You should look for important characteristics when choosing your real estate agent. Some of these traits include excellent communication skills, adequate experience in the field, trustworthiness, and honesty. Besides, information about the local market situation is a must.

At Auction Advantage, you can expect your real estate agent to have all these qualities. So, contact us now to get more information regarding buying and selling your real estate property.

Yes, you can be your agent for selling your property. You’ll have to mention “for sale by owner” on the listing. The other method you can adopt in this regard is to obtain a real estate license.

With a license in hand, you can follow the general procedure that any real estate agent will adopt; the only difference here will be you will be selling your own proper rather than the client.

There are multiple outlets where you can find your real estate agent. The selection of the best one depends on your preference. Here’s a list of options available:

• Social media platforms
• Search engines
• Local newspaper
• Referrals from friends & family
• Past experience

It depends on the stage which you are at.

If it is just the beginning and you are still figuring out the details of the buyer broker contract when you thought you shouldn’t be working with this agent, you are free to change your agent without any obligation.

There is no contract between you. So you can make your choice easily. In situations where you have already signed the contract, the term decided in the contract will determine if you can terminate your relationship and find a new real estate agent or not.

To get help in this regard, you might need to contact your attorney with a copy of the broker-buyer contract you have signed.

Below are the main tips that can help you get the most out of your relationship with the real estate agent.

• Set clear goals from the start. So there are no conflicts later on.
• Communicate regularly
• Share your preferences and conditions (if any)
• Choose your real estate agent wisely, but once done, trust your agent.

We provide services in the Canberra region. If you need help with your real estate, you can get in touch, and we can discuss it further.

At Auction Advantage, we provide 100% guaranteed satisfaction. If you don’t get the services you had expected, then we won’t ask any questions and make a prompt refund.

As real estate agents, we help our customers in buying, selling, or renting properties according to their needs. We find the properties matching our client’s description and propose a deal. But the ultimate decision is made by the client.

Canberra Granny Flat Builders and Fixed Price Extensions are the two other businesses we own and operate. We’ll try our best to act as your agent for real estate and provide you with the opportunity of making the best deal.

If you aren’t satisfied with the level of service or we don’t meet your expectation, we can process a prompt and complete refund. 100% money-back guarantee with no questions asked.

You can give us a call or send us an email, and we’ll get back to you right away. Here are the details:

Contact hours are:

Between 7 am and 8 pm, Monday to Friday

Up to 10 pm on Saturday and Sunday.

Email: contact@auctionadvantage.com.au

Mobile: 0400 446 605 (preferred communication method)

Tuesday is the day that I aim to take off each week

Frequently you hear after a home has sold. 

"The agent told me $1,000,000 before we listed, and as soon as we signed, he started conditioning us to $900,000. "

This tactic is commonplace in real estate. Promise a price before marketing, and as soon as the client has signed the agreement, the agent commences the process of winding it back.

If you rely on professional advice from experts providing a minimum price guarantee should be a minimum expectation.

If they do not offer a minimum price guarantee, the question might be, why not?

Yes, it will.

We are legally obligated in the ACT to have an agency agreement when an agent is engaged to sell a residential property. 

Our principle is that this will be documented in plain English:

If the agreed minimum price of $1,000,000 (example) is not achieved, then we the clients are not obligated to pay the fee for service.  

Yes. Please email contact@auctionadvantage.com.au and we will happily send one over. 

No, it will not. Our commitment is that if we get the minimum price guarantee wrong, we will complete the campaign, and achieve the sale. 

If you feel inclined to provide us with a referral based on our efforts, it will be greatly appreciated. 

As agents and auctioneers we are legally obligated to follow the advice and instructions of our clients as long as that advice is not against the law, such as misleading or deceptive. 

So, yes we would follow your instructions. 

As of May 2018, the following proofs of identity are prescribed to register at auction:

(a) A card or document that shows the name and address of the person and is issued by:
   (i) The Territory, or a Territory authority; or
  (ii) The government or a statutory authority of the Commonwealth or a State; or
(iii) An authorised deposit-taking institution.

Examples for (a):
1.  A rates notice issued by the Territory or another jurisdiction
2.  A bank statement
3.  A tax assessment notice

(b) A foreign passport or a foreign driver licence that shows the person’s name, together with a card or document issued by an entity other than the person concerned that shows the person’s name and address.

