Day of the Auction: What if no one bids?
In reality, if you have spent the time, energy and money to do the due diligence and to put yourself in a position to bid you need to bid so that the auctioneer knows you are serious about buying the property. If you elect not to bid, the property will be passed in by the auctioneer.
You will then have them, as extra competition and will likely end up in a multi-offer situation. In this case, you will be asked to make your very best offer, one chance only, and you may miss out completely. One of the big advantages of auctions is that you are only competing with the other cash buyers there on the day. Don’t lose the advantage because you are too nervous to bid.
If you would strongly prefer not to bid at auction, you can nominate a sales consultant to do your bidding for you. If you choose this option make sure you have complete faith that the sales consultant will follow your bidding instructions, and that they are fully informed of your bidding plan.
All the best with Auction, don’t be frightened, just do your home work, and bid to whatever level you have decided before hand, if its enough you will have purchased and that will be a relief, if its not enough, no worries……NEXT!