Auction Process
AUCTION IS A 3 STAGE PROCESS
- Selling prior to Auction day.
- Auction Day – Under The Hammer.
- Conditional Offer after the Auction.
Auctions have become a very popular way to sell or buy your property. We advise our clients to consult with the selling agent prior to Auction day.
Auction is the sale of the property to the highest bidder on Auction day. Should the highest bid come in below the reserve price set by the vendor the property will be “passed in”. The vendor may then negotiate with interested purchasers and accept a conditional offer. Should an unconditional offer come in prior to the Auction Day, the vendor may accept the offer and cancel the auction.
Auction: No price will be stated. The Vendor can never say it sold “to cheap”. The purchaser can never say “your property is to expensive”, purchasers view the property with no price mentioned. Purchasers will view the property & discuss with the sales consultant their opinion of price. The Vendor will listen to feedback from their sales consultant to get a valuable in sight into what the purchasers are saying.
A combination of internet websites such as Trade me, Real Estate.co.nz & Diane Astle.co.nz, Realtor Magazine, The Gold Magazine, The Press will reach out to potential buyers. The lead up to Auction day will be an exciting time, promoting the property to existing data base clients and all new clients as a result of our marketing. Purchasers are normally well informed regarding prices due to their previous real estate “shopping”. When they ask us “what will it sell for?” Or “what is it worth?” We will never tell them, as we don’t know, due to the Auction process. If the purchasers “want or need” the property they will make all efforts to buy it. The Sales Consultant will talk with the vendor through out the marketing and will provide a weekly report to the vendor on the marketing of the property.
Auction Day has arrived: the Vendor, with the Auctioneer will set the reserve price . This is the lowest price the Vendor will accept. The Auctioneer will read the terms and conditions of auction followed by a description of the property and the bidding process.
Sale under the hammer ie: an unconditional offer
a 10% deposit will be collected from the purchaser and banked into Diane Astle Realty
Ltd Trust Account.
The sold sign will be attached to the sign outside the property.
Congratulations to both parties.
If the property does not reach the reserve, the property will be passed in by the Auctioneer. The highest bidder will be given the opportunity to negotiate with the Vendor Now post auction all conditional offers can be presented to the vendor. We are now at the third stage of Auction.
Call us to discuss our Gold, Platinum, Silver & Bronze Auction Marketing Plans
