buying property at auction?

buying property at auction?

real estate auction rules the 7 most critical points This book outlines important auction information and some frequently asked questions. At the commencement of a public auction the auctioneer will make statements under the Property, Stock and Business Agents Act 2003. Hot Tips Make it known that you re interested talk to your local Jim Aitken + Partners agent Have your finance pre-approved have the 10% deposit ready Have the contract checked by your solicitor/conveyancer Do your due diligence including pest/building and/or strata report You must register to bid, then proceed with confidence and know your limits Have a go and have fun, be positive and be successful Your agent is there to help you buy the property. 1 2 3 4 5 6 7 The highest bidder will be the purchaser subject to any reserve price In the event of a disputed bid, the auctioneer is the sole arbitrator and their decision is final A bidder must be registered to bid. The auctioneer cannot accept a bid from an unregistered person. At the fall of the hammer, the purchaser is to sign the contract and pay the required deposit. The auctioneer reserves the right to make one bid, and only one bid on behalf of the vendor The auctioneer may refuse to accept a bid that in their opinion is not in the interest of the seller A bidder is taken to be a principal unless before bidding the bidder has given the auctioneer a copy of a written authority to bid for or on behalf of another person.

frequently asked questions What is a vendor bid? It is a bid made on behalf of the vendor (owner) not a buyer. Who can make the vendor bid? Only the auctioneer. Does the auctioneer have to declare a vendor bid? Yes. How many bids can a vendor make? Only one bid. What is a reserve price? It is the minimum price at the which the vendor will sell at auction. What does the term passed in mean? The bidding has not reached the vendor s reserve price and the property is not sold under the hammer. If the property is passed in who gets the first opportunity to buy the property? The highest bidder gets the opportunity to make the next offer. If not accepted then other buyers are offered the property so stay around after the auction to await the outcome. You may end up buying the property. If the property is passed in on a vendor bid, what happens then? The vendor via the vendor s agent is at liberty to negotiate with any genuine buyer. Do I have to register prior to bidding at an auction? Yes, it is compulsory in NSW. You can register on the day or beforehand if you so choose. What is a genuine bid? All bids are genuine; there is only one vendor bid and the rest are registered buyer bids. What is a buyer s advocate? A person who is commissioned to act on behalf of a buyer (if you use one, this person must be a licensed estate agent and we recommend a member of the REINSW). Do I need to pay a 10% deposit if I buy at auction? Yes. If the contract calls for 10%. Unless a lesser or variation to this condition is agreed to beforehand. Must I sign the contract on the day of the auction if I buy? Yes. To buy on the day you must sign a contract and pay a deposit. Can I cool off if I buy under auction conditions? No. The law does not allow you to cool off if you buy under auction conditions.

the ins and outs of buying at auction In order to buy at auction you must make a bid Bidders must show their identification number when making a bid so as to be identified as a registered bidder. The auctioneer will call for an opening bid. Don t be shy, show you mean business and bid hard as you have nothing to lose. The auctioneer will set the pace of the auction and the bids they are prepared to accept. If you are unable to attend the auction or feel nervous, you can authorise someone to bid on your behalf and sign the contract as well. You do not need a Power of Attorney to do this but seek advice from your solicitor as to the best ways to proceed. Contact your agent for the necessary forms. If your bid is the highest bid taken by the auctioneer and is above the vendor s reserve price you will purchase the property. The auctioneer will clearly announce when the property is and going to be sold. On the third call the hammer will fall and the property will be sold. If your bid is the highest bid taken by the auctioneer but hasn t reached the vendor s reserve price then the property will be passed in. You, the highest bidder, will have the first opportunity to offer to buy the property. If the property is passed in on a vendor bid, then the vendor via the vendor s agent is at liberty to discuss the purchase of the property with any genuine buyers. If you are buying or selling at auction we are more than happy to answer any questions you may have that will help you feel more confident with the auction process and in securing your new home. If you have any other questions relating to real estate or wish to obtain a current market appraisal on your home, please let your agent know or contact any of the Jim Aitken + Partners offices. We cater to your very unique, individual requirements and provide a clear marketing edge. Our delivery of this advantage achieves outstanding results for our clients. Jim Aitken OAM FAIM The strength of team work. The reputation for results. That s our commitment. TALK TO US. Disclaimer: Information provided is believed to be accurate as at the date of printing. No responsibility is taken for any errors or omissions. It is your responsibility to obtain independent, professional advice. Personal information collected from you is for security purposes or to contact you should the property sell prior to auction. We may use this information to provide you with other real estate services and advice including financial services advice. Visit our website at www..