To discuss registrations and process further, contact Frank Walmsley:

Frank Walmsley
0400446605

Suppose the primary skill of your agent is the ability to negotiate the best possible terms when handling the sale of your property.

How is it then, that agents, so skilled in the art of negotiation, invariably agrees to a flat fee of $10,000 or a flat fee of 2%?

Both these fee structures work directly against the interest of their seller.

Lets say Agent 1 is getting 2% and Agent 2 is getting a flat $10,000

Lets assume that market indicators are that the home is worth $1,000,000 - a price you are ok with. 

Agent 1 gets rewarded 2% or $200 for every $10,000 they get over $1,000,000. You the seller gets $9,800.

Agent 2 gets rewarded $0 for every dollar they get over the market value of $1,000,000, and it doesn’t cost them if they under-sell by $50,000.

People wonder why homes sell in the first week pre-auction. 

This keeps the agency accountable right until settlement. 

You can simply email your nominated fee after the sale has exchanged. 

We believe that this 

As your appointed auction negotiator this is where we can really create value for our clients.

About half of the properties that go to auction in Canberra have 1 or no bidders.

Our plan of attack if you are the only registered bidder at the auction is to ensure that you buy at, or below your price. We might do this by:

• Keeping the auction live and open as long as required to help you to achieve your objective price.
• We might need to bid against the seller ten times in differing bidding increments.
• We might need to move 5% above your previous bid.

The golden rule is that the longer the auction is alive, the more likely the bidder is going move their price upwards, and the seller is going to adjust their price downwards.

But if you want the home and it represents value to you then whatever you do, keep the auction alive and open with the mission to exclude any buyers getting involved post-auction.

Rarely if ever will the seller take less than the final pass-in bid. Generally due to the pressure of auction, the sellers re-calibrate and revise their sale price by 1-3%  above their take price at auction.

So if your the only bidder, don’t worry about your neighbours in the crowd. Set aside the demands of the auctioneer and control the agent in your ear.

And whatever you do, block out the new competition by keeping the auction open and alive.

To discuss a single bidding strategy for you, Contact Frank Walmsley.

Frank Walmsley
0400446605 

Totally. We want to compete for your business. The basis of this should be agreement on fee's, on incentive, and service. 

It should be done in a respectful way examining the facts of the market. To safeguard your interest we agree on a minimum price. 

Then in your best interest ideally we will agree on an incentive based fee structure.

This will reward our effort if we do a really good job in both end results and service. 

Fixed-rate pay is the opposite of how skilled real estate negotiators should be rewarded.

In almost all situations, the agents care for the seller irrespective of the commission negotiated; however, the agent’s boss, not the seller, the franchise owner is focusing on turnover and speed of turnover.

If there is a flat fee, or %, then the driver for the agency (not the agent) is to get the property sold and settled as quickly as possible and what is the business incentive if there is minimal value in fighting for the extra $20,000.

T

Frank Walmsley
0400446605

One of the notable challenges and points of contention between agents and their clients is reaching agreement on the importance of having access to the home during the marketing campaign.

The role of a skilled auction agent is to make life easier for buyers, solve their problems and in turn, make it easier for them to register and bid.

Many auctions fail because buyers can’t get access to properties when they want and need to, or agents don’t return calls.

It may be a temporary inconvenience for 3 or 4 weeks, but we advise that you should open your home for inspection for at least 3 open-homes per week for a minimum of 45 minutes.

Optimal minimum weekly open home plan:

•  Saturday—45 minutes

•  Sunday—45 minutes

•  Midweek—45 minutes

We will discuss and agree on an open home and buyer access plan that works around your family’s needs while trying to compress the inconvenience into a 3-4 week campaign.

My commitment in transitioning from auctioneer to an auction agent, I’ve made a conscious decision to carry a select number of listings at any one time to ensure that I can provide a premium level of service.

It is important to disclose all business relationships and investments that could cause a conflict of interest as your appointed negotiator and representative. 

I am a majority shareholder and director in Canberra Granny Flat Builders, Canberra Custom Homes and Fixed Price Extensions.

These businesses are active in Canberra exclusively and predominate run by salaried staff.  

There are no shareholding or payments made to encourage you as a client to use any service provider or advertisers..

Yes you should in almost all cases.

