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What is a Vendor bid?

By

ali@alignedrealestate.com.au

Posted in On May 04, 2021

A vendor bid is a bid made by an auctioneer on behalf of the vendor, when conducting an auction of a property.

Only the auctioneer can make a vendor bid and only when the auction rules allow it. On auction day, the auctioneer will include this statement in his or her introduction before asking for an opening bid from the crowd.

As or before each vendor bid is made, the auctioneer will state that he or she is making a vendor bid, then state the amount of that vendor bid.

/Aligned Real Estate - Client Focused, Results Driven!

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