What happens if you accidentally bid at an auction?
If you need to cancel a bid entirely, we recommend contacting the auction house directly to request a cancellation. The decision to approve the request will be at the auctioneer’s discretion. It’s always best to contact them as soon as possible to explain your situation. If the auction has finished, you can contact the winner and, if they agree, you can cancel the transaction. You can only end auction listings with bids one at a time by selecting a valid reason.This agreement clarifies that bids can not be retracted and that if they are the winning bidders, they must accept and pay for that item. However, from time to time, there are extenuating circumstances that keep a bidder from honoring this agreement.
Do you get your money back if you lose an auction?
If you do not win the auction, the bank will refund your transaction. If you don’t receive the refund from your bank, please contact them. Typically it happens relatively quickly (two days) but depending on your bank it may take as many as 45 days in some cases. Consequences for Failing to Pay a Winning Bid If you win something at an auction, you are legally bound to pay the agreed price once the hammer falls. You’re liable for the deposit on auction day and the rest of the purchase price, plus fees, by the completion deadline (typically 28 days after the auction).Sale Contract and Deposit Once you’ve made the winning bid, you are legally bound to follow through with the purchase. This means signing the sale contract and paying the deposit—typically 10%—right away. Each state and territory may have specific rules governing this process.Usually a 28-Day Completion Deadline Traditional auctions then have a standard deadline of 28 days. You’ll have to pay the remainder of the funds by this date.
Can you back out after winning an auction?
As soon as you make a bid at an auction, you’re committing to buy the property for the price you bid. When the hammer goes down, the sale becomes unconditional, and you don’t have any cooling off period. This rule goes into effect 10 minutes before the auction closes to ensure that every bidder has 10 minutes to place a new bid if they are outbid on a lot. This simulates what may happen in a floor auction in which the auctioneer does not bring the final hammer down as long as there is active bidding.