To ensure that you maximise your advantage as the only auction bidder consider the following:

• Get to the open home 30 minutes before the auction.
• Watch the registrations to see how many bidders register – to ensure that you are the only.
• If you get there late ask the agent how many bidders have registered and are there any proxy or phone bidders.

Speaking to colleagues in the Canberra auction fraternity the consensus (as of May 2019) was the following:

Breakdown of registered bidders at auction (May 2019):

No registrations: 20%
1 registered bidder: 30%
2 registered bidders: 30%
3 registered bidders: 10%
4+ registered bidders: 10%

This information displays that it is impossible to know how many buyers you are going to be competing with before you turn up!

Irrespective of how many registrations you are dealing with, the seller and you need first to get an agreement with them before you can take the keys.

So if you turn up and want to own the home – bid and negotiate. Bid to a level, yes even against yourself, that you would be comfortable paying to own the home.

Use the tactical advantage which you have as the only bidder to take the home off of the market. Being the only bidder does not mean you are the only buyer.

Contact Frank Walmsley to discuss this further.

Frank Walmsley
0400446605

While working as freelance auctioneer
I would often help buyers bid at auction.

To be transparent helping buyers and understanding their frustrations was a large part of what prompted me to return to working for sellers

.

Some reasons buyers do not commit to auction:

Unapproved structures in the compliance report and not knowing what to do about it

Lack of flexibility in deposit arrangements, settlement terms and special conditions

Late arrival to the auction process resulting in buyer’s inability to arrange finance or deposits in time for the auction Lack of clarity about process regarding pre-auction offers and mixed messages from the agent Agents providing inconsistent messaging regarding “ballpark” pricing and sales expectations

As an experienced auctioneer and agent,
my commitment is to explain to you all the options to overcome buyers’ objections and help them register to bid and compete for your home.

Deposit Bonds are not standard provisions in the Law Society Contracts in the ACT. You can request the agent or seller handling the sale that they are included. If the agent is not responsive then just email the lawyer acting for the seller directly.

Frank Walmsley 0400446605

What you can do is sign an authority before auction, authorizing your partner to bid and sign the contract on your behalf should you be the successful buyer.

This is something which can be discussed in our tactics meeting, contact Frank Walmsley to discuss further.

Frank Walmsley
0400446605 

Having been around property and auctions, you do hear this frequently: “they sold the home before the auction, and we didn’t get a chance to buy it”.

In an ideal world the agent would contact you if they are contemplating taking a pre-auction offer. However agents will often misjudge buyers interest in a property because sometimes they are not clear about their interest or intentions regarding the property.

Sometimes buyers play coy about their interest in owning the home, and agents facing perceived scarce interest pre-auction date decide to sell to the standout buyer. To avoid this:

• If you have an interest in owning the property, tell the agent.
• If you would be disappointed in the home selling exclusively to another buyer before the auction let the agent know (preferably in writing.)

Let the agent know that if they are considering taking a pre-auction offer that you would like to be informed.

To discuss how to handle pre-auction offers contact Frank Walmsley.

Frank Walmsley
0400446605

In the ACT, buyers are required to pay stamp duty when the title of the property they are purchasing is registered with Access Canberra.

• You self-assess the applicable duty payable.
• You have up to 14 days after settlement to register the transfer with Access Canberra.

Please contact Frank Walmsley for further advice.

Frank Walmsley
0400446605

Yes you can.

It’s wise to seek a legal opinion on the implications and insurance risks involved if these structures are being sold without being approved however.

Another option is to ask if the owner will have these unapproved structures approved before settlement. This can be facilitated by creating a special condition by either you or the sellers solicitor.

To discuss this further, contact Frank Walmsley.

Frank Walmsley
0400446605

Our opinion is yes.

There is some precedent and documented history about the subject matter of withdrawn bids.

The vast majority of auctioneers would accept the buyers decision to withdraw their bid. However, if the bidder attempts to withdraw the bid on multiple occasions then there is a real prospect of the auctioneer excluding the buyer from further involvement in the auction, and they can legally do this by refusing further bids.

If you make a bid that is the incorrect increment or the auctioneer misunderstood your bid then let the auctioneer know ASAP. If there is quick bidding and your incorrect bid is surpassed then it really won’t matter. But if there is a pause in the bidding just put up your hand and say something like:

“Auctioneer my bid was actually X. Sorry for the inconvenience, if you could please correct it, thank you.”

