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Has anyone out there sold by auction?

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  • 05-03-2007 10:15pm
    #1
    sapper
    Registered Users Posts: 423 ✭✭


    Hi - I'm selling my house by auction in the coming weeks (I know I know - it's a long story :rolleyes: ) and I was just wondering - is there any actual need for me to be in the actual auction room on the day? I was thinking that I would prefer to just get the results rather than sitting there chewing my nails....but would there ever be a situation whereby my presence was actually required?


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    #2
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    At any auction I have been at the owner is in a room beside the auction room itself. When the bidding reaches a certain point the auctioneer announces that he is taking a break. He then goes out to consult the owners. He comes back and announces that the property is "on the market". That means that the highest bid after that point will be accepted. Sometimes of course the bidding does not reach a high enough point to go "on the market". The property will be withdrawn from the auction. The auctioneer will then try and negotiate a private treaty sale with the highest bidder. If a satisfactory outcome is not achieved with the highest bidder offers will be accepted from anybody. Some sales conclude immediately after auction.


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    #3
    Victor
    Registered Users Posts: 78,398 ✭✭✭✭Victor


    Try attending some auctions beforehand.


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    #4
    Oracle
    Registered Users Posts: 3,630 ✭✭✭Oracle


    Good advice Victor. Yes it is advisable to be at your own auction, not only for the reasons Jo King has outlined in the above post but also so that you'll know exactly, first hand, what went on.

    For example, you'll know what other properties were being auctioned that day, how many people turned up, the first bid, the pace of bidding, how the auctioneer conducted the sale (opening price, level of increases, etc...) and the number of bids. Of course you'll also be the first to know the final winning bid if it's sold at the auction.

    Some auctioneers have a CCTV monitor or special mirror in a discreet room, off the main auction room for vendors, so you don't have to sit in the auction room but you can see and hear everything.


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