buyers to inspect up to the day of the property auction. • Reserve or Absolute Auction. Absolute auctions do not have a reserve price, which sets a minimum required bid for the item to be sold.Talk to the auctioneer you choose about if a reserve or absolute auction is best for your needs. • Auction firm markets the property. Once the auction firm has been instructed, it will begin marketing your property. You should be clear about the different types of advertising and any associated costs well prior to this point. • Day of the property auction. You may be present when the auction takes place, but this is not required and the auction firm will provide you with an update of the sale’s outcome once it is complete. According to Quick Move Now, one of the largest cash house buyers, a tactic auctioneers commonly employ is to commence with a bid lower than the reserve price, allowing potential buyers to start a bidding war. As well as bidders who are physically present, the auctioneer can also take commission bids from buyers unable to attend. In these instances, the auctioneer will bid on behalf of the absentee up to their maximum bid. If your property receives a bid above the reserve price, the sale will then become legally binding.If the reserve price has been met and the hammer goes down,the house’s sale is now legally binding. • In addition to marketing and listing fees the seller has already paid, the auctioneer will typically take a commission of 3 % of the sale price.Winning bidders must provide proof that they have cash funds available, or a mortgage in place at the point of auction. If the sale is
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