1. Transparency - the buyer is able to make informed decisions within the open, competitive environment afforded by the openness of auction.
   
2. True market value - the successful bidder is assured of paying true market value and has the comfort of their price being reinforced by the last competing bid.
   
3. Equal opportunity - instead of competing in the traditional closed environment, the buyer will have the same opportunity to buy the property as the next buyer.
   
4. Control - the need to negotiate the price with the seller is eliminated. You set your own purchase price and compete openly with buyers, while the seller is effectively removed from the negotiation process.
   
5. Certainty and convenience - long, drawn out negotiations are eliminated.
   
6. Seller motivation - you know the sellers are motivated to sell because the auction process provides for a firm transaction on an appointed date.
   

1. You see a property listed for sale by macauction® – from signage outside a property through print advertising, through your own real estate agent (yes, our listings are on MLS, so we cooperate fully with our fellow real estate professionals), or even this website.
2. Visit the property during a scheduled preview time or open house. Viewing at other times may be available through arrangement with the listing agent.
3. Register for the auction – once you are a registered bidder, you will receive a full Buyer Registration Package with important information about the home. This may include a property disclosure statement, title search, floorplan, strata information (if applicable), plus a Contract of Purchase and Sale and other information to help you complete your due diligence. Only registered bidders are permitted to bid on auction day or – in some cases – make an offer prior to auction.
4. Begin performing due diligence – this may include arranging financing, arranging a property inspection report, or other pre-purchase activities.
5. On auction day – simply arrive before the stipulated auction time and proceed to the registration table – you will be provided with your bidder’s card. Remember to bring the necessary deposit as per contract! Once the listing agent and auctioneer have conducted the introduction and answered any last minute questions, the auction will commence.
   

What’s the difference between macauction® and the current system?
In the current system, sellers typically deal with buyers’ offers one at a time. Under the macauction® model, properties are marketed over a finite period of time with the objective of dealing with all offers at the same time in an open environment, giving all buyers equal opportunity to purchase the property.

What is the reserve price?
The reserve price is the minimum price the seller is willing to accept at auction and is kept confidential.

Do I have to attend the auction in person?
Yes. However, if you require someone to bid on your behalf, then your representative must have a proper Power of Attorney to do so. Auctions take place at the property, unless otherwise specified.

Does macauction® offer silent auctions or accept sealed bids?
No – Silent auctions or sealed bids do not give buyers the second chance to increase their offers that is afforded through an open bidding environment.

Can a seller sell before auction?
A seller may elect to entertain offers (from registered bidders only) prior to the auction date. Interested parties should consult the listing agent or this website to verify the seller’s instructions for a particular property.

How can buyers be confident in buying real estate at auction?
Buyers can take comfort in the reputation of Macdonald Realty, as well as in the professionalism of the process, and in the rules and regulations that govern it.

How does the auctioneer determine the increments for bidding on a particular property?
Although there is no hard and fast rule regarding bidding increments, a general guideline might be as follows:

• properties below $1 million: increments of $10,000


• properties between $1-2 million: increments of $25,000


• properties between $2-3 million: increments of $50,000


• properties above $3 million: increments of $100,000

However, please remember that the auctioneer can adjust the amounts at his own discretion.

For further information on buying at macauction®, please complete our contact form or consult your Macdonald Realtor.