Frequently Asked Questions
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.
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.
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)
No, this is not possible. Every bid placed online must be confirmed by the bidder before it is submitted to the Auctioneer.
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.
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.
No, the reserve price is kept confidential, although maybe disclosed during, or at the conclusion of the auction.
The reserve price is a price stipulated by the vendor as the lowest acceptable price the property can be sold for at auction.
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.
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).
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.
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.
No, it is up each individual Auctioneer.
No, only one party will be required to register.
Yes, although these must be worked out and confirmed in writing prior to the auction commencing.
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.
No, this is not possible.
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.
No, once the virtual hammer falls it is too late for either party to change their mind.
Definitely not, each Agency can choose to broadcast live-streamed video footage of an auction via their website.
Definitely, selling agents often welcome pre-auction offers.
Properties that don’t meet reserve are Passed-In.
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.
Due diligence is the examination of every aspect of a property.
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.
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.
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.
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.