What can I expect from an online auction?
An online auction provides an experience as close to an onsite auction as you can get. Aside from the way you participate, by accessing an online auction 'room', everything else is essentially the same as what you would experience at an onsite auction.
The auction is conducted by the same rules, it is transparent, there is two-way communication and the potential outcomes are the same. The property may sell under the hammer to the highest bidder, may pass into the highest bidder, or be passed in on a vendor bid. If the property sells to the highest bidder, contracts will be exchanged and a deposit paid. If passed in to the highest bidder, the agent will negotiate exclusively with this party. If passed in on a vendor bid, the agent will proceed to negotiate with all interested parties.
I am interested in a property that has an online auction. How can I bid?
Fantastic! If you are interested in a property, please contact the listed agent and provide your name and e-mail address. You will receive a comprehensive e-mail outlining how you can register to bid, and how you can participate in the process on auction day.
What are the options I have to participate in the auction?
There are multiple ways. You can register to bid and 'attend' the auction via a Google Hangout, where you can watch the auctioneer in action. If you don't have a smartphone or don't feel comfortable using this option, you can also 'dial in', by calling the number provided in the registration e-mail. There is a pin code you will need to enter in when using this function. Finally, you can also visit a link that allows you to watch the bids as they progress, which can be done in conjunction with either of the two options outlined above.
The auction rules will be read out as normal by the auctioneer and can also be accessed by bidders when they register. The Vendor's Statement/Section 32 can be requested from the agent for your review prior to the auction as normal.
An online auction provides an experience as close to an onsite auction as you can get. Aside from the way you participate, by accessing an online auction 'room', everything else is essentially the same as what you would experience at an onsite auction.
The auction is conducted by the same rules, it is transparent, there is two-way communication and the potential outcomes are the same. The property may sell under the hammer to the highest bidder, may pass into the highest bidder, or be passed in on a vendor bid. If the property sells to the highest bidder, contracts will be exchanged and a deposit paid. If passed in to the highest bidder, the agent will negotiate exclusively with this party. If passed in on a vendor bid, the agent will proceed to negotiate with all interested parties.
I am interested in a property that has an online auction. How can I bid?
Fantastic! If you are interested in a property, please contact the listed agent and provide your name and e-mail address. You will receive a comprehensive e-mail outlining how you can register to bid, and how you can participate in the process on auction day.
What are the options I have to participate in the auction?
There are multiple ways. You can register to bid and 'attend' the auction via a Google Hangout, where you can watch the auctioneer in action. If you don't have a smartphone or don't feel comfortable using this option, you can also 'dial in', by calling the number provided in the registration e-mail. There is a pin code you will need to enter in when using this function. Finally, you can also visit a link that allows you to watch the bids as they progress, which can be done in conjunction with either of the two options outlined above.
The auction rules will be read out as normal by the auctioneer and can also be accessed by bidders when they register. The Vendor's Statement/Section 32 can be requested from the agent for your review prior to the auction as normal.