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The Day Of The Auction

Attending an auction is just one way of taking part, you can also place a bid via a phone call or send it in writing. You should contact the auction house to find out what options are available to you.

At auctions everything happens very quickly, which is of course part of their appeal. The money is handed over there and then so do not forget to take your cheque book, your bank details and two means of identification as without these things you will not get very far.

You want to be of sound mind when spending such a large amount of money, especially as you may get involved in a battle for the property you are keen on. It is therefore a good idea to arrive early and familiarise yourself with the place so you are in a calm, relaxed mood and you feel comfortable in your surroundings. Last minute rushes may affect your mindset so check with the auctioneer whether you need to register with the house in order to bid and allow yourself some extra time accordingly.

Give yourself time to have a thorough look through the addendum sheet, as it will alert you to any late alterations to the offerings, information on withdrawals and properties that have been sold prior to the auction.

Chose the position that you are going to take up for the auction (where you will either stand or sit) with consideration for the fact that you want to be clearly seen and heard by the auctioneer, and also for the fact that you want to see them and hear them just as clearly.

Ensure that your bidding gesture is clear and not too subtle; it is advisable to either raise your hand or give an obvious nod of the head so as to not cause any unnecessary confusion.

If the property you have been bidding for does not reach the reserve placed upon it do not give up, as all is not necessarily lost. The vendor may change his mind and accept your bid after the auction is over so make sure you leave your details.

The minute the auction is over, and the hammer has fallen, the property becomes the buyer's insurable risk. The conditions assume that the buyer has acted prudently. If you choose to buy a lot without taking these normal precautions you do so at your own risk.

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 Subsections of this guide:

•  The Day Of The Auction

•  The Role Of The Auctioneer



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