What Is A Vendor Bid Used For?

Описание: How many auctions do we go to where the auctioneer calls for an opening bid and nothing happens?
It happens all the time! Sometimes the auctioneer offers a free bottle of champagne to the first person who bids.

Another thing they might use is a vendor bid to break the ice.
I’ve also seen vendor bids used if an auction takes a while to get going, or if the bidding stalls.

Yes, the auctioneer might use one if there are only a few registered bidders or if bidding stops well short of reserve. They use it to get you to bid.

The rules are different in every state. In NSW and the ACT the vendor is only allowed one bid. In SA they can make 3, in WA they’re allowed 10 and everywhere else they can submit numerous vendor bids.

It’s important to understand that a vendor bid is not the reserve price and there is no guarantee that the next bid will buy the property.
It’s also important to know that YOU DO NOT HAVE TO BID HIGHER unless you really think the property is worth it.

You can tell the agent that you’re interested in buying the property, but not at that price.

Want to be an educated first home buyer? Check out our online course for first home buyers.
Avoid costly mistakes, make smarter decisions, and get into your first home sooner. Why waste time doing things the hard way?

🔔 Subscribe to our channel for more tips and insights every week.
👍 Like this video if you found it helpful.
💬 Comment below with your questions and experiences.
📚 Enroll in our online course: https://homebuyeracademy.com.au/YFHBG
Check our Free Mini Course - https://homebuyeracademy.com.au/freec...

Facebook -   / yourfirsthomebuyerguideaustralia  
Instagram -   / homebuyeracademy  
Website - https://homebuyeracademy.com.au/

#FirstHomeBuyer #HomeBuyerAcademy #YourFirstHomeBuyerGuide #househunting #homebuying #Helpbuyingahome