KEY AUCTION TERMS

Vendor bid: A bid made by the auctioneer on behalf of the vendor if the vendor is not satisfied with the previous bid. Not a genuine bid. Reserve: Price the vendor is willing to sell for. Does not need to be in the quoted range. On the market: Words the auctioneer will use to signal the property has reached or surpassed the reserve. They could also say “we’re playing for keeps” or “this buyer holds the keys”. Passed in: If the property does not reach the reserve, it is passed in and not yet sold. Unconditional sale: Auction sales are unconditional, so you can’t purchase subject to finance or a building and pest inspection, and there’s no cooling-off period.

Saturday, March 27, 2021