our partners proactive in our community Jim Aitken David Reeves Jim Aitken OAM FAIM Born in the little country town of Bogan Gate, Jim is a true country boy at heart. Leaving school early, Jim completed his Butchers trade and became fully qualified in this industry. He went on to marry his first love Pamela, and together they welcomed three beautiful children into the world. Jim, with Business Partner David Reeves, opened their first real estate office in the Lennox Shopping Centre, Emu Plains. Jim understood that the key was to act with honesty and integrity with every client. Offer the same advice that I would give to my own family. Today Jim is the managing director of the Jim Aitken + Partners group which is comprised of eight real estate offices and various other business ventures, together employing over 200 locals. Further, Jim has served on council for two decades, in a number of roles, and is regarded as a senior figure awarded with the Order Of Australia honour for his charitable work. I always maintained a vision to make a positive contribution to my community. Through our business and my role as councilor, I feel blessed to be able to serve those individuals in need and support the many schools, sporting groups, churches and charity organisations that in turn serve us all. David Reeves Approachable and extremely focused, David is passionate about the Real Estate industry and about delivering first class client service at Lennox Shopping Centre, for over 18 years. The key to success in real estate is a combination of really listening to a client s needs and doing what you say you are going to do. Then applying creative marketing, thorough follow up and be genuinely interested and caring when providing advice to clients. True to his word, David delivers every time. One of the Partners of Jim Aitken + Partners Real Estate, David is extremely active within the business. Raised in Penrith, David still lives locally. Married to Tracey and together they have three beautiful children, Cameron, Brittany and Sophie. Live simply. Give more. Expect less Jim Aitken + Partners have always been an integral part of the community. We have been and will continue to be a major sponsor of important events and we are actively involved in raising funds for numerous charitable organisations and many local schools. We take our corporate and social responsibilities very seriously as we believe in our community. Over the years, our team has rolled up their sleeves and become involved in many different projects. We are locals just like you and we love living here. So if you see us around, please say hello or ask for assistance that s why we re here. In 1998 Jim Aitken was recognised for his commitment to the community when he was awarded an Order of Australia Medal for Service to the Community of the Penrith District, especially through Youth Welfare and Service Organisations and to the Local Government. In 2007 at the Champion of the West Awards, he received an award for Outstanding Contribution to Western Sydney. Local charities and mission outreaches in Australia and overseas Over 300 community/charity events each year use our community BBQ s Marlene Aitken The smile says it all. It speaks of that infectious enthusiasm which Marlene Aitken brings to all aspects of her life, be they private or professional. With over 18 year s experience, Marlene is a partner at Jim Aitken + Partners Real Estate, specialising in the Lower Blue Mountains from Lapstone to Springwood. Marlene recognises that every client is different; each with their own needs and requirements, and her local knowledge is a true asset for both existing residents as well as people looking to move into the area. Her fresh approach has delivered astounding results to her clients. With her track record spanning over 18 years, straight forward approach, attention to detail and incredible energy. Together Marlene and husband Raph have a handsome little boy Jacob. Marlene Aitken Supporting local talent and many schools and church groups Sponsoring over 50 sporting activities throughout the region James Aitken James Aitken is one of the partners of Jim Aitken + Partners Real Estate and the Licensee of their busy Penrith Office. Approaching every property transaction with complete integrity, James has over 17 years of real estate experience and a lifelong association with his specialist area. His determined attitude and exceptional negotiation skills are matched with a commitment to assist his clients in achieving their real estate goals and ambitions. Through strategic marketing and constant buyer feedback, his well-informed advice is invaluable in achieving a premium outcome. One of James other skills is standout photography - his ability to capture the ambience of a room on a photo gives his clients a distinct advantage. A wonderful father to two beautiful children, Celine and James Junior, James simply loves creating life long memories with his family. James Aitken

