
Best times to hold an auction in 2023
After making the decision to sell your house comes the decision of whether to go to auction or private treaty. If you choose to go to auction, you must then make a choice about when to go to...
A bid is an offer or proposal made by a buyer to purchase an item like a property at a specified price.
A bid is an offer or proposal made by a buyer to purchase an item like a property at a specified price. In an auction setting, participants place bids, and the highest bid at the end of the auction wins the item. The bid amount represents the maximum price a buyer is willing to pay for the asset.
To bid at an auction, you must first be registered with the auctioneer or authority in charge of the process to then be given a bidder’s number. Once you are ready to bid, you may raise your hand or bidding paddle to have your bid recognised by the auctioneer. If you’re lucky enough to win the auction, you'll typically need to pay a deposit and sign a contract immediately or shortly after the auction.
An auction is a public event where buyers place competing bids to purchase a property, creating transparency and urgency, with the highest bidder securing the property. On the other hand, a sale by tender involves a private process where interested buyers submit sealed offers by a specified deadline. The seller then reviews all tenders and has the discretion to accept, reject, or negotiate with the chosen bidder.
Compare your property to recent sales in the area to get a current market estimate.
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