It’s better to correct a bid rather than withdraw a bid as it provides clarity to the owner and specifically the auctioneer about your intentions.

To discuss withdrawing or correcting your bid, contact Frank Walmsley.

Frank Walmsley
0400446605 

The Sale of Residential Property in Canberra is covered by the The Civil Law (Sale of Residential Property) Act 2003.

The regulations outline the standard conditions of public auctions. These conditions can not be varied or changed by agents, buyers or sellers.

Standard conditions for conduct of public auctions of residential property state:

11. If a reserve price has been set for the property and the property is passed in below the reserve price, the seller must first negotiate with the highest bidder for the purchase of the property.

What does this mean in practical terms? It means that if the property gets passed in below the sellers reserve price, they must first negotiate (in almost all cases through their agent) with the highest bidder.

The regulations don’t state how long the buyers right to negotiate exist, or the conditions that would prevail to allow the owner/agent to conclude negotiations with alternate buyers.

In real terms, if the property is passed into you as the highest bidder, and you reject what the seller/agent offers you at their preferred terms, then the negotiations have concluded. This means that they then have the right to open up discussions with other buyers, registered or otherwise.

In most scenarios and auction situations my advice would be to continue negotiation while the auction is live. Generally there is much more pressure on the seller than the buyer.

While the auction is live and you are the highest bidder, you have the control. Contact Frank Walmsley to discuss further.

Frank Walmsley
0400446605

As of May 2018, the following proofs of identity are prescribed to register at auction:

(a) A card or document that shows the name and address of the person and is issued by:
   (i) The Territory, or a Territory authority; or
  (ii) The government or a statutory authority of the Commonwealth or a State; or
(iii) An authorised deposit-taking institution.

Examples for (a):
1.  A rates notice issued by the Territory or another jurisdiction
2.  A bank statement
3.  A tax assessment notice

(b) A foreign passport or a foreign driver licence that shows the person’s name, together with a card or document issued by an entity other than the person concerned that shows the person’s name and address.

To discuss registrations and process further, contact Frank Walmsley:

Frank Walmsley
0400446605

Surprisingly, more agents, buyers and sellers do not utilise special conditions to assist in reaching win-win agreements.

The principles of special conditions are that they should be drafted and approved by solicitors. If your solicitor is adamant that you should not entertain any special requirements in the sale agreement, you should seriously consider getting a new lawyer as soon as possible.

If your lawyer is pragmatic and engages your agent to help you to achieve the goal of getting more buyers registered, then the minor investment of a special condition will generally be repaid in spades off the back of increase bidder registrations and anticipated bids.

To discuss what different types of special conditions can be utilised and how to best implement them contact Frank Walmsley.

Frank Walmsley
0400446605

The short answer is yes. You can ask for an amendment to the proposed settlement date.

This change date should be requested via email with the agent or the seller and ideally before the auction day.

Most contracts provide a settlement date on or before 30, 60 or 90 days. So if there is agreement with all parties you can always bring the settlement date forward and potentially push it back.

If there has been an agreed change, we recommend that you also get the auctioneer to announce the settlement date options before the commencement of bidding. Ensure that it is in writing via text or email.

To discuss alterations of the settlement period further, contact Frank Walmsley.

Frank Walmsley
0400446605

From a legal perspective  you can absolutely buy a property before the auction and increasingly agents in the ACT are using this as a process.

Practically and tactically how you execute a pre-auction offer can have a significant impact on what you end up paying and the terms that you agree to.

If you are contemplating a pre-auction offer (an offer on the contract) then be sure to contact Auction Advantage.

For a small fee in comparison to the total investment,  we can discuss the best tactics and approaches for you to execute the sale or discover the selling price to be used at auction.

• Please note many agents will not take offers before the auction and it’s standard practice that they will get overriding instructions to refuse buyers offers before the auction.
• Just because an agent/seller won’t take your pre-auction offer before the auction, this does not mean that they won’t accept that pre-auction price or even less on the day of the auction.

Managed and handled correctly, you could save tens if not hundreds of thousands of dollars implementing the correct pre-auction strategy. To discuss this further contact Frank Walmsley.

