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BIDDING AT AUCTION

By Emma Smith

It can be easy to get caught up in the moment when the auction is in full swing, so it’s important that you set yourself some limits and goals.

  • Consider your top bid while you’re in a calm and  rational state of mind and stick to it.
  • Stand right at the front with a good view of the crowd and auctioneer – ask a question right at the start to show you mean business.
  • Start with a strong bid, then increase by smaller increments.
  • Record the bids so you don’t lose track.
  • Keep calm and be aware of your body language – give the impression you know what you’re doing.
  • If you don’t trust your emotion, consider employing a buyer’s agent to bid for you.

Private sale treaty

A private sale has no specified closing date and is usually negotiated between a buyer and vendor with the assistance of an agent or legal representative.

Expressions of interest

Similar to a private sale /treaty expect that a formal written offer is submitted for the property by a specific date.

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