A key advantage of buying or selling at auction is speed, with the majority of the work undertaken prior to the auction commencing.
Auctions campaigns traditional lasts from 4-6 weeks, giving the agent time to generate interest from multiple parties by advertising via various channels.
Furthermore, auctions encourage transparent competition to arrive at what is deemed as ‘current market value’ for a property.
Prior to auction day, prospective buyers will have the ability to view the property and if interested can choose to obtain a copy of the Contract of Sale, arrange a pest and building inspection report, and get their finances in order.
Prospective buyers are expected to understand when buying at auction they are purchasing a property 'as-is, where-is' unless otherwise stated.
Onsite, in-room and virtual auctions are traditionally “unconditional”, so when the hammer falls, the exchange of contracts has effectively occurred. Winning buyers will need to immediately pay the agreed percentage of the purchase price as a deposit and sign the contract of sale.
For Real Estate Agencies, Auction Houses and Independent Auctioneers