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The role of the auctioneerLucy's tip"Decide on your maximum bid in advance and be strict. If you don't trust yourself not to get carried away, entrust somebody else to bid on your behalf." - The auctioneer acts as an agent for each seller. They prepare the catalogue, from information supplied by or on behalf of each seller. They will usually have a photograph of the property, a brief description and a guide price.
- The auctioneer sells each lot at the auction. During the auction, their decision on the conduct of the auction is final; they can cancel the auction, withdraw lots from sale, or alter the order in which lots are offered for sale.
- The auctioneer looks for bids around the room, and will take bids until there are no more and, depending on whether the reserve price has been met, will sell the property to the highest bidder. This sale is confirmed when the auctioneers gavel (hammer) falls on the highest bid. At this point the successful bidder is immediately under a binding contract.
- The auctioneer can also choose to refuse a bid and they don't have to explain why.
- If there is a dispute over bidding they are entitled to resolve it and their decision is final.
- If the reserve price is not met the auctioneer may choose to withdraw the lot and not sell it. However, they are still acting as agents for the seller and bidders can put in offers for the lot after the auction, which may or may not be accepted by the seller.
- Likewise, acting as agents, the auctioneers can take offers placed by bidders before the day of auction to the seller and the seller may decide to sell before the auction.
If you're considering purchasing a property at auction you should always consult with auction professionals and solicitors. This article is intended as a guide only.
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