Browse Forums General Discussion 1 Dec 09, 2009 5:28 pm Hi all you have all been very helpful with all my questions.. thank you so much our auction to sell our house is coming up soon and our agent and auctioneer will be coming over soon to discuss details of auction. We have not confirmed our reserve as yet and dont want to. We live in Melbourne and wanting to know if you have to reveal your reserve at or before auction, i know the agent will be preasuring us to do so.. Thanks in advance Re: Do you have to reveal reserve at auction? 3Dec 09, 2009 9:00 pm you don't need to let them know the reserve until right before the auction starts. Re: Do you have to reveal reserve at auction? 4Dec 10, 2009 6:47 am dilla you don't need to let them know the reserve until right before the auction starts. Actually, I don't think you need to tell them at all. Once the bidding stops the agent will come back into the house to discuss it with you and you can let them know then if it's enough or not 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: Do you have to reveal reserve at auction? 5Dec 10, 2009 7:16 am thank you all for your responses, the main reason why we ask as we have been in two minds now in selling at all as this whole selling business has not been a pleasant esperience for us.. and we are not in a position where we need to sell, re we have not brought another house.. .
Re: Do you have to reveal reserve at auction? 6Dec 10, 2009 7:52 am lisanne dilla you don't need to let them know the reserve until right before the auction starts. Actually, I don't think you need to tell them at all. Once the bidding stops the agent will come back into the house to discuss it with you and you can let them know then if it's enough or not I believe the Queen of H1 is correct... From the REIV website... Reserve price At the ‘heart’ of the auction process is the reserve price. The reserve price is the minimum price that the vendor wants for their property. The reserve is typically set by the vendor the day of, or the day before the auction. There is no requirement for the vendor to set a particular price or have regard to what similar properties have sold for; it is simply the price that they would like to receive for their property. It is also worth noting that whilst it is often announced, there is no requirement for the auctioneer to announce that the reserve has been met during the auction. The CAV website says pretty much the same... http://www.consumer.vic.gov.au/CA256EB5 ... roperty~#6 In Victoria it would seem no reserve is required. mmm....donuts Homer Simpson 1956- Links: Site Costs Ready Reckoner | H1 Addiction Medical Advice | Château TDL: The Backyard Re: Do you have to reveal reserve at auction? 8Dec 10, 2009 11:32 am borg however the reserve price still needs to be no more than 10% of the selling range. I thought they introduced a rule like this recently. That's not my understanding of that law. I understood that an agent needs to advertise a selling range within 10% of the reserve if the agent knows the reserve. Thanks mate. Yeah good points! Leaning towards Option 3 to get a bit extra space in the cabinets but not going too crazy high (and expensive). Would require a mini… 13 39749 Hi All, I just wanted to close this topic out with an update. So we ended up agreeing to a number with the insurance company, and after an extensive amount of hand… 8 23405 You have mandatory building inspections and privately engaged building inspections. The difference between the two comes down to inspecting the building so it's safe and… 3 18083 |