Frank Walmsley
0400446605

In the ACT this is commonplace. People are overseas, interstate, or simply just cannot make the auction for a number of reasons.

In this case you could use a bidding agent, a mobile phone bidding app like https://www.gavl.com/ to help you participate on auction day.

Please note that auctions are unconditional by nature. This means that if you secure the home at auction you are liable for 10% of the value, irrespective of the amount provided on the auction day. Equally you block out and lock out all competition as you will have unconditionally exchanged.

If you do not want to use the agent’s employee or colleague to bid for you, then you can engage someone from our team to assist. If that does not work, you can use apps like https://www.gavl.com. These platforms allow buyers to register and bid online.

If you are bidding remotely ensure that you have resolved:

• bidding authorities
• deposits including pre-transfers into trust accounts
• confirmation of settlement dates
• entities that are buying and structure
• inclusions that need to be added to the auction agreement

There is a whole lot more that can cost you if you don’t get this correct. To discuss this further contact Frank Walmsley

Frank Walmsley
0400446605 

Ideally, you should seek confirmation from the agent before the auction and have them written into the contract then.

If you have just turned up to the auction and have not had a chance to talk with the agent, then you can ask the auctioneer from the floor of the auction what inclusions are included with the sale when they are announcing the contract terms and conditions.

To discuss this further, contact Frank Walmsley.

Frank Walmsley
0400446605

Recently we have had to help two buyers in this situation. The ACT Government introduced the land rent scheme – https://www.revenue.act.gov.au/home-buyer-assistance/land-rent-scheme – basically you don’t pay the full value for the land but part of the Unimproved Value of the Land UV each year.

Only a small number of properties have the Land Rent Scheme applied however it can be advantageous if you meet the criteria that applies in the ACT.

Most agents know little about this and there is only a handful of ACT based lawyers that we would recommend. If you want to buy a property at auction that applies to the Land Rent Scheme please call me for referrals to those lawyers and to discuss some of the issues that you may encounter during the auction process.

Obtaining written clarity if the bids include the discount for the land value is one such dilemma.

Frank Walmsley 0400446605

Ultimately it depends on your auction strategy and property objectives. Additionally, it depends on the level of bidder competition and the auctioneer.

So we are entirely clear about what an increment is when discussing auction, please see below:

1. $400,000 is where the current bid is.
2. If you wish to offer $20,000 – this means the increment is $20,000
3. $420,000 – where the total bid will end up after your bid.

Tips and Hints:
Often making bidding increments more than the amount asked by the auctioneer can intimidate other bidders.

Sometimes a difficult bid to calculate (eg. $11,150), which is in excess of the requested bid (ie. $10,000) can confuse the auctioneer, either causing them to slow down their acceptance of bids, or make an error in calculation. This can also slow momentum and shake the auctioneers confidence.

To discuss this further, contact Frank Walmsley.

Frank Walmsley
0400446605

The standard Law Society of the ACT contract specifies (Terms Of Payment) that the deposit may be paid by cash or cheque.

If you are hoping to pay the deposit using EFT, it is a commonplace for an agent to ask for cash or cheque in addition to an EFT payment of 5% or 10%.

In the scenario that you are successful in buying a property for $1,000,000 and you pay a 5% deposit with 10% at risk, and you have planned to pay via EFT then our advice would be to also bring a cheque of cash to the value of $1000.

The agent would then amend the section 52.3.1 of the contract stating that the buyer is paying $1000 and will pay the balance of 5% ($49,000) within five days. Both buyer and seller must initial the contract amendment.

Please speak to the agent about minimum payments on the day before auction. If you have engaged us to represent you and bid on your behalf, we will do this for you.

Contact Frank Walmsley to discuss this process further.

Frank Walmsley
0400446605

Yes you should in almost all cases.

To ensure that you maximise your advantage as the only auction bidder consider the following:

• Get to the open home 30 minutes before the auction.
• Watch the registrations to see how many bidders register – to ensure that you are the only.
• If you get there late ask the agent how many bidders have registered and are there any proxy or phone bidders.

Speaking to colleagues in the Canberra auction fraternity the consensus (as of May 2019) was the following:

Breakdown of registered bidders at auction (May 2019):

No registrations: 20%
1 registered bidder: 30%
2 registered bidders: 30%
3 registered bidders: 10%
4+ registered bidders: 10%

This information displays that it is impossible to know how many buyers you are going to be competing with before you turn up!

