Source: http://www.beachandbay.com.au/realestateblog/tag/nsw-real-estate/
Timestamp: 2017-09-22 09:52:52
Document Index: 777499431

Matched Legal Cases: ['art 1', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6']

NSW real estate |
> NSW real estate
The Vendor Bid VS The Reserve on Auction Day
The vendor bid and the reserve have 2 very different purposes on auction day.
The vendor bid is primarily used to encourage bidding, whether at the start, middle or at the end of an auction
The vendor bid is not compulsory
Vendors have the right to use 1 vendor bid and the auctioneer must declare this prior to the start of the auction
The vendor bid should be an amount less than the reserve
The auctioneer announces the vendor bid on behalf of the vendor
The reserve is the amount the vendor is willing to sell for on auction day
The reserve must be in writing and must be given to the auctioneer prior to the commencement of the auction
The reserve is confidential
The reserve is compulsory, ie no reserve, no auction
The main differences between these 2 amounts is that the reserve is compulsory and an essential part of an auction process while the vendor bid is a helpful tool designed to kick off an auction or assist in helping an auction move forward to a sale under the hammer.
Part 1: Auction Vs Private Treaty?
Part 2: The Vendor Bid
Part 3: How Much Is An Auctioneer?
Part 4: On-site Vs In-Room Auction?
Part 5: Does an Auction Marketing Campaign Cost More?
Part 6: A Bidders Guide For Auction Day
Auction Series, Auctions, Kylie Emans, NSW real estate, Real Estate, Real estate industrydsadsaPosted by Kylie Emans on August 6, 2010