When the hammer falls
10 MOST-ASKED QUESTIONS
Q How do property auctions work?
A property is typically marketed for three or four weeks and then the prospective buyers come together at an appointed date and time to bid on the property. The vendor sets a reserve price (in writing), which represents the minimum price at which the property may be sold on the day. The highest bidder at or above the reserve price becomes the purchaser of the property upon the fall of the hammer. They must then sign the contract and pay a deposit. The contract is unconditional on the day of auction and does not offer cooling-off rights.
CLARENCE WHITE
Q Before attending a property auction, what can I do to prepare?
Attend as many auctions as possible to observe how