Irrespective of how many registrations you are dealing with, the seller and you need first to get an agreement with them before you can take the keys.

So if you turn up and want to own the home – bid and negotiate. Bid to a level, yes even against yourself, that you would be comfortable paying to own the home.

Use the tactical advantage which you have as the only bidder to take the home off of the market. Being the only bidder does not mean you are the only buyer.

Contact Frank Walmsley to discuss this further.

Frank Walmsley
0400446605

As your appointed auction negotiator this is where we can really create value for our clients.

About half of the properties that go to auction in Canberra have 1 or no bidders.

Our plan of attack if you are the only registered bidder at the auction is to ensure that you buy at, or below your price. We might do this by:

• Keeping the auction live and open as long as required to help you to achieve your objective price.
• We might need to bid against the seller ten times in differing bidding increments.
• We might need to move 5% above your previous bid.

The golden rule is that the longer the auction is alive, the more likely the bidder is going move their price upwards, and the seller is going to adjust their price downwards.

But if you want the home and it represents value to you then whatever you do, keep the auction alive and open with the mission to exclude any buyers getting involved post-auction.

Rarely if ever will the seller take less than the final pass-in bid. Generally due to the pressure of auction, the sellers re-calibrate and revise their sale price by 1-3%  above their take price at auction.

So if your the only bidder, don’t worry about your neighbours in the crowd. Set aside the demands of the auctioneer and control the agent in your ear.

And whatever you do, block out the new competition by keeping the auction open and alive.

To discuss a single bidding strategy for you, Contact Frank Walmsley.

Frank Walmsley
0400446605 

Deposit Bonds are not standard provisions in the Law Society Contracts in the ACT. You can request the agent or seller handling the sale that they are included. If the agent is not responsive then just email the lawyer acting for the seller directly.

Frank Walmsley 0400446605

What you can do is sign an authority before auction, authorizing your partner to bid and sign the contract on your behalf should you be the successful buyer.

This is something which can be discussed in our tactics meeting, contact Frank Walmsley to discuss further.

Frank Walmsley
0400446605 

Having been around property and auctions, you do hear this frequently: “they sold the home before the auction, and we didn’t get a chance to buy it”.

In an ideal world the agent would contact you if they are contemplating taking a pre-auction offer. However agents will often misjudge buyers interest in a property because sometimes they are not clear about their interest or intentions regarding the property.

Sometimes buyers play coy about their interest in owning the home, and agents facing perceived scarce interest pre-auction date decide to sell to the standout buyer. To avoid this:

• If you have an interest in owning the property, tell the agent.
• If you would be disappointed in the home selling exclusively to another buyer before the auction let the agent know (preferably in writing.)

Let the agent know that if they are considering taking a pre-auction offer that you would like to be informed.

To discuss how to handle pre-auction offers contact Frank Walmsley.

Frank Walmsley
0400446605

In the ACT, buyers are required to pay stamp duty when the title of the property they are purchasing is registered with Access Canberra.

• You self-assess the applicable duty payable.
• You have up to 14 days after settlement to register the transfer with Access Canberra.

Please contact Frank Walmsley for further advice.

Frank Walmsley
0400446605

Yes you can.

It’s wise to seek a legal opinion on the implications and insurance risks involved if these structures are being sold without being approved however.

Another option is to ask if the owner will have these unapproved structures approved before settlement. This can be facilitated by creating a special condition by either you or the sellers solicitor.

To discuss this further, contact Frank Walmsley.

Frank Walmsley
0400446605

Our opinion is yes.

There is some precedent and documented history about the subject matter of withdrawn bids.

The vast majority of auctioneers would accept the buyers decision to withdraw their bid. However, if the bidder attempts to withdraw the bid on multiple occasions then there is a real prospect of the auctioneer excluding the buyer from further involvement in the auction, and they can legally do this by refusing further bids.

If you make a bid that is the incorrect increment or the auctioneer misunderstood your bid then let the auctioneer know ASAP. If there is quick bidding and your incorrect bid is surpassed then it really won’t matter. But if there is a pause in the bidding just put up your hand and say something like:

“Auctioneer my bid was actually X. Sorry for the inconvenience, if you could please correct it, thank you.”

