No, only one party will be required to register.

Vendor
When you buy at auction, are you able to negotiate special conditions? General
AuctionsLive

Yes, although these must be worked out and confirmed in writing prior to the auction commencing.

Vendor
What does it mean when an Auctioneer says "the property has been passed in”? General
AuctionsLive

If a property has been "passed in” it means that the “reserve price” was not met and therefore the property was not sold at auction.

Vendor
Can a vendor renegotiate the price after an auction? General
AuctionsLive

No, this is not possible.

Vendor
What is the deposit amount and payment method? General
AuctionsLive

Each property will have different deposit amounts and payment methods may vary. Please check with the selling agent prior to the commencement of the auction.

Please Note: Deposits may be subject to anti-money laundering regulations and procedures.

Vendor
Can I change my mind after making a successful bid? General
AuctionsLive

No, once the virtual hammer falls it is too late for either party to change their mind.

Vendor
Do I need to register to watch an auction? General
AuctionsLive

Definitely not, each Agency can choose to broadcast live-streamed video footage of an auction via their website.

Vendor
Can I make an offer on a property prior to an auction commencing? General
AuctionsLive

Definitely, selling agents often welcome pre-auction offers.

Vendor
What happens if the property doesn’t meet its reserve? General
AuctionsLive

Properties that don’t meet reserve are Passed-In.

Vendor
How long does a Virtual Auction typically last? General
AuctionsLive

The length of a virtual auction will depend on the vendor, selling agent and Auctioneer. Virtual auctions can last anywhere from 5 minutes to 30+ days.

Vendor
What is “Due Diligence”? General
AuctionsLive

Due diligence is the examination of every aspect of a property.

Vendor
What are the penalties if the highest bidder does not complete the purchase of a property is won at auction? General
AuctionsLive

Failure to complete the purchase will find the individual in breach of the contract and may see them incur significant penalties, including forfeiting the deposit paid.

Vendor
What does “Property Settlement” mean? General
AuctionsLive

Property Settlement is a legal process, it is referred to when ownership passes from the seller to the purchaser and the purchaser pays the balance of the sale price.

Vendor
What is a Price Guide? General
AuctionsLive

A Price Guide is an estimation of price and marketing figure which is used to guide potential buyers as to how much a property could be worth, based on recent sales of comparable properties.

Disclaimer

All information contained within the Frequently Asked Questions is general information, advice, recommendations and answers.

The information does not take into account the particular needs and circumstances of individuals and companies, or legislation governing auctions of various countries and states.

Before bidding at auction you may wish to seek independent professional advice.

Every effort is made to provide information that is accurate. However, the information contained within the Frequently Asked Questions are subject to change at any time.

RE Software Pty Ltd gives no assurance or warranty that information is current and takes no responsibility for any information provided.

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