The Auctioneer will begin by reading the terms of the auction and outlining the conditions of sale. The Auctioneer will then describe the property and highlight its special features.
The Auctioneer will now ask for an opening bid.
When bids are called, you can attract the Auctioneer’s attention by putting up your paddle and acknowledging your bid to the Auctioneer.
The Auctioneer will clearly state the amount of the bid accepted at any given time during the auction. A real estate auction is not as fast paced as a cattle, machinery or automobile auction.
The Auctioneer will determine the amount by which the bidding shall be advanced but should you wish to vary the bid at any time, announce your intention to the Auctioneer for approval.
Once the bidding reaches the reserve price the Auctioneer will announce that the property is now “on the market” and it will be sold to the highest bidder.
In the event that the property does not reach the reserve price, the highest bidder will be given the first opportunity to negotiate.