you are selling. This should generally include copies of the property’s title deeds, any special conditions of sale, title search, lease (if applicable), and other relevant documents. The documents are then available to potential buyers to inspect up to the day of the property auction. • Set your reserve price. You need to set a reserve price in advance of the auction. This price can be discussed with your real estate agent and the auctioneer. The reserve price you set is the minimum amount you will accept for the sale of your property. Not setting a reserve price is a major mistake that can result in a catastrophic sale price. • 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,
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