1 & 2/53 Simkin Avenue, St Johns

Pre-Auction Video 1 & 2/53 Simkin Ave St Johns from Gerard Charteris on Vimeo.

1 & 2/53 Simkin Ave, Bidding Sheets

The Buyer’s Guide to Pre-Auctions

Buying before auction day

In most cases you can place an unconditional offer prior to auction day. If the offer is at an acceptable level to the client, all other registered buyers will be contacted and given the opportunity to submit a bid by bringing the auction forward

Simply submit your offer in writing on the Auction Particulars & Conditions of Sale (ask your Barfoot & Thompson salesperson for a copy), accompanied by a 10% deposit cheque and with the following special clause added:
  The offer shall remain open for acceptance by the client and
  May not be withdrawn by the purchaser until 5.00pm on the second working day after the offer has been first presented to the client.

The auction date and time will be brought forward, with the opening bid being the original offer.

Note: Before making a pre-auction offer, you need to read and understand the Multi Offer Procedure. This form will be given to you by the Barfoot & Thompson salesperson.

Tip: Before you bid at an auction, ask the company auctioning the home on behalf of the client if they place or accept client bids. If they do, adjust your bidding strategy to take this into account.

If your offer was enough to stop the to stop the Auction then the Auction would be bought forward within the two working days and property would be on the market from your opening bid. If there was no further bidding the property would be sold to you at the accepted offer price.

The Seller’s Guide to Auctions

We believe that for those properties that have special features, good location and desirability lend themselves to Auction marketing and it is the best method of achieving the greatest possible price because of the following reasons:

 You negate the possibility of underselling your property because the market sets the price of the property, as opposed to an asking price which is capped and almost never exceeded.

 Auctions in the eastern suburbs are well accepted in the medium to upper price bracket.

 You are protected by a Reserve price set on the Monday prior to the auction at a meeting with our Auctioneer, Murray Smith. The reserve that you set at this meeting can be changed right up to the time of the auction. 

• All parties bidding will be competing to own your property under the same set of terms and conditions for sale which makes for fair, easy decision making. 
• You are dealing with motivated cashed up purchasers with settlement date set by you (or earlier/later date by mutual agreement). 
• Transparency – all interested parties have an opportunity to attend and can see what is going on in the rooms or on site and have a proxy attend for them.  There are no phantom bidders at Barfoot & Thompson auctions. 
• Our auctions are conducted each Wednesday in our City Auction Rooms commencing 11am. On site auctions can be arranged. 
• There are no additional costs for selling at auction.  

The alternative to the auction process is to market and sell your property is with an asking price. This would still require the same level of advertising commitment and may achieve a good end result, but we point out: 

1. There is no time scale for performance i.e. no cut-off date for action compared to the auction date which provides a goal for all parties concerned. We believe that in the current market that a time frame is extremely important in order to encourage a decision by the buyer. 
2. Offers when presented can contain different and varying terms and conditions making it more difficult to accurately compare one with another. 
3. Difficult to ascertain if accepted offer is the best the market could have offered and may raise doubts later as to whether the property was sold too cheaply. 

The Buyer’s Guide to Auctions 

What is an auction?

An auction is a method of selling a property through the process of public negotiations. Purchasing property through an auction allows you to publicly negotiate the price, which helps ensure you are paying the true market value for the property at that time.

How Barfoot & Thompson makes sure you pay the true market value

Barfoot & Thompson guarantee our buyers that our auctioneers never make bids on behalf of clients, accept bids they believe to be made on behalf of clients, or knowingly accept any bid that is not genuine. It doesn’t matter what you call them, they aren’t real bids, which is why we do not allow that practice at Barfoot & Thompson auctions.

Understanding the bidding process

The auctioneer will open the bidding by asking for an opening bid. For example, an opening bid is placed of $200,000. (as can be seen in the video)

• The auctioneer then nominates for the bid to go up in increments of $10,000, meaning that the next person that bids will be offering $210,000.
• To place a bid, you simply attract the attention of the auctioneer by raising your hand, calling out your bid or nodding your head when you catch the auctioneer’s eye.
• Once bidding reaches the reserve price, the property is “on the market” and will sell to the highest bidder when the bidding stops. At this stage “Now Selling” appear on the screen in the front of the auction rooms.
• The reserve price is set by the client prior to the auction and is established as a result of feedback from interested parties during the marketing process.

• Before bidding at an auction you need to:

 Have read and understood the Auction Particulars & Conditions of Sale.

• Be in a position to bid on a cash unconditional basis. You can organise pre-approval through your bank or mortgage broker and then bid up to a price you are prepared to pay.

Be able to pay 10% deposit (by personal or bank cheque) and sign the contract as soon as the auction is over. So don’t forget to bring your cheque book or arrange beforehand if you to pay the deposit by electronic transfer. 

Street map Directions to our Auction Rooms  click on the balloon icon for more information

Instructions where to park when attending a Barfoot & Thompsom Auction

If you’d like to contact us in regards to buying or selling a home at Auction or you have a question about this page, please fill out the following form and I’ll return your message as soon as possible.  I look forward to hearing from you!

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