When you attend a traditional property auction, there are a few things you can expect. First, the auctioneer will open up the bidding by asking for an opening bid. This is usually done by starting at a high price and then working their way down until they find a bidder who is willing to meet their asking price.
Once the bidding has started, it is important to pay attention to the auctioneer as they will be giving instructions on how the bidding will work. They will also be announcing when the bids are due and when they are closing. It is important to make sure that you are aware of these deadlines so that you do not miss your chance to bid on the property.
The auctioneer will also be announcing when the property is going to be sold. This is usually done by saying “going once, going twice, and Sold!” Once the property has been sold, the winning bidder will be responsible for making the agreed upon purchase price within a set amount of time.
Overall, attending a traditional property auction can be a fun and exciting experience. Just make sure to pay attention to the auctioneer and follow their instructions so that you do not miss your chance to bid on the
