What Happens on Auction Day? A Complete Walkthrough

Auction day is an exciting and fast-paced event, but if you’re new to property auctions, it can feel a bit intimidating. Here’s a complete walkthrough of what happens on the day, so whether you’re buying or selling, you’ll know exactly what to expect.

Before the Auction Starts

If you’re buying, you’ll need to provide identification and be approved to bid online by the auctioneer. Sellers can watch the bidding live via First for Auctions website.

The Auction Begins

Bidding opens online on the day of the auction at 10am. Bidders can enter their bids from their laptop or phone. The lots close in 4 minute intervals from 12noon throughout the afternoon.

Bidding Process

Bidding usually starts at the guide price, and participants indicate bids online to compete. The auctioneer may increase or decrease the bid increments based on demand, encouraging competition.

If you’re the highest bidder when the auction ends, congratulations – the property is yours! Buyers are then required to pay a deposit, usually 10% of the purchase price, and sign the sale contract.

After the Auction

For buyers, completing the sale is the next step. The remaining balance is typically due within 30 working days. Sellers will be notified of the successful sale, and the auction team will handle the necessary paperwork.

If a property doesn’t sell, don’t worry – it may still be available through post-auction negotiations.

By understanding the auction day process, you can approach the event with confidence, whether you’re buying or selling.