Episode 38: Francis Morello - Auction Day: What To Expect

It's auction day. It's a day full of nerves, excitement, terror and heart palpitations, but it doesn't have to be...especially if you are in the know. Today we will talk about how to prepare yourself, as a buyer for the auction day nerves, and arm yourself with the right knowledge of what to expect on auction day.

Francis Morello, the Director of Morello Auctions is an REIV Member and approved auctioneer. Known for his tag line 'Let's go shopping!', Francis is passionate about auctions- not only on auction day with all the proceedings, but also helping agents with the entire auction process, including getting buyers to the auction and educating vendors so they are ready for their big day.

1. What are some of the questions we should be asking an auctioneer or agent, as a buyer, leading up to the auction day?

2. I'm planning out my day, how much time should I allow from auction to signing the paperwork and putting the sold sticker on the board

3. What is the auctioneer rambling on about before the bidding starts? What is that information and why is it so important for the auctioneer to say it all?

4. Is it better to watch and wait to see who your competition is before bidding, or better to show your interest and get the bidding going?

5. Tracy form Endeavour Hills has found a home she loves. She's been to the opens, looked at every single bit of information about the property on the internet and absolutely has to have this home, but she's seriously nervous about the auction process. What can she do to make sure the agent and the auctioneer know she's interested in the property, and combat the nerves?

6. Why does an auctioneer sometimes refuse bids during the auction?

7. Why do auctioneers go in to confer with the vendor?

    a. Does that happen at every auction?

8. What does it mean when a property is passed in?

9. What does it mean when the auctioneer's hand or gavel hits the contract?

     a. If I am the last bid, am I bound to sign the contract of sale?

10. Can I still give an offer if the property has passed in?

11. And lastly, how do I pay my deposit?

 

Special Deal for Real Estate Agents- 50% off your first auction by Francis.

For Real Estate Agents wanting to choose Morello Auctions his contact details are:

Mobile: 0415 979 891 or at www.morello auctions.com.au