Скачать или смотреть What Is A Vendor Bid Used For?

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.

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