Page 18 - Woodburn IM_Neat

A Bidder’s

Guide

How to Bid

Bidding at an Auction can be both exciting and intimi-
dating to the uninitiated. This guide seeks • Make sure that the Auctioneer can see you.
to demystify the Auction process and provide Ideally you should hold up your Bidder number
clarification on the roles and responsibilities of and call out your bid in a clear audible voice.
Auctioneers and Bidders. • You can call out an exact amount — e.g.
$260,000 or indicate the amount you wish to
Legislation that came into effect on 21 August 2006 increase the previous bid by — e.g. “Another
requires that all people bidding at an Auction must $10,000”.
provide their names, addresses and proof of identity • If the Auctioneer calls the incorrect amount or
to the Auctioneer prior to the Auction in order for misinterprets your bid — call out to the Auc-
their bids to be accepted. tioneer and clarify the bid with them imme-
diately. Important points to remember when
bidding at an Auction.
How to Register • Make sure you are familiar with the Conditions
of Sale prior to bidding at the Auction.
Auctioneers will have these displayed at the
• You can register at any time prior to the Auction. Auction for inspection by Bidders prior to the
This can be at an open for inspection, or when auction commencing. Some Auctioneers will
visiting the listing agency prior to the Auction. read some or all of these out at the start of the
Registering early will save you the trouble of Auction.
registering on Auction Day. • If you propose to bid on behalf of another
• You will need to provide the Auctioneer with your person, you must have a letter of authority and
name and address and some photo identification provide the name and address details of that
— e.g. drivers licence or passport. person to the Auctioneer in order to register
• The Auctioneer will record these details in a them as Bidders in the Bidder Register.
Bidders Register and provide you with a Bidder • When bidding at an Auction, remember that
number. This number must be displayed by you if you are the successful Bidder you will be
when making a bid during the course of the required to sign the contract of sale and pay a
Auction. deposit on the spot.
• If you register prior to Auction day, you will not • There is no cooling off period when you buy at
receive your number. When you arrive at the an Auction.
Auction, you will need to see the Auctioneer or • The Auctioneer’s decision is final. In the event
their representative, provide them proof of your of a dispute arising, the Auctioneer has the
identity, and receive your number or Bidder card right to resubmit the property afresh or with
at that time. a Vendor’s bid in the event that the dispute
• Auctioneers are not permitted to provide your arose before the reserve price was reached.
information to any other person other than an • Auctioneers are unable by law to provide
inspector or the court. However, the Auctioneer advice to potential purchasers on whether
may disclose to the seller of the property a reserve price has been set, or what that
the identity of a Bidder if it is necessary for reserve price is.
negotiating the sale of the property after the
Auction.
Remember: You do not have to bid just because you Remember: To hand in you Bidder number at teh
have registered! end of the Auction!

Need more information? Call Chris Malone 0401 968 447, Bruce Birch 0428 363 063 or Andrew Starr 0428 792 466

18 Information Memorandum