It’s better to correct a bid rather than withdraw a bid as it provides clarity to the owner and specifically the auctioneer about your intentions.

To discuss withdrawing or correcting your bid, contact Frank Walmsley.

Frank Walmsley
0400446605 

Our opinion is yes.

There is some precedent and documented history about the subject matter of withdrawn bids.

The vast majority of auctioneers would accept the buyers decision to withdraw their bid. However, if the bidder attempts to withdraw the bid on multiple occasions then there is a real prospect of the auctioneer excluding the buyer from further involvement in the auction, and they can legally do this by refusing further bids.

If you make a bid that is the incorrect increment or the auctioneer misunderstood your bid then let the auctioneer know ASAP. If there is quick bidding and your incorrect bid is surpassed then it really won’t matter. But if there is a pause in the bidding just put up your hand and say something like:

“Auctioneer my bid was actually X. Sorry for the inconvenience, if you could please correct it, thank you.”

It’s better to correct a bid rather than withdraw a bid as it provides clarity to the owner and specifically the auctioneer about your intentions.

To discuss withdrawing or correcting your bid, contact Frank Walmsley.

Frank Walmsley
0400446605 

Yes, the auctioneer can refuse your bid.

If you are not registered at the auction, then the auctioneer must refuse to take your bid.

If you are registered to bid in the ACT, the auctioneer has the right to;

1. Refuse any bid.
2. Decide that the amount by which the bidding is to be advanced.

The question we often get from families attempting to secure a property at auction is “why would the auctioneer refuse our bid as we offered $1,010,000?” It is important to note that the auctioneer is not refusing the $1,010,000 offered, they are refusing the increment that you offered (for example, the $1000 to take the property from $1,009,000 to $1,010,000)

This could be for a number of reasons involved with protecting the seller by controlling the flow and size of the bids.

A properly  implemented bidding strategy can in many cases influence the end outcome by influencing the price which the bidder pays.

This is the just tip of the iceberg on this critical subject. To find out more about buying strategies which could make you money, contact Frank Walmsley to arrange a one on one tactics meeting.

Frank Walmsley
0400446605

There is no minimum time requirement.

The two things that you must do are:

1. Ensure that the auction conditions have been on display 30 minutes prior to conducting the auction
2. Ensure that you have a compliant auction sale agreement that meets ACT legislation and regulations.

If you are selling using the conventional private treaty method and you get multiple interested parties at one time rather than having a non-binding best and final offer process, consider running a 24 hour auction campaign which invites buyers to bid in a fair and transparent process.

If you are an agent or interested to know more, contact Frank Walmsley:

Frank Walmsley
0400446605

The Sale of Residential Property in Canberra is covered by the The Civil Law (Sale of Residential Property) Act 2003.

The regulations outline the standard conditions of public auctions. These conditions can not be varied or changed by agents, buyers or sellers.

Standard conditions for conduct of public auctions of residential property state:

11. If a reserve price has been set for the property and the property is passed in below the reserve price, the seller must first negotiate with the highest bidder for the purchase of the property.

What does this mean in practical terms? It means that if the property gets passed in below the sellers reserve price, they must first negotiate (in almost all cases through their agent) with the highest bidder.

The regulations don’t state how long the buyers right to negotiate exist, or the conditions that would prevail to allow the owner/agent to conclude negotiations with alternate buyers.

In real terms, if the property is passed into you as the highest bidder, and you reject what the seller/agent offers you at their preferred terms, then the negotiations have concluded. This means that they then have the right to open up discussions with other buyers, registered or otherwise.

In most scenarios and auction situations my advice would be to continue negotiation while the auction is live. Generally there is much more pressure on the seller than the buyer.

While the auction is live and you are the highest bidder, you have the control. Contact Frank Walmsley to discuss further.

Frank Walmsley
0400446605

As of May 2018, the following proofs of identity are prescribed to register at auction:

(a) A card or document that shows the name and address of the person and is issued by:
   (i) The Territory, or a Territory authority; or
  (ii) The government or a statutory authority of the Commonwealth or a State; or
(iii) An authorised deposit-taking institution.

Examples for (a):
1.  A rates notice issued by the Territory or another jurisdiction
2.  A bank statement
3.  A tax assessment notice

(b) A foreign passport or a foreign driver licence that shows the person’s name, together with a card or document issued by an entity other than the person concerned that shows the person’s name and address.

