What Happens on Auction Day & Bidder Types

On the big day, there are several steps you need to take before getting in amongst the bidding. If you haven’t registered in the bidders record, now is the time to do so.

What Happens on Auction Day & Bidder Types

On the big day, there are several steps you need to take before getting in amongst the bidding. If you haven’t registered in the bidders record, now is the time to do so.

In New South Wales, this is generally run by the selling agent. You will be required to provide identification such as a drivers license, as well as a letter of authority if you are bidding on behalf of someone else.

Agents acting for a buyer need to provide their license number, while anyone with power of attorney can just sign up on their own.

Should you be bidding for a company, you’ll also need the organisation’s Australian Banking Number.

Remember, if you’re bidding as a couple, then only one of you needs to register.

What is Registration?

Your details and the details of the auction are recorded, and you’ll be given a bidding number. Don’t think that this registering lets you see the details of others in the record though – not even the seller gets a look at who has registered to try and buy. We buy houses fast in Anniston

These specifics are for NSW, so it’s important to check up on your local government rulings for what else you may need to do on the day.

Only registered bidders can be in the running for the property – latecomers may be able to get a late registration, but it’s best to be prepared.

The Rules of Auction

Once the auction begins, there are many rules in place that you will have to be wary of, lest you find yourself bound to a deal you aren’t happy with. The auctioneer will outline all rules before the bidding begins.

This can include their obligation to refuse bids after the hammer falls, to arbitrate bid disputes, and also to refuse bids that come from those who have not registered for the auction.

There may be more specifics depending on where the auction takes place, so check the rulings and listen carefully to the auctioneer.

It is in their best interests to ensure the auction runs smoothly too, as they can be fined up to $11,000 for accepting bids from unregistered buyers in NSW. In Queensland, a similar fine can be handed out for not showing the auctioneer’s name or license.

What Type of Bidder Are You?

When the bidding gets underway, you’ll find some strong auction stereotypes emerge. These are common at many auctions, and can be easily handled if you know what to expect – and you may even recognise yourself in some of these.

The high roller

These bidders tend to raise the bar early, as an intimidating factor. However, they can sell themselves short and end up paying more than they need to, or exhaust themselves early by flying too close to the sun and hitting the upper levels of their budget too soon.

The waiter

This is a ‘slow and steady’ bidder, who is unlikely to even be heard from until the closing stages. The drawback here is they enter the bidding when the level is already quite high, so may be stretching their budget with the first bid they make.

The newbie

These bidders are common, but frustrating. By laying random bids all through the auction, the newbie can be a confusing bidder that does not often succeed.

When at auction, you need to have a handle on your finances, keep a cool head and adopt traits of both the waiter and the high roller to have a good chance of victory. Luck needs to be on your side a little as well!

5 Signs You Might Need to Move on From Your Home

No matter how much we might not want them to, most things in our lives end eventually. First loves, summer holidays, even the last season of Game of Thrones. Your relationship with your property isn’t immune to this, as many Australians discover over the course of their lives. There can be any number of reasons for it, however, as you’re about to see, every cloud has its silver lining – sometimes moving on from a property is the best thing that could ever happen to you!

5 Signs You Might Need to Move on From Your Home

Is it Time to Move?

No matter how much we might not want them to, most things in our lives end eventually. First loves, summer holidays, even the last season of Game of Thrones. Your relationship with your property isn’t immune to this, as many Australians discover over the course of their lives.

There can be any number of reasons for it, some that you might not even be aware of: But if some of these situations apply to you, it might be time to start considering moving on from your property. However, as you’re about to see, every cloud has its silver lining – sometimes moving on from a property is the best thing that could ever happen to you!

The Kids have Flown the Coop

When you first bought a home, it might have been to partake in that idyllic Australian dream of the big house with the red door and your two kids, right around the corner from the local school and shops. However, as they grow up and move out of the house, you might find that this home simply isn’t the right fit for you anymore.

The Australian Bureau of Statistics (ABS) predicts that by 2031, “empty nest” households (couples with children who have left home) will number 3.5 million. That’s more than any other household type. Changing home as kids move out is a tale as old as time – if yours are heading off to go flatting, think about your next step.

….Or the Family’s Coming Back

The cost of living continues to rise, while the unemployment rate continues to zig and zag. It often happens that people move back home after some time away – perhaps to save money for a house of their own, or simply because of extenuating circumstances. We buy houses in Woodstock

In the same way, it often happens that having your own parents move in with you as they get older becomes a preferable option to aged care facilities. Or perhaps you’ve even got another baby of your own on the way! Whatever the exact situation, if you’ve got family asking about this possibility then it may be time to upsize your home and welcome the chicks back to the roost.

A Relationship Blossoms

Your solo apartment might be perfect for a bachelor or bachelorette lifestyle, but if you meet that special someone will it still be sustainable? Do you have space for both you and your partner’s furniture, clothes, toothbrushes and blu-ray collections?

If you’re at a point where moving in with your partner is looming and you’re worried, take a look around: Is it time to upgrade to a property better suited to settling down?

Or Dissolves

It isn’t the most comfortable topic to discuss, but it’s a challenge that many Australians face. In 2013 alone, there were 47,638 divorces approved across the country. Not every relationship lasts forever, and if this happens then a change of scenery might be the most appropriate course of action.

Even relationships that aren’t bound by marriage can sometimes benefit from a change of property for one or both parties. It’s not something we can tell you to do, but it’s an important thing to keep in mind.

The Commute is Too Much

Despite significant infrastructure developments across the country, sometimes public transport or the private commute to work just takes up too much of the day. If this is the case and you’re finding several hours of your day being sunk into driving to and from your house, it might be time to look at a new piece of real estate.

It could be inner city apartment living, a home closer to the right train line or even moving somewhere else for an entirely new job. Whatever the reason, don’t let yourself feel stuck in one place – a change of view could do wonders for you and your family.