8 high profile office locations 1 team of professionals The Jim Aitken + Partners Advantage. 1 team with 8 offices attracts more clients in this expanding region. VALLEY HEIGHTS / SPRINGWOOD Strategically positioned on the Great Western Highway Allocated customer parking High profile location 7 Great Western Highway, Springwood P 02 4751 8888 F 02 4751 6033 E springwood@ GLENBROOK / LAPSTONE Strategically positioned visible from the Great Western Highway Only local agent with Great Western Highway exposure High profile position 5 Wascoe Street, Glenbrook P 02 4739 1111 F 02 4739 2078 E glenbrook@ BLAXLAND / MT RIVERVIEW Strategically positioned on the Great Western Highway Street front position 24 hour a day exposure Parking facilities at rear 134D Great Western Highway, Blaxland P 02 4739 8800 F 02 4739 8811 E blaxland@ GREAT WESTERN HIGHWAY, EMU PLAINS Strategically positioned on the Great Western Highway 24 hour a day exposure Prominent location Ample Parking Facilities 91 Great Western Highway, Emu Plains P 02 4735 8888 F 02 4735 1562 E emuplains2@ Achieving best results in the shortest time, less inconvenience to you. REGENTVILLE / GLENMORE PARK Strategically positioned at the entrance to Glenmore Park Allocated customer parking High profile location 30 Mulgoa Road, Glenmore Park P 02 4733 6999 F 02 4733 1666 E glenmorepark@ CRANEBROOK / JORDAN SPRINGS Strategically positioned in the Shopping Village Only locally based agent Positioned close to entrance Ample parking facilities Shop 9, Borrowdale Way, Cranebrook P 02 4730 1122 F 02 4730 1133 E cranebrook@ PENRITH / SOUTH PENRITH Strategically positioned in the busy CBD Precinct Street frontage position 24 hour a day exposure Parking facilities at rear 429 High Street, Penrith P 02 4722 5000 F 02 4722 5200 E penrith@ LENNOX CENTRE, EMU PLAINS Strategically positioned in the busy Lennox Centre Reaches up to 35,000 people per week Located close to entrance Ample parking facilities Shop 31, Lennox Centre, Emu Plains P 02 4735 2121 F 02 4735 4095 E emuplains@

committed to customer service, for over 18 years in this region Winmalee Castlereagh Agnes Banks Woodford Faulconbridge Yellow Rock Valley Heights Springwood Sun Valley Llandilo Warrimoo Cranebrook Mount Jordan Springs Riverview Emu Heights Cambridge Gardens Emu Plains Blaxland Cambridge Park Lennox Centre Penrith Kingswood Werrington Leonay Glenbrook St Marys Jamisontown Lapstone Regentville South Penrith Claremont Orchard Hills Meadows Glenmore Park Mulgoa Wallacia Silverdale Luddenham 1 team with 8 offices attracts more buyers in this expanding region, achieving best sale prices. If you are looking to buy, sell, lease or have your investment managed, we have been providing premium service for over 18 years and with time comes exceptional experience. The strength of team work. The reputation for results. TALK TO US. penrith 429 High Street Penrith NSW 2750 4722 5000 glenmore park 30 Mulgoa Road Regentville NSW 2745 4733 6999 emu plains 91 Great Western Highway Emu Plains NSW 2750 4735 8888 blaxland 134d Great Western Highway Blaxland NSW 2774 4739 8800 cranebrook Shop 9, Borrowdale Way Cranebrook NSW 2749 4730 1122 emu plains Shop 29, Lennox Centre Emu Plains NSW 2750 4735 2121 glenbrook 5 Wascoe Street Glenbrook NSW 2773 4739 1111 springwood 7 Great Western Highway Valley Heights NSW 2777 4751 8888