To discuss registrations and process further, contact Frank Walmsley:

Frank Walmsley
0400446605

Surprisingly, more agents, buyers and sellers do not utilise special conditions to assist in reaching win-win agreements.

The principles of special conditions are that they should be drafted and approved by solicitors. If your solicitor is adamant that you should not entertain any special requirements in the sale agreement, you should seriously consider getting a new lawyer as soon as possible.

If your lawyer is pragmatic and engages your agent to help you to achieve the goal of getting more buyers registered, then the minor investment of a special condition will generally be repaid in spades off the back of increase bidder registrations and anticipated bids.

To discuss what different types of special conditions can be utilised and how to best implement them contact Frank Walmsley.

Frank Walmsley
0400446605

The short answer is yes. You can ask for an amendment to the proposed settlement date.

This change date should be requested via email with the agent or the seller and ideally before the auction day.

Most contracts provide a settlement date on or before 30, 60 or 90 days. So if there is agreement with all parties you can always bring the settlement date forward and potentially push it back.

If there has been an agreed change, we recommend that you also get the auctioneer to announce the settlement date options before the commencement of bidding. Ensure that it is in writing via text or email.

To discuss alterations of the settlement period further, contact Frank Walmsley.

Frank Walmsley
0400446605

From a legal perspective  you can absolutely buy a property before the auction and increasingly agents in the ACT are using this as a process.

Practically and tactically how you execute a pre-auction offer can have a significant impact on what you end up paying and the terms that you agree to.

If you are contemplating a pre-auction offer (an offer on the contract) then be sure to contact Auction Advantage.

For a small fee in comparison to the total investment,  we can discuss the best tactics and approaches for you to execute the sale or discover the selling price to be used at auction.

• Please note many agents will not take offers before the auction and it’s standard practice that they will get overriding instructions to refuse buyers offers before the auction.
• Just because an agent/seller won’t take your pre-auction offer before the auction, this does not mean that they won’t accept that pre-auction price or even less on the day of the auction.

Managed and handled correctly, you could save tens if not hundreds of thousands of dollars implementing the correct pre-auction strategy. To discuss this further contact Frank Walmsley.

Frank Walmsley
0400446605

In the ACT this is commonplace. People are overseas, interstate, or simply just cannot make the auction for a number of reasons.

In this case you could use a bidding agent, a mobile phone bidding app like https://www.gavl.com/ to help you participate on auction day.

Please note that auctions are unconditional by nature. This means that if you secure the home at auction you are liable for 10% of the value, irrespective of the amount provided on the auction day. Equally you block out and lock out all competition as you will have unconditionally exchanged.

If you do not want to use the agent’s employee or colleague to bid for you, then you can engage someone from our team to assist. If that does not work, you can use apps like https://www.gavl.com. These platforms allow buyers to register and bid online.

If you are bidding remotely ensure that you have resolved:

• bidding authorities
• deposits including pre-transfers into trust accounts
• confirmation of settlement dates
• entities that are buying and structure
• inclusions that need to be added to the auction agreement

There is a whole lot more that can cost you if you don’t get this correct. To discuss this further contact Frank Walmsley

Frank Walmsley
0400446605 

Ideally, you should seek confirmation from the agent before the auction and have them written into the contract then.

If you have just turned up to the auction and have not had a chance to talk with the agent, then you can ask the auctioneer from the floor of the auction what inclusions are included with the sale when they are announcing the contract terms and conditions.

To discuss this further, contact Frank Walmsley.

Frank Walmsley
0400446605

Recently we have had to help two buyers in this situation. The ACT Government introduced the land rent scheme – https://www.revenue.act.gov.au/home-buyer-assistance/land-rent-scheme – basically you don’t pay the full value for the land but part of the Unimproved Value of the Land UV each year.

Only a small number of properties have the Land Rent Scheme applied however it can be advantageous if you meet the criteria that applies in the ACT.

Most agents know little about this and there is only a handful of ACT based lawyers that we would recommend. If you want to buy a property at auction that applies to the Land Rent Scheme please call me for referrals to those lawyers and to discuss some of the issues that you may encounter during the auction process.

Obtaining written clarity if the bids include the discount for the land value is one such dilemma.

Frank Walmsley 0400446605