Frequently Asked Questions
Do I need to register to bid, and do I need a bidding number?
While it's recommended that you register your name, address and contact numbers, you will still be able to bid without doing so. The same is true for bidding numbers.
Will the auctioneer announce when the reserve price is reached?
No. The reserve price is confidentially set by the vendor and will not be disclosed.
Will the auctioneer always have a mid-auction conference with the vendor?
Depending on auction activity and previous instructions, the auctioneer may simply call three times before selling - without consulting further with the vendor.
Will the auctioneer announce when a property is going to be sold?
The REINZ Auction Best Practice Guide states the auctioneer must always clearly announce if the property is about to be sold.
What does a vendor bid mean?
The auctioneer may use vendor bids to start the auction or encourage buyers into the selling range. These bids will be clearly identified to ensure complete transparency. A vendor bid will not be entered at or over the reserve price.
If I am the only bidder why should I bid?
The highest bidder has the first opportunity to pay a price acceptable to the vendor before the consultant starts negotiations with any other interested parties. If you don't bid you may have to compete with other waiting buyers ready to negotiate after the auction.
Can I insert any conditions into the auction contract?
No! Auctions are unconditional sales and binding on the fall of the hammer. See the consultant as it may be possible to organise changes before an auction starts. These require acceptance by the vendor for them to be included in the contract.