Case Study 2: You are conducting a residential property auction in South Australia and have completed all your pre-auction requirements. You start the bidding process and secure bids from three different registered parties, to the point where your current bid is at $525k which is above the reserve price.

You start the process of making your 3 calls, and after your second call the $525k bidder starts getting aggressive and accuses you of delaying the inevitable, of not dropping the hammer fast enough and tells you that he will withdraw his bid if you don't speed up the process.

Please answer ALL of the following

Question a) How would you handle this situation? Backup your response by including a reference to the law and relevant section.

You start the calls again, taking your time to ensure that last minute bids are drawn out, when the $525k bidder announces that he is withdrawing his bid. You advise him that the bid may not be withdrawn. You bring down the hammer and sell the property to the $525k bidder, however he turns around and leaves.

Question b) How would you handle this situation? Backup your response by including a reference to the law and relevant section.