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Auctions

The Auction

”The current marketplace has defied belief for some time. Many owners have put their property up for sale, and shortly after, received an offer very close to the advertised price. Understandably, they have gone away feeling quite satisfied with the transaction. However, we believe many owners may still be under-selling because of the lack of competition for their property.”

 

Grenadier clients often prefer the marketing strategy of the auction – with good reason. It’s proven to be the most successful, with property generally on the market for a shorter period of time and it has the highest sales success rate.

An intensive, high profile auction marketing programme is custom designed for sellers to attract genuinely interested, cash-in-hand buyers. There buyers focus on establishing the ‘maximum price’ they will pay – not how low their offer should be. Emotional commitments towards purchasing also strengthen the natural form of competition between buyers. 

We’ll assist you in setting the terms, conditions and auction day deadline. The undisclosed minimum reserve price will be one you’re completely comfortable with. Also the property needs to be only opened for buyer viewing at times that best suit you, so the auction process is regarded as the least disruptive method of selling.

Terms & Conduct of Auction

 

The property is offered for sale subject to a reserve price, and subject to the reserve price being met, the highest bidder whose bid is accepted by the auctioneer shall be the purchaser.

The auctioneer may nominate the sum by which the bidding can be raised.

The auctioneer may refuse a bid.

The auctioneer or licensed real estate agent acting for the vendor in respect of the sale may submit a bid on behalf of any person. The auctioneer shall identify a person so acting before the commencement of bidding.

The vendor may bid personally, or by a representative, or through the auctioneer, provided that the bid is less than the reserve price.   The auctioneer shall identify each vendor bid as it is made.

The vendor may withdraw the property at any time before it has been sold and without declaring the reserve price.

If any dispute arises concerning any bid, the auctioneer may determine the dispute or re-offer the property at the last undisputed bid.

The purchaser shall immediately on the completion of the auction:

                — Sign the Memorandum of Contract failing which the auctioneer may sign on behalf of the purchaser; and

                — Pay to the vendor’s licensed real estate agent the deposit being 10% of the purchase price unless otherwise agreed; and

                — Complete its GST information in Schedule 1, if applicable.